Foreclosure in Park Ridge>Question Details

Cynthia Eidm…, Home Buyer in Park Ridge, IL

I am interested in a forclosure property. How do I go about buying it?

Asked by Cynthia Eidmann, Park Ridge, IL Sun Mar 11, 2012

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G.I. LAWRIE LAWRENCE, Realtor’s answer
Locate a Realor in your area that specializes in REO properties. Buying a foreclosure offers it's own issues. You typially are purchasing the home "as is" and dealing with asset companies verses homeowners.

Working with the right Realtor who knows how to navigate those issues and is working in your best interest is your first step.
0 votes Thank Flag Link Mon Mar 12, 2012
Cynthia,
Enlist a Realtor that has experience negotiating on foreclosed properties. The larger banks have specific docs and criteria to present offers and they will not look at yours if not presented in the appropriate format. That same agent also has the experience to guide you as to which finance vehicle to use, help create a punch list of deferred maintenance items for repair, contacts of competent trades people to hire and most importantly compare the property with like properties to conclude the offering price and the potential value in repaired shape. Nothing more discouraging than to put real money and sweat into a foreclosed home only to end up with a property whos cost is more than any potential future value. Good luck.
0 votes Thank Flag Link Mon Mar 12, 2012
As an agent in the area, I can guide you thru the steps to buy a foreclosed property or any property. The important thing is to buy a property you have been qualified, you must have a letter from a lender of the amount you are qualified for a mortgage or a letter from a bank that you have the funds available.
0 votes Thank Flag Link Sun Mar 11, 2012
Work with an agent of your own, he/she will be your best guide. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Mar 11, 2012
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