What is the process for buying a foreclosed home?

You wouldn’t go about the process of buying a home, you would go about buying a property that is in foreclosure.

Foreclosure is a legal process in which the lender acts to repossess a home where the borrower is in default on the mortgage payments. This process can take months or years to complete, and at any time the borrower can ‘pull the plug’ on the foreclosure process by simply paying the mortgage arrears.

A property in foreclosure is not necessarily for sale, and once a property has been foreclosed it has either already been sold (usually at auction) or the title has already been transferred to the lender pursuant to a court order.

So the best way to go about buying foreclosures is to seek out homeowners who are in default on their mortgage loans and facing foreclosure, or by seeking out lenders who have already foreclosed and who now own the property. Both parties should be eager to sell at discounted prices in order to cut their losses.