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How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

HomeLight

A foreclosed home is a property that has been seized by the bank after the homeowner failed to make their mortgage payments. A home goes through several steps before the bank physically takes over the house and sells the property. Let’s take a look at the most common foreclosure sales and how they work. Short sale.

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Flipping Houses in New York: 5 Cities to Consider

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. Since flippers don’t have a crystal ball to see the future, the industry has developed the 70% rule. Money was cheap but it’s not cheap anymore.” Wise agrees.