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| FORECLOSURE HOME "There are many definitions for what constitutes a foreclosurereal estate home. The typical example consists of a house on a separate property or lot. This is commonly referred to as a Single Family Residence ("SFR"). In this form of foreclosureproperty home ownership the home is usually owned in "fee simple". This means the title is held in the name of the owner. There is another form of foreclosureREO home ownership which is referred to as a Condominium or "Condo". In this form of foreclosureREO home ownership the title to the actual residence portion of the property is held in fee simple, but there are common areas in which all residents have access and which must be maintained through common area maintenance fees. Condominiums can be residential or commercial (office condos, etc.) and they may take many forms in the way of building types. Another form of home ownership is what as known as a co-operative or "Co-op". This is particularly true if you are a first time home buyer or if you are not familiar with property transactions. It is best to consult with a real estate attorney and a reputable title agent before buying a lot. If you want to buy a house and you see property for sale it is important to ascertain the value of the property and whether there are any defects or repairs needed before the purchase. Share ownership is usually pro-rated to the amount of space occupied by the resident in the building and common areas operate much like a Condominium. Many have found that the best way to find a foreclosureestate home is through foreclosures which may be listed for sale on the internet. Check out ForeclosureScout.com |