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What Is a Foreclosure and How Does it Work?

Quicken Loans

Foreclosure can also happen when the homeowner fails to pay their property taxes or homeowners association fees. Foreclosure : the legal process in which a lender or mortgage investor takes back unpaid property. In an REO, the bank is the sole owner of the property.

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Buying A Foreclosed Home In 6 Steps

Quicken Loans

In some short sales, the owners’ bank agrees to take this loss to get the home sold and the mortgage (which might otherwise go into default) off their books. There are also plenty of risks: A home you buy at an auction might have a lien on its title from a government agency, especially if the former owners stopped paying property taxes.

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Anatomy of a Commercial Real Estate Appraisal: A Top 17 Q&A Guide

The Robert Weiler Company

Properties may include apartment buildings and condominiums, office buildings, shopping centers, industrial sites, and land for sale. If you’re reading this article, you will likely need a commercial real estate appraisal for property being sold, mortgaged, taxed, insured, or developed.