Landed evaluates homes that have been foreclosed the same way we evaluate all other properties – we need to determine if the home is safe, habitable, and purchased for a fair price. We determine this by reviewing key documents such as home inspection reports, seller disclosures, HOA (homeowners association) agreements, and more. After a thorough review of these materials, Landed can determine whether a property is approved or not. This process typically takes about 1 business day.
Homes that have been foreclosed are often sold at auction, meaning that buyers (and Landed) don't have an opportunity to pursue a thorough investigation to learn more about the state of the property (or even tour the property in person). In addition, buyers typically need to be able to pay up front in cash, meaning you would need to have all the money available to you immediately.
Because of this, we've found that purchasing a foreclosed home can be quite a difficult process. We have not yet supported the purchase of this type of property. That said, if you are interested in learning more, we're happy to explore the possibilities!