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02-03-2009, 09:59 AM
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House foreclosures? Real or fake?
i Saw this on TV that Houses are selling for 300 DOLLARS?Thats way too good to be true.I live right now in shitty stupid apartment in new york and i really want to get a house somewhere out of New york cause i hate it here,besides the point, houses are like 200thousand, but what are "House foreclosures" exactly?How does it work? i don't get it.
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02-03-2009, 11:24 AM
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In simplicity, a house is foreclosed on when the person that owes the mortgage, for whatever reason, defaults on and does not pay on their mortgage. The bank takes the house back and eventually the house will go back on the market, usually at a very reasonable price. We have a home next door to us that is worth $190,000 that the owners defaulted on. The house was foreclosed and the current owner was able to purchase the home for $99,000! The house needs work, but what a bargain. Get with a good realtor and see what they can do to help you out. Its a buyers market right now and bargains are to be had.
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