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204,119
Foreclosures
1,168,676
Pre-Foreclosures
13,295
Short Sales
102,701
Sheriff Sales

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Everything You Should Know About Buying Foreclosed Homes: Answers to Common Questions

What are the requirements to buy a foreclosed home?

To buy a foreclosed home, you need solid financing. Although cash buyers are preferred, FHA and VA loans are options. Foreclosures are sold "as-is," meaning repairs fall on you. Be ready to act quickly, as the market is competitive, and work with a knowledgeable real estate agent.

How does foreclosure work?

Foreclosure starts when a homeowner falls behind on mortgage payments. The lender can then take the property and sell it to recoup losses. States have different processes: some require court approval, others don’t. Homes that don’t sell at auction may become Real Estate Owned (REO) properties.

How do I find foreclosed homes near me?

Websites like ForeclosureListings.com make it simple to search by location and other criteria, providing details on various foreclosed properties nearby.

Why do banks prefer foreclosure over short sales?

Banks prefer foreclosures because they control the sale process and can recover more of the outstanding balance. In a short sale, the bank accepts less than what’s owed, leading to potential losses.

How long does it take to foreclose on a house?

The foreclosure timeline varies. Judicial foreclosures can take 6–12 months, while non-judicial ones can be completed faster, sometimes in a few months. Challenges like homeowner objections can cause delays.

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