Buying A Foreclosed Home? The FDIC Wants You To Read First

Home foreclosures can offer great bargains—and real risks. The steepest discounts are found at auction, but you have to buy the home sight unseen, in cash.

Pre-foreclosure sales—prior to auction—are less risky, and provide savings of 10 to 20 percent. But you deal directly with the owners and may even have to close the purchase within 30 days, depending on the state.

To help you get that loan, for a foreclosed home or any other home on the market, take a look at “The New Climate For Mortgage Borrowers, a free microsite from the FDIC

Labels: FDIC, foreclosure, mortgage programs

posted by George Bounacos at 3:30 PM |