Q8: How does RealtyTrac help me pursue and buy properties once I subscribe? – Answer: Although RealtyTrac is not an agent or broker directly selling properties, RealtyTrac has several tools and resources available to subscribers to assist in pursuing any property listed in the RealtyTrac database. We are continuing to add features to make the site more useful to buyers. Explore: What RealtyTrac provides you
Contract | An agreement between two or more persons that creates an obligation to do or not to do a particular thing.
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)
Contingency | A specified condition that must be fulfilled before a contract becomes firm and binding.
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.
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.
Condemnation | A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.
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.
Complaint | The original or initial pleading by which an action is commenced; a written statement of the essential facts constituting the offense charged.
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.