Are you looking to purchase a foreclosure, REO, or a short sale? We are experts in this area and have been getting our clients the best deals in the Treasure Valley for years. It can be a brutal experience for the inexperienced. Luckily you have someone with experience on your side.
REO- Is a bank owned property.
Foreclosure- A property that is in, or has been through the foreclosure process.
Short Sale- A property that is worth less than the Seller owes on it. The Seller’s lender agrees to go “short “ of what it is owed.
There are many ways to buy foreclosures.
One is to purchase it at the auction, usually done at a Title Company or on “the courthouse steps”. You have to have cash in hand for the full amount. You need to know what you are bidding on. You get what you get. It can be dangerous financially. You are also buying whatever other liens are on the property. The property is as-is. If there is a problem with the foundation, you just bought that too.
The other way and safer way is to purchase it after the auction from the new owner. This would be the Bank (REO), or a private party. You can still get a fantastic deal, and the Seller has to pass you a clean Title. You are also allowed to conduct inspections and make sure there are no hidden surprises.
These have always been a great way for Buyer’s to get a great deal on property, whether it is for a house to live in or investment property.
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