tips on buying a foreclosed home

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Home foreclosed? Some people who’ve lost their homes to the bank are stripping the property bare, hoping to sell the appliances to recoup at least some money. As you might expect, buying a foreclosed home comes with opportunities – and certain challenges. Here are five potential landmines to look out for when buying a foreclosed property.

Bearing Group Real Estate Brokerage, Kent Colpaert. – The Bearing Group is a real estate brokerage in Southeast Michigan. We list featured properties on our website and also have an advanced search feature to find many properties in Michigan. The Bearing Group specializes in foreclosed homes, REO (Real Estate Owned) properties, and bank-owned properties. We are full service, meaning we can handle all stages of the foreclosure process.

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Tips On Buying A Foreclosed Home From A Bank – Tips On Buying A Foreclosed Home From A Bank. By Ronald Kimmons. May 7th 2016. Most people who buy homes in the United States do so by securing a home loan.. The lack of liens is one thing that makes buying foreclosed homes at auction preferable to buying pre-foreclosure properties.

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Read these 5 things you need to know before buying a foreclosure.. 5 Tips for Buying a Foreclosed Home. 1. Do a title check. Before making an offer on an REO property you need to run the title to make sure there are no outstanding loans, liens, taxes. Check for secondary liens and even unpaid.

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Find a real estate agent versed in the complexities of the foreclosure market. Whether you’re looking at a pre-foreclosure, short sale or bank-owned property, you’re going to need the guidance of a professional who has a background in buying and selling these types of properties in your local market. Similarly, you must remember that real estate agents are not lawyers. Foreclosure laws and regulations are tricky, and they vary from state to state.