It is not that different from a standard purchase. Find a lender and apply for a mortgage, unless you will be paying cash for the home. Hire a real estate agent. Most lenders will only entertain bids presented by licensed real estate agents. If you already found the home you would like to purchase have your agent write the bid. If the home is new to the market and appears to be a good deal, bear in mind that you may be competing with investors, so make your highest and best offer and make it subject to performing an inspection of the condition of the house. If the house has been on the market for some time, it is either overpriced or there are significant defects. A lower offer would be appropriate under these conditions. Prepare yourself to include a check for the deposit to be sent along with the purchase agreement, your agent will advise you on this. Some lenders only give you a few days before you will be required to forfeit the deposit if you do not purchase the home, so make sure you schedule all inspection quickly. Hire a licensed contractor or home inspector. If the home has been on the market for over a month, have the inspection performed before you place the offer. Most foreclosed homes are sold in an "as-is" condition, and the bank won't pay for any repairs. It is a good idea to know the extent of any work that needs to be done so you can price your offer accordingly. Submit your bid and await word from the bank as to whether it is accepted. I hope this helped.... more
Once a home is listed as pending, it is unconditional. It is highly unusual for there to be back up offers at this time. I am sure there are situations where the sale does not go through, but very rarely. If I was interested in a home that was already pending, I would spend my time looking for other homes. There will always be another home in the future that will satisfy your criteria.... more
Hello Home Buyer, Notice of Trustee Sales (NOTs) are public record and are available for free. Send me an email and I'll give you the domain that I use to search them. You can also contact an agent in the city you're looking in to assist with this list.