i also don’t really get “foreclosed” i’m guessing it means they’ve missed mortgage payments?
Edit: thanks everyone, lots of good info here!
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A few people have said that banks generally want to get rid of the foreclosed houses.
My house was a foreclosed house, owned by bank of america. I dont know about any other banks, but BOA couldnt of cared less if we took my house off their hands (with a BOA mortgage btw). My realtor told me before we put in an offer that banks were very difficult to work with, and BOA was one of the worst. He wasnt wrong, they missed the 2nd closing date, screwed up paperwork, wouldnt return calls, completely ridgid when there was problems.
In fact there was an IRS problem, we asked them to extend the 1st closing date by a week to give it time to appear on the IRS systems. Nope, deal completely feel through. 2 weeks later they listed the house again, my IRS problem was fixed so I put in another offer on my house…my realtor said “Take 10% off what you agreed to last time”…which they accepted.
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