Latest Answer: Hi Mr Srinivas,
Foreclosed houses are the houses auctioned by banks to recover the loans that buyers fail to repay and, hence, the cut in prices. Such properties are cheaper by 10-25 per cent of their prevailing market value. Those houses are called foreclosed property. There are many definitions for foreclosed property.
Q:When the bank puts a property on foreclosure and auctions it, is it the banks responsibility to get the property vacated from the current owner, or is it the buyers responsibility?
Latest Answer: A foreclosure takes place when a homeowner or property owner cannot pay the mortgage fees on the property and is forced to give up the land to pay back what is owed.
