We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
With short sales, and REO you need to have good credit rated.
I have represented both Buyer and Sellers on the Foreclosed properties. I can tell you that from my experience is that the main difference regarding the process of purchasing a home is that the bank takes a long time to respond most of the time.
They also typically chose the Seller services like Title and Escrow. They also have many more documents required for the Buyer to sign than the typical traditional buying process. The market is extremely competitive right now due to the banks holding on all of the shadow inventory or selling their toxic assets to hedge funds etc.
I hope this helps with your question.
If the foreclosure is in the MLS, then just contact a Realtor. The home is likely to already have been foreclosed and is now owned by the bank, or it's in the process of being foreclosed, often a short sale in this market.
If it's not in the MLS, and you're seeing it on Trulia as a "Foreclosure," then it might not even be for sale. It's just a listing of a home in foreclosure.
If you're an investor and want to purchase a home that's not listed for sale, you contact the owner and see if they'll sell. You'll need to understand the laws because you could get into real trouble here. Just remember, these owners are in financial distress and have already been hounded by countless investors and agents looking to profit from their property. They're not receptive generally, so you must take their needs into consideration first and foremost.
Cory La Scala, REALTOR
Lic # 01443391
It sounds as if you are referring to a home in particular, but it is not linked to your question. Please message me directly with what home you are interested in and I would be happy to discuss with you.
Real Estate Broker/ RealtorÂ®
TruliaÂ®'s #1 Recommended Broker in Oceanside, Cardiff, Bonsall & Vista!
McAllister Homes Real Estate
Residential Sales & Property Management
Bigger question was posed moments ago - why are you seeking a foreclosure? With near, at and even above market sales prices they ate not the deals if years past. The conditions "as is", poor quality of the overall home (often but not always) and lack of seller concessions leave you with little to no negotiating power and terms.
Another few questions: What area are you most interested in? Lets start there and build out a list if available homes. Secondly, is this for investment purposes or a primary residence? Thirdly, have you spoken with lenders/borrowers yet? The amount(%) you finance may actually give you a better chance in certain neighborhoods over other bidders resulting in a better "deal" on a traditional home than a short sale or foreclosure.
Key me know if you'd like to explore more options best suited to your immediate needs by dropping me an email (firstname.lastname@example.org) or by calling me at 619-519-6221.
All my best and make sure that your home buying experience is a smart yet fun process - ill make sure it is!
Broker Associate & Realtor
Sotheby's International Realty
Suzanne made some good points below. Much of the process depends on whether the foreclosure is on or off the MLS. If on the MLS, the process is very similar to buying any resale home. The bank's contract wil be skewed to the needs of the bank...If it is not on the MLS, then we approach the purchase very differently.
One thing to note - if it is on the mls, there will also be a great deal more competition for the property.
What I would really like to speak with you about is why buy a foreclosure? Or why limit yourself to a foreclosure>? These are not the great deals they were 2-3 years ago. Today's foreclosures in good areas of San Diego typically go for full market value.
I would love to continue this conversatioh with you, and invite you to contact me directly!
Have a great day!
Cindy Davis, Broker
SD Home Source Realty