Some common foreclosed property questions and their answers_2939

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A person who buys a foreclosed property is always troubled by some questions. Here is a look at these common questions and their answers.
When does a property go into foreclosure?
When a property owner defaults on more than one mortgage payments,You are not allowed to view links. Register or Login, the lender takes the property in its possession. At that time,You are not allowed to view links. Register or Login, the property goes into foreclosure.
Can I buy a property before it is in foreclosure?
Yes,You are not allowed to view links. Register or Login, you can buy a property before it goes into foreclosure. This stage is known as pre-foreclosure.   At this stage the property owner is able to stop the foreclosure. He simply has to pay off the amount owed by him or her. He has to sell the property for that.
The pre-foreclosure period usually lasts for a period of several months. You can use the time to contact the owner and strike a deal.  This way you can save a lot of money with a little negotiation.
How can I buy a property in an auction?
In every state,You are not allowed to view links. Register or Login, an auction is held by the lenders to sell off the properties in their possession.  You can attend any of these auctions, as they are open to general public. While at the auction you will have to make some bids. If you make the highest bid, you will be given the property.
What is a bank-owned REO property?
A bank owned REO property is owned by a bank. The bank takes its possession from the owner during pre-foreclosure or at the time of the public auction. The bank than usually places such a property for sale in order to recover the loan amount that is still unpaid. The bank usually clears the ownership title for a buyer. The bank-owned REO property has less chances of potential bargain than in the case of a pre-foreclosure or a foreclosed property being sold through an auction.

Joseph Smith has been educating buyers on the finer points of foreclosed property at You are not allowed to view links. Register or Login for over five years. 
Some common foreclosed property questions and their answers