Posted by: islamicfinancingnews | April 19, 2012

An Islamic Loan Can Help Purchase A Foreclosed Home

Getting Islamic loans free from Riba is important if you’re thinking of buying a foreclosed property and making sure the dwelling is worth the investment is just as important.

A foreclosure occurs when the owner of a property has fallen in arrears on the mortgage and is forced to surrender the land to pay back the debt. Conducting a search of title on the foreclosed property is a necessary first step to determine ownership and identify any liens registered against the property. You can contact the trustee in charge of the foreclosure sale to ask about an adequate bid acceptable to the lender. Foreclosures are usually sold on an “as is” basis, so be sure the have the property inspected by a qualified home inspector. Knowing about repairs needed to the roof, windows or furnace can help you negotiate a competitive foreclosure bid which can include the cost of any necessary improvements. These are things that you need to know about coupled with the other requirements for Islamic mortgages.

Purchasing a foreclosed home can be a great value if you find the right property, just as obtaining proper Islamic loans can help to maintain the right spiritual values. Keep in mind that foreclosure sales can be complicated, so always be aware of your legal rights before you proceed.

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