Purchasing Foreclosure Property in Freeport, NY

by | Jun 11, 2015 | Real Estate

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A foreclosure is when the lien holder reclaims ownership of a home due to nonpayment by the borrower. The process of buying a foreclosed home is almost the same as purchasing a home the that hasn’t been through foreclosure. However, the “foreclosure purchasing” game is a lot riskier than the traditional home buying game. In this process, minute details can make a huge difference between someone buying the property they desire, and ultimately being left with nothing. Learning the process of buying a foreclosed property, for personal use or resale, is important to any buyer’s journey of success.

There are usually three chances to buy a Foreclosure Property in Freeport NY during the foreclosure process: pre-foreclosure, at the courthouse steps, and after the actual foreclosure. It’s important for buyers to have an understanding of each step. Pre-foreclosure is the period of time before the foreclosure is completed, and the term may be used as a tactic by real estate agents to get a home sold. Houses sold on the courthouse steps are auctioned to the highest bidder. The final type of foreclosure is post-foreclosure, which happens after the tenant has been evicted, and the home’s ownership turned back over to the lien holder.

There are many ways to find foreclosure property. Buyers can check with the Multiple Listing Service (MLS), which is a collection of lists compiled by real estate agents with many properties for sale. Staying in close communication with a real estate agent can also grant a person access to these valuable files. Property listings can also be found on various listing websites and directly from a Realtor’s website. Interested people can Click Here to find a Realtor with information on Foreclosure Property in Freeport NY. Another way to discover foreclosures is by checking with local banks, as they often list foreclosed homes for sale in their “REO Department.”

Real estate agents can be valuable helpers when it comes to buying a foreclosure. They can communicate terms and submit the offer to both the seller and the bank who will then offer a response. Real estate agents can also help buyers make smart bids, because when a home has multiple bids, the bank will go with the highest bidder. When a buyer successfully lands a foreclosure, they should make sure their financing is in place, and the closing process goes smoothly.