Montana Foreclosures

Written by Rachel Arieff
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Montana foreclosures can be purchased, by ordinary people without a real estate license, from banks and lending institutions, foreclosure attorneys, and even the owners themselves. It depends on which stage the foreclosure is currently in. For example, a home in the earliest, pre-foreclosure stage has not yet reverted to the bank or lending institution. It is still property of the owner, who must sell it to pay the bank.

When a home has already been taken from the owner, commonly for default on payments, then it either reverts to the lending institution, becoming a real estate owned property, or REO, or else it is put up for public sale through the auction process. In the former example, you would deal with the lending institution when purchasing the property. In the latter example, you would have to bid on the property at auction.

Inexpensive Montana Foreclosures

Montana foreclosures can be purchased at lower prices than the norm because the cost of living in Montana is generally lower, and thus home prices are cheaper. For example, a Montana foreclosure can cost about half the price of the same home in California. This is good news for the first-time home buyer, as well as anyone without a lot of cash to burn.

What is the most efficient way to start looking for Montana foreclosures? To save time and energy, I recommend you skip the newspaper listings, which can be outdated by the time they're printed, and deal with online foreclosure listing services. These services diligently update their listings every day, and provide all the details you need on the property, including tax rolls, seller contact information, and even pictures of the property, as well as links to loan agencies and real estate consultants.

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