{"id":26969,"date":"2021-09-30T10:47:54","date_gmt":"2021-09-30T17:47:54","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=26969"},"modified":"2023-02-01T18:28:02","modified_gmt":"2023-02-02T02:28:02","slug":"buyer-how-does-buying-a-foreclosure-work","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-how-does-buying-a-foreclosure-work\/","title":{"rendered":"How Does Buying A Foreclosure Work? Take Our Hand, We\u2019ll Walk You Through It"},"content":{"rendered":"

You\u2019ve heard stories about people buying foreclosures, and you\u2019ve seen them pop up on listing sites \u2014 but you have questions<\/i>. Questions like: How does buying a foreclosure work? What even is<\/em> a foreclosure? How do you get your hands on one? Do they really save you money? And is it a good idea to buy one in the first place?<\/p>\n

Worry not, we have answers. We enlisted the help of top experts and put together this handy guide on how buying a foreclosure works. Here\u2019s what smart homebuyers need to know to stay ahead of the curve.<\/p>\n

\"A<\/a>
Source: (Aaron Shafer \/ Unsplash)<\/figcaption><\/figure>\n

What is a foreclosure?<\/h2>\n

You see foreclosures listed on your favorite real estate sites, but what does that term really mean<\/a>?<\/p>\n

\u201cA foreclosed property is a property that has gone through the legal process of foreclosure where the bank seeks to regain ownership of the property to make good on a debt,\u201d explains top Seattle<\/a> real estate agent Ken Crotts<\/a>, who works with over 66% more single family homes than the average area agent.<\/p>\n

But let\u2019s back up a minute. Why would a lender \u201cseek to regain ownership\u201d of a home?<\/p>\n

\u201cIf somebody hasn\u2019t made their payments for a period of time, the law allows the bank to repossess the property to make good on the debt,\u201d states Crotts.<\/p>\n

Essentially, foreclosure works like this.<\/p>\n

1. Missed payments:<\/b> The homeowner stops making payments for a period of time, typically at least three to six months (though the timing depends on the state).<\/p>\n

2. Preforeclosure:<\/b> The lender sends a notice of default to inform the owner that they must get up to date on their mortgage payments within a certain timeframe \u2014 or they will face foreclosure. This kicks off the \u201cpreforeclosure\u201d phase.<\/p>\n

3. Foreclosure:<\/b> If the homeowner can\u2019t resolve their payments or work out some kind of forbearance plan with the lender within 90 days, the bank will carry out the remaining foreclosure process and repossess the home.<\/p>\n

But that doesn\u2019t mean the owner will be kicked out six months after their first missed mortgage payment: All in all, the foreclosure process takes an average of 922 days nationally<\/a>.<\/p>\n

4. Auction:<\/b> Once the home has gone through the legal process of foreclosure and repossession, the property is auctioned to the highest bidder<\/a>, typically on the courthouse steps, though foreclosure auctions are increasingly happening online.<\/p>\n

5. REO owned:<\/b> If the home doesn\u2019t sell at auction, it becomes real-estate owned, meaning the bank or lender owns it. The home will be listed and sold similarly to other homes on the market.Another thing to note is that the foreclosure process can be a little bit different in each state. Check with your lender or real estate agent to learn more about how it works where you live.<\/p>\n

How are foreclosures sold?<\/h2>\n

\u201cThere are [potentially] three different opportunities to buy a foreclosure property, at different times during the foreclosure process,\u201d reveals Crotts.<\/p>\n

These opportunities might include:<\/p>\n

    \n
  1. Pre-foreclosure sale<\/li>\n
  2. Foreclosure auction<\/li>\n
  3. REO listing<\/li>\n<\/ol>\n

    Let\u2019s walk through each option and what it looks like in practice.<\/p>\n

    Pre-foreclosure sales<\/h3>\n

    Sometimes, a homeowner will agree to sell their home before<\/i> they reach foreclosure. This is usually done through a preforeclosure sale.<\/p>\n

    Remember that notice of default<\/b> the lender sends out, initiating the preforeclosure phase?<\/p>\n

    \u201cSome of these notices are made public, and when they\u2019re made public, there are buyers that will directly contact those owners and seek to buy that property before it goes into foreclosure,\u201d Crotts says.<\/p>\n

    Something to note here: Many of these preforeclosure homes are not<\/i> listed for sale. Just because a homeowner is behind on their mortgage payments doesn\u2019t mean they\u2019re necessarily ready to sell their home.<\/p>\n

    However, investors and agents often see these preforeclosures as an opportunity. They routinely scour public lists of preforeclosures and proactively reach out to the owners \u2014 often through a phone call, a mailer, or a friendly door knock \u2014\u00a0to show their interest in making a purchase.<\/p>\n

    \u201cThat provides a remedy for the homeowner and stops the foreclosure,\u201d shares Crotts.<\/p>\n

    However, it\u2019s rare that everyday buyers go the preforeclosure route, as it\u2019s usually handled by experienced professionals.<\/p>\n

    \u201cWhen you\u2019re browsing properties online, there are sites that will display preforeclosure properties. I would avoid those,\u201d Crotts advises.<\/p>\n

    He says that in most cases, the homeowners aren\u2019t really<\/i> looking to sell, whether because they have a deal worked out with their lender, or because they\u2019re planning to make good on their missed mortgage payments.<\/p>\n

    \u201cYou\u2019ve got to contact a lot of those people to find one who\u2019s in a position to sell and<\/i> is willing to sell the property. So it\u2019s an enormous amount of work to find a preforeclosure deal that will actually come together \u2014 literally hundreds of homes you\u2019d have to go through.\u201d<\/p>\n

    Foreclosure auctions<\/h3>\n

    The next opportunity to purchase a foreclosure is at auction<\/a>.<\/p>\n

    At this point, the home has been repossessed by the lender, who\u2019s trying to unload it quickly by selling it for cash to the highest bidder \u2014 often on the courthouse steps.<\/p>\n

    The process differs by state, but most foreclosure auction sales are done quickly and in cash. Today, more of these auctions than ever are taking place online.<\/p>\n

    \u201cWashington\u2019s foreclosure process is 150 days, culminating in an auction at the courthouse steps,\u201d explains Crotts. The property is then \u201cbid upon by would-be buyers who have cash in hand and can purchase and take title to the property almost immediately, right on that day.\u201d<\/p>\n

    Again, most foreclosure auction purchases<\/a> are completed by professional investors, because these deals are typically done in cash, and foreclosed homes may involve risks that everyday homebuyers aren\u2019t up for (more on that soon).<\/p>\n

    That doesn\u2019t mean you can\u2019t<\/i> buy a home at auction if you\u2019re a regular buyer, but you\u2019ll definitely want to do your research. According to Crotts, you shouldn\u2019t even think<\/i> about buying a home this way until you show up and observe a live auction yourself.<\/p>\n

    \u201cIf you\u2019re interested in buying foreclosures, it\u2019s something that you should witness,\u201d Crotts shares. \u201cIt\u2019s a really fun and interesting activity \u2014 kind of a circus or carnival type of atmosphere.\u201d<\/p>\n

    Think you might be up for the challenge? Check out our guide for navigating foreclosure auctions<\/a>, and our how-to on finding foreclosure opportunities<\/a> near you.<\/p>\n

    REO listings<\/h3>\n

    Finally, a third way to buy a foreclosure is through a real-estate owned, or REO, listing.<\/p>\n

    This means that the home wasn\u2019t purchased during the preforeclosure period or<\/i> at auction, and instead it is now owned by the lender, who lists it and sells it much like a typical home sale.<\/p>\n

    Crotts explains that lenders often have systems for offloading these properties in a timely manner, usually through the help of asset managers.<\/p>\n

    This is the most common way that regular homebuyers purchase foreclosures, since it works similarly to any other home purchase. The one big difference is that the seller is a bank rather than an everyday homeowner.<\/p>\n

    The everyday homeowner might have a range of motivations for selling their property \u2014\u00a0including moving\u00a0timelines and emotional concerns \u2014\u00a0but a bank will generally care most about their bottom line and recuperating as much money as possible from the sale.<\/p>\n

    Keep that motivation in mind if you plan to purchase a foreclosure! The bank will probably not want to offer the home at a massive discount.<\/p>\n

    \u201cThe asset manager \u2014\u00a0in protecting their client\u2019s interest \u2014\u00a0has a specific process they\u2019re going to follow to ensure that they get fair-market value<\/a> for the property when they do sell it,\u201d Crotts shares.<\/p>\n

    That\u2019s why a top agent with experience buying distressed homes can be your biggest asset when negotiating a foreclosure purchase. They have relationships with these asset managers and understand their core motivations.<\/p>\n

    Is it a good idea to buy a foreclosure?<\/h2>\n

    \u201cAll of that\u2019s great,\u201d you might be thinking, \u201cbut is it even a good idea to buy a foreclosure<\/a> at all?\u201d<\/p>\n

    That depends on the type of buyer you are and what you\u2019re looking for in a home. But before we get into the buyers who are best suited to a foreclosure purchase, let\u2019s run through the benefits and drawbacks of buying this type of property.<\/p>\n

    Pros of buying a foreclosure<\/h3>\n

    You might get a good deal!<\/h4>\n

    In a hot market, good deals are hard to come by. Crotts says distressed properties like foreclosures can offer an opportunity to pay a little bit less.<\/p>\n

    \u201cThe primary benefit of a foreclosure property is its condition and your ability to improve the condition of the property and build equity as a result.\u201d<\/p>\n

    If you\u2019re handy, patient, and have the cash flow to fix your new home up, you could get a good deal on a foreclosure and save some money in the process.<\/p>\n

    But again, understand that we\u2019re not talking about a massive discount here \u2014 more like a modest savings and an opportunity<\/i> to build equity as you improve the home.<\/p>\n

    You can build equity fast<\/h4>\n

    Speaking of equity, \u201cforeclosure properties offer a great opportunity to build equity in a home through improvement,\u201d according to Crotts.<\/p>\n

    Most foreclosure properties need at least some<\/i> work. Think of it this way: If the homeowner couldn\u2019t afford to make mortgage payments, they probably weren\u2019t able to afford upkeep or repairs, either.<\/p>\n

    That can present an opportunity to you, the buyer, to make value-adding improvements.<\/p>\n

    There\u2019s less competition<\/h4>\n

    Another plus of buying a foreclosure? There\u2019s less competition from other buyers, since most are looking for move-in ready homes.<\/p>\n

    Keep losing out on bidding wars? Maybe buying a foreclosure and fixing it up over time is your path to homeownership.<\/p>\n

    Cons of buying a foreclosure<\/h3>\n

    There\u2019s more risk involved<\/h4>\n

    That said, foreclosures are riskier than a typical home purchase. They\u2019re considered \u201cdistressed properties,\u201d and most need at least some repairs. They can even sometimes have squatters, or significant damage from previous owners.<\/p>\n

    If you buy a foreclosure, you\u2019ll need to do your due diligence and understand the risks you\u2019re taking. It\u2019s important to protect yourself by having a top agent<\/a> and a trusted real estate attorney by your side.<\/p>\n

    You\u2019re buying as-is<\/h4>\n

    \u201cThe seller\u2019s not going to do a bunch of work to the property,\u201d Crotts cautions. \u201cThey will do reasonable amounts of work if it means that the property gets sold. But in most cases, you’re taking the property more or less in as-is condition.\u201d<\/p>\n

    As-is means take it or leave it \u2014 what you see is what you get. Make sure to get a good inspection, and know what you\u2019re getting yourself into!<\/p>\n

    You may not be able to do an inspection<\/h4>\n

    In some cases, it may not be possible to do an inspection on a foreclosure, or even to tour the home.<\/p>\n

    For example, if you\u2019re buying a foreclosure at auction, then it\u2019s very unlikely you\u2019ll be able to enter the home or order a home inspection before making your bid.<\/p>\n

    \u201cI would avoid properties that don\u2019t have an inspection or won\u2019t allow an inspection,\u201d Crotts says. \u201cBuying as-is is one thing, but buying without being able to see a property or get an inspection on a property puts you at substantial risk.\u201d<\/p>\n

    Financing might not be an option<\/h4>\n

    If you\u2019re buying a foreclosure at auction, it\u2019s unlikely that you\u2019ll be able to get a mortgage to pay for it. Most auctions require cash and a quick payment, often within seven days \u2014\u00a0sometimes sooner. This is why most regular buyers avoid buying a home this way.<\/p>\n

    The good news is, most REO-listed homes do<\/i> allow financing, so it still can be an option. But understand that some foreclosures (or all foreclosed homes at a certain stage of the process, such as the auction stage) may be out of your reach if you don\u2019t have cash.<\/p>\n

    You\u2019re at the bank\u2019s mercy<\/h4>\n

    Again, the bank owning the foreclosure is going to try to recover as much money as possible, and the buyer is essentially at its mercy. That means working on the bank\u2019s timeline and potentially dealing with red tape in the process.<\/p>\n

    \"Chairs<\/a>
    Source: (Jonas Jacobsson \/ Unsplash)<\/figcaption><\/figure>\n

    Who usually buys foreclosures?<\/h2>\n

    \u201cThere are a few buyers out there that are purchasing properties for their own occupancy, but the vast majority are going to be considered investors,\u201d Crotts reveals.<\/p>\n

    That\u2019s because investors have the skills and cash flow necessary to make such purchases strategically. They\u2019re usually able to fix up the property and either rent it out or sell it for a profit.<\/p>\n

    That doesn\u2019t mean you can\u2019t invest in a foreclosure<\/a> for your next home. Real people can \u2014 and do<\/a> \u2014 buy homes this way! One mega-investor started with buying a single preforeclosure<\/a> more than a decade ago, and now he\u2019s purchased hundreds.<\/p>\n

    But is buying a foreclosure a good fit for you<\/i>?<\/p>\n

    What type of buyer is a good fit for a foreclosure?<\/h3>\n

    Crotts says he sees two main types of buyers who tend to be a better fit for foreclosure properties:<\/p>\n

      \n
    1. Value-oriented buyers who are looking to roll up their sleeves and build some equity. These buyers might be looking for a full-time home, or a rental or long-term investment opportunity.<\/li>\n
    2. Choosy buyers looking for something very specific \u2014 whether location, lot type, or home style \u2014 which happens to be found through an available foreclosure. \u201cThose types of buyers are very specific and need a lot of properties to look at in order to find that one that meets their criteria best,\u201d Crotts adds.<\/li>\n<\/ol>\n

      Another possible reason you might go for a foreclosure is simply because you can\u2019t afford a move-in ready home, and you don\u2019t have much inventory to choose from where you\u2019re looking.<\/p>\n

      Whatever your motivations, buying a foreclosure might be more accessible than you think. Just make sure to surround yourself with a top real estate team who can help you get a deal rather than a dud!<\/p>\n

      Header Image Source: (Jasper Graetsch \/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

      Distressed properties (or foreclosures) can offer opportunities in hot markets. Top experts help demystify the process of how buying a foreclosure works.<\/p>\n","protected":false},"author":123,"featured_media":26974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,629,635],"tags":[],"class_list":["post-26969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-home-financing","category-auctions-foreclosures"],"acf":[],"yoast_head":"\nHow Does Buying a Foreclosure Work? The Resourceful Buyer\u2019s Guide<\/title>\n<meta name=\"description\" content=\"How does buying a foreclosure work? Distressed properties (or foreclosures) can offer opportunities in hot markets. 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