You do not state if the foreclosure is currently listed, in the process or being marketed via the many alternative channels. I will assume you have observed a advertised foreclosure at a great price and would like an opportunity to see the property.
1. Call the number you see on the sign in the front yard on in the advertisement. These agents rarely answer the phone and really prefer to do business with other professionals. Be aware, the listing parties responsibility is to represent the seller not to represent you as the buyer.
2. Contact any local real estate professional and they will know how to reach the listing agent or broker on your behalf. This agent does have a responsibility to protect your interests.
3. Stake out the property and when you see another agent showing the property, ask if you can be included in the walk through.
You could pay your money and sign up for RealtyTrac but you will encounter the same problem.
The best and most efficient path to success is contacting (not by email or link but CALL) a local real estate professional. This individual will review your situation and prepare a plan most beneficial for you.
ReMax Realtec Group
727. 420. 4041
The reason I point this out is many "Foreclosure" sites identify properties by "Lis Pendems" (liens) being filed and recorded against the property. This can be very misleading, because the property may not be available for sale and not every property with a lien ends up in foreclosure.
Your best bet is to find a professional full time realtor and have them set up a custom search for "bank owned properties" so that you will get them as soon as they hit the market.
Chances are if you see one you think is great so will someone else and those go fast!
Many banks will limit the first 7 days to primary buyers with day 8 being the first they will look at investors.
Due to both the above conditions, make sure you have your ducks in order so that you have the ability to move quickly when you find the right one. Get pre-approved first! You will need a pre-approval to submit with any offer. Have your lender estimate for mortgage, insurance, taxes and HOA/Condo fees (if applicable) so that you have a true picture of your monthly payment. If you are paying cash you will need proof of funds to submit with your offer. This can be a current bank statement or portfolio statement.
Last but not least don't limit yourself to just "bank owned properties" or REOs (Real Estate Owned-another name for bank owned)...you don't want to miss the right house...just because it wasn't bank owned.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
Eric Chavarria P.A. CRS, SFR
Certified Residential Specialist
Certified Foreslosure and Short Sale specialist