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Realestate agents specializing in foreclosures can also provide you with listings and valuable insights. Types of Foreclosures There are three main types of foreclosures: pre-foreclosures, auctions, and realestate-owned (REO) properties. Alternatively, you may need to consider hardmoneyloans or cash.
We talked with veteran realestate agents with a combined 30-plus years working with foreclosures to bring you a comprehensive guide to the often confusing world of distressed properties. A foreclosed home is a property that has been seized by the bank after the homeowner failed to make their mortgage payments. Auction sale.
The online-style auction can also help save you from spending money blindly. “An An online option like a realestateowned (REO) property, you’re not spending any money into it,” says Durham. You’re not spending any money into it until after you’re under contract and based on your inspection.”.
If you need to finance the home with a mortgage, there are a few options you should consider: Hardmoneyloans: These are loans from private lenders for short periods of time — they can come with higher interest rates and can be risky for inexperienced investors. Money was cheap but it’s not cheap anymore.”
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