After foreclosure, the bank gain possession of a property and referred to as REO or Real Estate Owned properties.
When buying in the post foreclosure phase, the bank or the lender is the owner of the property by either through a pubic auction or an owner agreement during before foreclosure proceedings.
Short Sales may be a great buying opportunity. The major complaint from people is the time involved to get it approved by the lender for the short sale price. The home is normally listed by a real estate agent for a value that they feel is right to bring buyers, and will be adjusted accordingly once the lender has finished a complete home valuation analysis to determine the actual sales price.
The majority of the time the lender approves a sales price below the current market value just to sell it quick. One needs to remember that prices in the first-time buyer range have lots of competition which could make it bidding war.
When a buyer buys a foreclosed property, they agree to take the property on its present condition and accepts all other conditions and agreements that goes with the property.
Most often, a property is sold at a foreclosure auction at a much lower rate. After foreclosures, the bank repossess the property.
It always pay to have good contacts especially in the real estate world. No matter how good you are, you need help from professionals to help you go thru the process.
This rule applies to every property being sold.
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