This is a house that didn't sell at auction and is now owned by the bank. These are listed on the MLS by real estate agents. This is the "safer" route for most people because you can use a mortgage and get a traditional inspection. 2. The "As-Is" Reality Check
It can take weeks or even months to hear back on an offer.
You bid against other investors, often on the literal steps of a local courthouse. You usually have to pay in cash immediately, and you often cannot inspect the house beforehand. what happens when you buy a foreclosed house
When you buy a foreclosure, the seller (the bank) will not make repairs. What you see is exactly what you get.
Always budget at least 10–20% more than you think you’ll need for "hidden" repairs. 3. The Paperwork is Heavier This is a house that didn't sell at
Banks usually hire a crew to "trash out" the house (remove old furniture and debris), but it's rarely a deep clean.
In rare cases, a foreclosure might still be occupied by the former owners or tenants. You may inherit the legal responsibility of evicting them, which is a costly and time-consuming process. 5. The Closing You usually have to pay in cash immediately,
Because the house was seized, there are often two things left behind: and people .