Foreclosures are a popular option for saavy Albuquerque home buyers. Here are 5 of the most Frequently Asked Questions we hear about foreclosures. Don't see your question answered? Let us know!
Make sure to sign up for our free ecourse, 12 Foreclosure Secrets Every 1st Time Home Buyer Should Know. This informative email series will further explore the benefits (and pitfalls!) of buying foreclosed property.
1. What is a foreclosure?
Properties on which the owners have gotten behind in their payments and con not bring the loan current.
2. How can I save money buying a foreclosure?
Buyers consider foreclosures in the hope of buying a home under market value. A good foreclosure specialist will help you find the best deals in your price range.
3. Are forclosures available in my price range?
In the current market situation, foreclosures are available in just about all price ranges.
4. It's a foreclosure - what's wrong with the house?
Sometimes nothing or there may be some deferred maintenance items or possibly costly repairs are needed. A good foreclosure specialist will advise home inspections.
5. Can I get financing on a foreclosure?
Absolutely! Unless you're thinking of buying at the courthouse - where a cashiers check for the purchase amount is required. Your foreclosure specialist will help you provide information to your loan officer.