At this point in time, we are not seeing many foreclosures in our area. Those times, fortunately, have passed for now and into the foreseeable future. This does not mean that you are not able to find a ‘deal’. However, it’s up to you to define what a ‘deal’ would look like to you.
Some notes on foreclosures:
- Each state has its own complex rules and timelines for how foreclosures are handled, and even within each state there may be more than one type of foreclosure.
- Borrowers who default on loans receive notice from the lender before the property is put up for auction.
- The previous owners will receive a notice of eviction and must vacate the property.
- If the auction fails to find a buyer, the bank will take ownership and attempt to sell the property, often with a real estate agent’s assistance.