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What is foreclosure properties?
Foreclosure is the situation when a homeowner fails to pay the amount of the mortgage. Legally speaking, it is a process in which owners are deprived from their properties as an penalty levied for not paying the due sum. If the owners don’t pay the outstanding debt or sell the property via short sale, the property goes to foreclosure auction. If the property does not sold out, the possession is taken by the institution.
Type of foreclosed properties
Individual states of USA follow different rules for judicial or nonjudicial foreclosure depending upon whether they are mortgage state or deed for trust state. There are basically two form of foreclosure: judicial foreclosure and nonjudicial foreclosure. When you fail to pay your mortgage rate and your lender uses state procedure to sell the house, this is a judicial foreclosure.
In non judicial foreclosure, if the lender agreement mentions the clause for giving right to lender for foreclosure a property then the lender need no legal authority for foreclosure of the property.
If you are apprehensive about buying a foreclosure property, look into these positive points of foreclosed property:
- Get the best deal on properties at lower prices from that of standard market rates.
- The sellers is likely to provide all the repairing cost of the property.
- Sellers of foreclosed property can provide a concession.
- Buyers can easily use regular mortgage financing
- Interested buyers can conduct inspection within contingency period.
- Sellers is bound to provide all the information related to all the repair works, condition of the property and other vital details.
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