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| FORECLOSURES HOUSE "There are several definitions for what is a forclosures house. The most common example contains a house on a piece of property or lot that has been listed as forclosures. This is more commonly referred to as a Single Family Residence SFR. In this type of house ownership the house is usually owned in "fee simple". This means the house title is held in the name of the house owner. There is another form of forclosures house ownership which is referred to as a Condominium or Condo. In this form of forclosures 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. Condos can be residential or commercial (office condos) and they may take many forms in the way of house building types. Another form of forclosures house ownership is what as known as a co-operative. In a cooperative the homeowner holds title to shares in a corporation-like entity known as a cooperative. Sharing ownership is usually prorated to the amount of living space occupied by the resident in the building and common areas operate much like a Condo. Many have found that the best way to find a forclosures house is through forclosures which may be listed for sale on the Internet. 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. Many of us use a mortgage as a financing tool to purchase a forclosures house. A mortgage is a loan form a bank which is used to acquire the home along with an original down paymen |