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Bankruptcy courts and foreclosure department at banks and mortgage companies could be a good place to find deals.
Have the cash ready and shop around. Negotiate. Be ready to get the property if you are sure you want it. Make counter offers below the ask price. Those are properties that 'need' to be sold and it makes no sense to pay the ask price for the property. |
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i don't know if this is true but ive done some research and have heard in some states the party whose property was foreclosed on have up to a year to pay the mortgage and it becomes there's no questions asked...is this true?
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Once the bank or lender forecloses on a property it belongs to them. The person who owned it before no longer has rights to the property. The bank becomes the owner on title.
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It's not fair to the investor/second homeowner who buys the foreclosed home. The foreclosed owner has had months to bring his loan current. If it could not be done in a reasonable time, it is time to move on with everyone's life and opportunities. |
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