There are numerous TV shows, books and weekend seminars teaching you how to capitalize on these properties. They are also commonly referred to as bank-owned properties, HUD homes, distressed properties and short sales. I’ve had the pleasure of showing properties to entire groups of “How to Buy a Foreclosure” seminar attendees.
Bank owned properties are usually sold as-is with an inspection period. Some foreclosure properties may still be occupied by home owners who are in the process of being foreclosed on. It’s important to be pre-approved for your mortgage before searching for these homes.
Short sales are described as situations where the homeowner owes more on the property than it is worth and the mortgage holder has to agree to accept less than what is owed on the mortgage at time of sale. This can be a lengthy process of negotiating with the bank with no guarantees that the bank will take less than what is owed. Often the homeowner must prove a hardship that is acceptable to the bank. If they are unable to do so, the bank will reject the short sale.
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