Foreclosure in Cincinnati>Question Details

Nanajag, Other/Just Looking in Cincinnati, OH

How can one go about purchasing a foreclosed home?

Asked by Nanajag, Cincinnati, OH Fri Mar 18, 2011

My daughter lives in Va. and is quit interested in buying a home that isi n foreclosure.

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5
I would recommend that she understand what here financial boundries are first then buy the home that best fits here situation. Sometimes the beauty of the deal wears off after a couple years and you have to return to a place that doesn't meet your needs. But it is a great deal!
0 votes Thank Flag Link Thu Mar 31, 2011
Thank you for your question about purchasing a specific foreclosure home. Please be advised that a good local agent is the best way to go about purchasing a foreclosed home.
0 votes Thank Flag Link Sun Mar 20, 2011
Hello,

What I would recommend is for your daughter to get started receiving properties to her email directly from our MLS. She would have her very own Portal where all the properties would remain. It would be customized just for her. I would also recommend to meet her at my office for a buyer consultation to go over the home buying process from A-Z if she makes a trip to Cincinnati. Have a good day.
0 votes Thank Flag Link Fri Mar 18, 2011
I would need to ask you if you are reffering to short sales, reos/bank owned or Hud homes. The process is a litte different depending on which type of property is involved. I would suggest finding an agent that has experience working with distressed properties.
Hope this helps you.
If you have specific questions or need assistance finding an agent feel free to contact me.
vanessa.simmons@realliving.com
0 votes Thank Flag Link Fri Mar 18, 2011
It is not necessarily any different than buying a home that is not in foreclosure. It really depends on the condition of the home. Many foreclosed homes are in need of repair. Many banks will not make any repairs nor will they let the buyers make any repairs. You did not mention whether your daughter is financing the purchase or what type of loan it may be. This is an important fact in that most loans these days require homes to be in pretty good condition, especially government backed loans such as FHA. There are programs to get repair money included in the loans, but often the increased costs of repairs changes payment amounts precluding the buyer from qualifying for the higher loan. In some cases, the seller of the foreclosed home is not willing to wait the additional 15-30 days it can take to get a loan that allows for repairs to close.
0 votes Thank Flag Link Fri Mar 18, 2011
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