Looks like you are getting some sound advice from the answers below. I would also like to add a couple of other thoughts. First, since it is a forecloure, you will probably want to move pretty quickly. Most foreclosures are put up for sale by the bank and they are usually priced below market. Second, have a CMA (Comparative Market Analysis) done. This will tell you approximately what the home is worth. Finally, be prepared. Most think that they can get a deal on a foreclosure and try to offer way less than advertised price. If your offer is based on comparative sales, you will have a chance of getting the home at a reasonable price. If you try to get a steal by making a very low offer, you will not get the home.
Please let me know if I can help.
303 N. Glenoaks Blvd. Ste. L-110
Burbank, CA 91502
Congratulations on finding a home that you would like to buy. First off, what is the address of the home?
The next step is to contact a realtor so that you will have somebody to advise you and write the offer for you.
If you have any questions please do not hesitate to call me on my cell phone at (818) 919-0159. I have helped many people in the Burbank area purchase homes, including foreclosure homes.
Now that you found a home you possible like to make an offer on, here are some things to keep in mind before you do...
Have you been pre approved? If not, this is the time to do so. (If you need a few mortgage broker names, I would be happy to provide you a few to choose from via email).
If you already have a pre approval letter, you need to decide on an agent. As the realtor before me stated, it is important to get your own representative vs, having the listing agent represent you as well. When a Realtor represents solely you, they are working for your interests only.
Another thing to keep in mind is that listings on Trulia are not up to date 100% on status. Have your Realtor verify that this listing is still available, the current asking price, the current loan on the property, what the local market value is, what nearby houses sold for, etc...
Once you discusses all this with your Realtor, he/she can write up an offer for you and represent you through the transaction process.
We would be happy to discuss a few factors with you. We are different tthan other agents, as you get two knowledgable agents working for you, instead of one! We also work closely with an appraiser to help us determine market value more accurately.
You can find additional buyer resources on our website, http://www.myLARealEstateGroup.com
Good Luck to you
LA Real Estate Group
That's great news. Before you get bombarded by Realtors saying they'll write the offer for you please consider a few of these tips:
1. Get prequalified by a mortgage professional and make sure they are DRE licensed.
2. Choose a Realtor that is looking after your best interest and try to avoid making the offer through the listing agent in order to avoid any conflict of interest.
3. If you've been shown the house by a Realtor already, give that Realtor the opportunity of writing the offer for you.
If I could be of help I'd love to be able to represent you. Please contact me so that you can interview me (818) 416-7511