Power of Attorney | A written document signed by the owner which authorizes someone else to act in behalf of the owner.
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Author: adminnfc
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Cary North Carolina foreclosure
Q7: What are foreclosures and how do I learn more about buying foreclosures? – Answer: Foreclosure is a legal process that allows a lender/bank to sell or take possession of a property due to non-payment of a loan that is secured by that property. RealtyTrac posts properties that have already been foreclosed (Bank Owned) and properties that are in the foreclosure process (Pre-Foreclosure, Auction). Buyers have three opportunities to purchase property during foreclosure. Buying Pre-Foreclosure, Buying at Auction, Buying Bank Owned (REO)
Owner Financing (Seller Financing) | A creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner acts like a bank.
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Orange California foreclosure
Q6: How do I check property liens, value and equity? – Answer: Additional liens against a property (these can include delinquent taxes) can be researched several ways.
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Offer to Purchasev foreclosure
Offer to Purchasev | A contract expressing of a person’s willingness to purchase a certain property on terms expressed in the offer.
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Bridgeport Connecticut foreclosure
Q5: How do I contact the lender to buy a bank-owned property (REO)? – Answer: If the property is Bank Owned (REO), your first step is to contact the bank, called the lender on RealtyTrac’s Property Details page. The lender now owns the property. You should ask for the lender’s REO department or bank-owned property department to proceed with possibly buying the property.
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Notice of Sale foreclosure
Notice of Sale | The notice of an impending foreclosure sale required by the state. It recites the legal description of the property being foreclosed upon and gives the time, date and place of the pending sale.
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Syracuse New York foreclosure
Q4: How do I buy property I see posted on RealtyTrac? – Answer: How you go about buying a property posted on RealtyTrac depends on the property status. If the property is For Sale By Owner or a Resale Home, you would approach the owner or the listing agent to make an offer. If the property is in foreclosure, the process of buying will differ from the typical real estate purchase.
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Notice of Rescission foreclosure
Notice of Rescission | A legal document used when the defaulting party has cured or corrected the default
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Fort Collins Colorado foreclosure
Q3: How do I buy bank-owned REO properties? – Answer: The lender/bank has taken ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction. The lender usually sells the property to recover the unpaid loan amount. The lender typically clears the title for any buyer, but the potential bargain is often less than a pre-foreclosure or auction property.