# Purchasing A Foreclosed Property in US Take a look at what's on offer here.

## What Does the Term "Foreclosure" Mean?

When a residence is seized and placed up for sale by the lender, it is known as a foreclosure. When a residence is listed as foreclosed, it indicates the lender owns it.


## What Is the Process of Foreclosure?

### Notice of default and payment default:

After missing at least one payment, a homeowner's entire mortgage can default after several months of missed payments. This usually kicks off the foreclosure process's pre-foreclosure stage. The lender will normally send a notice of default after 90 days of missed payments.

### The following is a notice of the trustee's sale:

The lender must notify the county and post notice of the upcoming sale in the local newspaper. This is one method of locating a foreclosed property to purchase, though an online search will usually yield better results.

### Sale by a trustee:

The lender tries to sell the house at auction.

### Owned property:

The bank will take ownership of the property if it does not sell at auction. The property will then be put up for sale. This is the stage of foreclosure in which most persons intending to acquire a foreclosed house will buy, particularly those using a VA loan. Looking for foreclosure inspection companies visit [Foreclosure Inspection Companies](https://www.sgpnow.com/blogs/sgpnow-news/who-is-responsible-for-the-inspections-on-foreclosed-property) and get quality service.

## Inspection

A house inspection is a more in-depth examination of a home. An expert will stroll through the house and make a list of anything that needs to be replaced or fixed. Because foreclosed properties are more likely to have damage than homes for sale by owner, you should insist on an inspection before purchasing one.

**SGPNow**

Location:

Safeguard Properties, LLC.

7887 Hub Pkwy

Valley View, OH 44125

216–282–6221