Foreclosures are a hot market for investors and buyers. To get the best deal possible, follow these tips:
1. Timing is everything. Borrowers often are given a chance to avoid foreclosure with a grace period, typically two to three months, to pay off the amount they owe. The borrower may opt to sell the property during this preforeclosure stage if they can’t make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. Another prime time to buy: prior to an auction date.
2. Look in the right places. Follow the foreclosure trail. NMWelcomeHome Real Estate Team, Title companies, banks, purchase money, escrow offices, and credit unions can be good sources to find out