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The Guide to Different Types of Foreclosed Homes


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The Guide to Different Types of Foreclosed Homes

  1. 1. [Volume 1, Issue 3]The Guide toDifferentTypes ofForeclosedHomes ContentsYou probably know that foreclosed homes forsale are properties that have been defaulted as a Introduction ..……………………..1result of the homeowner failing to pay back theirloan over a period of time. These properties are Different Types ofmost commonly sold at public auction. However, Foreclosures…......……………….2did you know that standard residential homeforeclosures are far from the only type of real Contact Info…………………………3estate home foreclosures available?For example, residential foreclosures typicallyrefer to any non-commercial foreclosures. Theseare usually single family foreclosures, butproperties with up to four residential units canbe sold as multifamily foreclosures. However,while commercial foreclosures usually refer tooffice and industrial buildings, they can also referto residencies with five or more units.
  2. 2. 2Even among residential foreclosures, buyersand investors are not restricted to traditionalsingle or multifamily houses. This guide willintroduce you to the different types offoreclosure listings:  Mobile foreclosures: Mobile home foreclosures are usually sold through REO rather than short sale or auction. This may be ideal if you’d rather buy foreclosure homes directly from the bank.  Land foreclosures: Land foreclosures provide you with the perfect space to erect a custom built home. There’s also plenty of foreclosed farming land available through the USDA.  Condo foreclosures: Individual condo units get foreclosed on just as single and multi family homes do. Condo foreclosures give you all the luxury of condo living at a fraction of the price.  Manufactured foreclosures: Do you own land on which you want a home? A pre-fabricated foreclosure can save you time and money byWhat’s does that mean? providing you a house that’s already been built.  Duplex foreclosures: These are homes with twoFor more terms and definitions, housing units that are sold as a single home.check out’sglossary page: Duplexes are ideal for foreclosure investors because they can rent out one or both units.
  3. 3. 3 Remember to research the local foreclosure andForeclosure Deals real estate market, the neighborhood and the12550 Biscayne Blvd, Suite 306 property itself before buying a foreclosed home.Miami, FL 33181 You want to compare the price of the home withFAX: similar home foreclosures, learn theIf it’s not a deal, we won’t list it here! neighborhood’s statistics and try to get a tour of the house. If you can, run a title search and hireFind us on the Web: professionals to inspect the property. Want to know more about the different types of home foreclosures? Follow this link to our blog: