Any Info About Buying A Foreclosure Home Would Be Greatly Appreciated.
Q: A home we were very interested in a few years back has come on the market again, this time in the form of a foreclosure. The foreclosure sale is scheduled for 5/22 but how do you go about buying such a home, can I expect a reduced price due to said foreclosure.... Any info about buying a foreclosure home would be greatly appreciated.
A: We bought the house next door in a HUD forclosure about twelve years ago. At the auction, another person outbid us, but was unable to get a mortgage. HUD called us and asked if we wanted to buy it at the auction price. We said no, got a real estate agent and haggled a bit, and got it for 25% less than we bid at the auction.