Hello,
I'll going to buy new home, right now I am looking for loan, I heard a word "foreclosure" .So may anyone explain me what is foreclosure?

Thanks

Thanks TB,
Thanks for suggesting this link I'll review your link and I'll catch you later if I have any doubt. Hope you have not mind.

This poster was savvy enough to find our forum on the internet but doesn't know what a foreclosure is?

I'm not buying it....

No worries - I'm sure some new poster will show up shortly, with just the right website with all the answers.

I almost got the answer. Please let me know, Should I use a real estate broker? How do I find one?

Thanks,
Sofia

Sofia, it sounds as though you are new to real estate. don't worry, you have as much knowledge as many of the licensed agents that post messages on this forum. :o)

yes, foreclosure sales are almost always handled by brokers. just contact the broker or agent whose name is on the for sale sign on the property, or find your own agent to help you with the locating and buying process.

To answer your question, a 'foreclosure' in real estate is when the lender that has a loan on a piece of property exercises his legal rights to take the property from an owner who is not paying their agreed on.

Because of the current economic "crisis" in the US right now there are lots of foreclosures.

If you are not working with a local Realtor right now, I would urge you to find one that can guide you through the process.

Referrals from friends who have bought or sold real estate lately are good sources of Realtors and if you don't know anyone, Realtor.com usually has a list of local Realtors in your area.

The poster gives his/her location as "Detroit" but the IP is from India. Hmmmmm.....

The speech pattern pretty much told me that...

Placement of verbs, adverbs, modifiers, etc. can tell you what language family is native to the speaker.

Those of us who have conversed with schedulers in the BPO world recognize the speech pattern.