Pelham New Hampshire Real Estate - Foreclosure Guide
By Fred Doleac, Real Estate in a Virtual World
(Fred Doleac - Bean Group)
Pelham, New Hampshire Foreclosed and Bank Owned Property When a homeowner defaults on his/her mortgage in New Hampshire, the lender will start the process of obtaining the right to sell that property at auction in order to satisfy the debt (balance owed on the mortgage). Purchasing a home at a foreclosure auction has many risks to a potential buyer (especially a first-time home buyer). There is commonly no opportunity to view the interior of the property, conduct proper inspections and in some cases, there are individuals still occupying the premises. Because of these risks, homes in Pelham, NH are not always sold at auction and the bank will instead take possession of the property. The property is then referred to as bank-owned, REO (real estate owned) or foreclosed property. There are...
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