Understanding ForeclosuresI’m often approached by a buyer looking to view a foreclosure property (often noted as Court Ordered Sale in the MLS listing) in the hopes of getting a “great deal”.
Court Ordered Sales are a result of a bank or lender receiving conduct of sale due to a home owner neglecting or refusing to make their mortgage payments.
In these circumstances the bank must show the court that the property is being sold at “fair market value”. If the home is in good condition and has been cared for by a homeowner, you will often find that the homes are sold within the range of other homes in the area.
There are certainly deals to be had but those are usually a result of some stigma or history with the home that renders it a challenge to sell. Fair market value... |
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