FORECLOSURES

Sometimes a hardship occurs in a homeowner's life. When a homeowner loses his property due to unemployment, illness, divorce or disability, his home may end up in foreclosure.

This is a difficult and trying time for a family. Often times it enables a family to make a fresh start. How you may ask? During the foreclosure period the home is put up for sale at what is called a "Sheriff's Sale." Here perspective individuals may bid on the home based on the balance owed on the mortgage.

When a successful bid is accepted the family may be allowed to live in the home rent free for a 6 month redemption period. During this redemptive period the investor with the successful bid receives interest on his money used to purchase the home at the foreclosure sale. If the family is able to come up with the funds to pay off the investor plus interest then they can redeem their home. If not, they are able to use this time to set funds aside and start over.

When the redemption period is up the home will be turned over to the successful bidder, (investor). At that time the home may need paint, carpet and maintenance but can then be resold, often times for a teriffic profit!

If you are interested in learning more about purchasing foreclosures please click on the link below there you will visit a secure site enabling you to search for homes in every state.

For more information on marketing your foreclosure using our

Flat Fee MLS  please contact us below.

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