There are three ways to buy a foreclosed home: short sale from the owner, foreclosure auction, or bank-owned (REO) purchase. Foreclosure filings rose 21% in early 2026, increasing inventory. Mortgage preapproval is crucial, especially to compete with cash buyers. Foreclosures often sell "as is," with limited inspections and no repairs. Auctions may include buyer premiums and require deposits. Renovation loans can help finance repairs on fixer-uppers. Closing times for REO sales are similar to traditional sales.
Continue to full article
Leave a Reply