What is the best way to buy a foreclosure home for a great deal?!?

I am looking to buy a house and I am wondering how to get in on a short sale. I just want to pay what is left on the mortgage kind of thing? Do you know how I would find houses like this or how to go about doing this?

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    3 thoughts on “What is the best way to buy a foreclosure home for a great deal?!?”

    1. "Buying a foreclosed (not foreclosure) home" and "buying a home on a short sale" sound similar but they are two different things. I recommend you learn a little bit about each process prior to making a move. Neither of them means you will have a property by paying the remaining balance on the existing mortgage. Properties both in foreclosure or on short sale will still be listed based on the comparables in that specific neighborhood regardless of the mortgage balance.

      Buying a house by paying the remaining balance on the existing mortgage is totally different ball-game. This requires you to assume the existing loan from the seller with the current lender’s permission. You may have to pay extra fee to the lender to assume the current loan. Most lenders usually are not in favor of these.

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