Quote:
Originally Posted by Superflyer
Can you explain a foreclosure to me? I know that they are properties that the bank is trying to sell for one reason or another but other then that I am not sure.
I have heard that they are selling foreclosures for just what is owed to them and I have heard they sell them for as much as they can. Not sure which is right.
Also I have heard that you have to pay the full amount and that it is just like a regular mortgage, once again I am not sure which is right.
Thanks
|
Look at it as any other property and with the bank being a typical seller.
List price is based on a realtors market analysis and a appraisal.
Time on market dictates how willing the bank will move on price.
Buy a foreclosure for 400,000 from BMO, put 5% down at 20k, get a mortgage through your bank of choice for 380k.
Appliances are not "included" but rarely gone from the property. Reason being, the bank is not able to guarantee the previous owner owned them outright vs leasing them. Sears could show up on your door asking for them back.