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Trulia Naples, Other/Just Looking in Naples, FL

What is the process for buying a foreclosed home?

Asked by Trulia Naples, Naples, FL Wed Nov 7, 2012

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BEST ANSWER
Work with a competent Realtor experienced in dealing with foreclosures. Please note many buyers look to buy a foreclosure to get a "deal". While they are out there, note these are usually sold ASIS. You may also get a great "deal" with a seller that is motivated. A Realtor can help identify properties that meet your specific desires, regardless if it is a foreclosure or not.
For a foreclosure, your Realtor will submit a sales contract to the bank. The bank will look for it to be ASIS with right to inspect. They require proof of funds for cash and preapproval for mortgage portions (sometimes specifying the bank and contact for preapprovals). The bank may accept, counter, or reject your offer. There often are multiple offers. The bank may look for your "highest and best" offer. They usuallyrequire their own bank addendum be included with the initial offer or once they agree to the initial bid. I'd share lawyer contacts who can handle the closing aspects, review bank contract paperwork, and represent your interests as necessary. Often banks require you use their closing agent, who holds your deposits in escrow, and pay for your title insurance policy. Once an authorized bank representative signs to accept your offer, you should do a thorough inspection within the timeframe in the contract (again, it is usually ASIS) to determine if you move forward or terminate the contract. You'd otherwise follow the contract to closing.
Any other questions, or to get a list of foreclosures, or other non-foreclosure great buys, please contact me.
Best regards
Nancy E Jaynes, Realtor
Premiere Plus Realty Co
239-821-3789
NEJaynes@hotmail.com
0 votes Thank Flag Link Mon Nov 12, 2012
It starts with finding a Realtor experienced with foreclosure sales and with you understanding that rarely are foreclosures the deal you might imagine them to be.

Here's a link about foreclosures and below a link on how to find yourself a great Realtor to work with.
http://www.trulia.com/blog/LarryTollen/2011/11/buying_forecl…

Best of luck to you.
0 votes Thank Flag Link Mon Nov 12, 2012
Work with a competent Realtor experienced in dealing with foreclosures. Please note many buyers look to buy a foreclosure to get a "deal". While they are out there, note these are usually sold ASIS. You may also get a great "deal" with a seller that is motivated. A Realtor can help identify properties that meet your specific desires, regardless if it is a foreclosure or not.
For a foreclosure, your Realtor will submit a sales contract to the bank. The bank will look for it to be ASIS with right to inspect. They require proof of funds for cash and preapproval for mortgage portions (sometimes specifying the bank and contact for preapprovals). The bank may accept, counter, or reject your offer. There often are multiple offers. The bank may look for your "highest and best" offer. They usuallyrequire their own bank addendum be included with the initial offer or once they agree to the initial bid. I'd share lawyer contacts who can handle the closing aspects, review bank contract paperwork, and represent your interests as necessary. Often banks require you use their closing agent, who holds your deposits in escrow, and pay for your title insurance policy. Once an authorized bank representative signs to accept your offer, you should do a thorough inspection within the timeframe in the contract (again, it is usually ASIS) to determine if you move forward or terminate the contract. You'd otherwise follow the contract to closing.
Any other questions or to get a lust of foreclosures, or other non-foreclosure great buys, please contact me.
Best regards
Nancy E Jaynes, Realtor
Premiere Plus Realty Co
239-821-3789
NEJaynes@hotmail.com
0 votes Thank Flag Link Mon Nov 12, 2012
It is, or can be, a rather long, drawn out process which requires an experienced REALTOR and often, attorney, to guide you through the steps. Contact an agent who specializes in Foreclosures for the best advice.
0 votes Thank Flag Link Wed Nov 7, 2012
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