Foreclosed Homes Portland
If you're looking for foreclosed homes Portland then there are a few things you need to understand. Foreclosed homes can be one way to take advantage of a really great deal and get a Portland home for sale for less than what you might pay on the normal real estate market, because of the foreclosure. That said, there can be some disadvantages as well. Just make sure you do your homework so the transaction goes as expected.
First of all, what is a foreclosed home exactly?
"Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens." (From RealtyTrac.com) You can read more about the types of foreclosures and educate yourself about the foreclosure process on their website.
So, a foreclosure is the result of someone defaulting or being unable to pay their mortgage loan, for whatever reason. During these difficult economic times, there are more Portland foreclosed properties for sale than ever as many have lost employment and simply cannot make their house payment. In some cases, the poor decisions made by some banks giving risky loans has only contributed to this problem. If you are willing to take some risk and be patient, a foreclosed home might be a good choice for you.
When you're looking for a Portland home for sale, one of the best places to start is with a custom search. You can do a Portland MLS property search to find the perfect Portland home for you.
Buying Foreclosed Homes
According to HUD.gov, "A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim." If you have the money or can qualify for the loan, you may be able to buy a HUD home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors. Read more about this on the HUD website.
Some Portland foreclosed homes listings charge a fee to access their database of foreclosed homes or bank owned homes. Some are free. In either case, unless you have some experience, it is generally a good idea to work with a real estate professional.
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