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!
In: 4
Missing payments is the start of it but it is a fairly long process measured in months. The bank or loan company will have to foreclose the mortgage (ie send papers and some places require that the lender go to the court for approval)
In the US, there may be foreclosure sales which is essentially the same as any other listing on the market except that you may not get to negotiate a lot on what the owner will do (prior to sales) but in exchange you might get a slightly lower priced home. A foreclosure sales just means you are likely buying the property off a bank or lender. There is a bit more due diligence needed (ensure that all the bills/liens are paid off) but a competent real estate agent should take care of this for you.
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