Make an offer to any owner. It doesn't have to be one in foreclosure.

Focus on "motivated" sellers--sellers who have to sell quickly. That can be as a result of a divorce, job loss, job transfer, medical problems, death in the family, out of town owners with bad tenants, in-town owners with bad tenants, people who've bought a new house before selling their old one...and the list goes on and on.

H Bharat,
A foreclosure is a home that was repossessed by the bank, mortgage company, or even for back owed taxes. You can usually work with the banks or mortgage companies to find out what they need to cover the mortgage. Sometimes you can get lucky and get a really good buy, but remember the saying "let the buyer beware". Most foreclosures need alot of work. The owners know they are losing the home, they can't afford to pay the mortgage, they can't afford to do repairs and sometimes they will distroy the property before they leave. Usually the banks use an attorney or certain real estate companies to handle these properties. There are also short sales which any real estate agent can help you find. If you need any help don't hesitate to contact me. I wish you good luck.
Melinda Nicholson
Prudential Patt White
melindanicholson@pattwhite.com
610-762-9335

You can also try the Sheriff sales (auctions) for the county you are in. Each county has slightly different rules for purchasing properties through them. A home is brought to these sales because money is owed to a lender and the lender, after going through the foreclosure process, puts the home up for sale initially in this manner.

One problem that can happen is that there may be more than one lien holder. Which makes buying through a Sheriff's sale very taxing. Before the sale date, you always need to go through the public records to see if there are any other lien holders.

For the most part, the Sheriff's office puts out a list of homes which can be obtained from a website or at the Sheriff's office. You go through the list, drive by the properties which you may be interested in, check out the public records and go to the auction. These auctions are usually held once a month.

Typically, if you are the winning bidder, you need to put down 10% cash or certified funds immediately. Then you usually have ten days to bring the balance.

The other problem is that you usually can't look at the properties prior to the sale. So the condition of the property is only what you can see from the outside.

Hope that helps.

Terrence Charest

Foreclosures are properties that a lender has taken back from a buyer who did not pay on the loan. They can be bought for significantly reduced prices, but not always. Also, the rule that you get what you pay for applies--many of them are in very bad shape.

A good buyer's agent can usually help a buyer get their best deal, and a patient one can help you find a bargain. If you also need financial assistance, we know where to find that too.