By Rick Sharga, RealtyTrac Vice President of Marketing Understand foreclosure investing before parting with your hard earned money. Buying foreclosure properties can be one of the best investments out there, as it is less expensive for home buyers and real estate bargain hunters …Read More
The initial step of the eviction process is done by sending a notice to the original owners. This notice would provide a deadline to the original owners to vacate the premises. If the original owners do not vacate the house by the deadline, the new owners have the option to appeal to court. What usually happens in this part of the eviction process after foreclosure is that the new owners file a lawsuit, also known as an eviction lawsuit. Through this lawsuit, they gain right of forcible entry, since the former owners are no longer entitled to reside in the premises of the foreclosed property
Buying houses in foreclosure is cheaper, simpler and slightly different from buying a resale. A foreclosure takes place when a home owner or a property owner cannot pay the mortgage on a property. He is forced to give up the land or building in order to pay off the debt. If you want to buy a property, it’s better to go for one in foreclosure because buying houses in foreclosure is a bargain.