But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. To enhance their knowledge on foreclosure properties, related acts, procedures involved, latest developments, and dispel myths about foreclosure properties. You are buying from a Bank / Financial institution, which is authorized by Govt of India to sell such properties. Bank Auction properties are approximately 25 % cheaper than market price.
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- In the rare event that the prior tenant of the foreclosed property refuses to leave, an attorney can also help you navigate the legal proceedings of eviction.
- This is extremely risky, since you’ll have no idea what condition the property might be in.
- In all cases, the mortgage agreement will specify which type of procedure corresponds to the property.
- When the loan servicer lets the borrower sell the home for less than the amount owed on the mortgage and forgives the remaining balance, it’s called a short sale.
- Pre-owned properties are an attractive alternative for entry-level buyers, as opposed to purchasing new homes or building from scratch.