Foreclosure in Glen Burnie>Question Details

Jenna Sturgi…, Renter in Glen Burnie, MD

can someone send me information about forclourse and is that the best way to go. First time buyer.Help

Asked by Jenna Sturgill, Glen Burnie, MD Wed Aug 24, 2011

Help the community by answering this question:

Answers

10
Your first step should be to get prequailified, you can meet with a local and trusted loan ifficer and get prequailified at no cost, once you know you can get a mortgage, and know what price range to shop in, you should hire a buyer broker who is well experienced in foreclsoures that can assist you through the buying process.

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…


Please see my blog for tips and advice on buying bank owned homes.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Wed Aug 24, 2011
What kind of specific information are you looking for--consider working with an agent of your own, he/she can provide any necessary information, schedule showings, provide suitable listings, etc.; 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.
1 vote Thank Flag Link Wed Aug 24, 2011
Hi Jenna,
There are a lot of options so I would not limit myself to only foreclosures. I would look at all that meets my criteria and price range. The first step is to find a Realtor that is ready to work with you and give you guidance. They will also put you in touch with a lender and should be able to wak you thru the enitre process. I would love to chat with you further. Feel free to contact me.
Kim Mills
Web Reference: http://www.kimandrenie.com
0 votes Thank Flag Link Thu Aug 25, 2011
Logon to facebook.com/capitalregionrealtor and download the free Homebuyers Handbook. It may help to see the whole buying process in front of you. If you are not already working with a realtor, and have any questions, email me at realtor@ogsenterprises.com. Ofelia G. Santos
0 votes Thank Flag Link Wed Aug 24, 2011
Thanks for your question about foreclosure. You have same question a lot of people do. Before you get more information about the process, please understand that finding a good foreclosure takes longer than a traditional home search and the price discount is about 15% - 20%. At RealtyTrac I educated a lot of customers about the process and have short no nonsense explanation on my Website.
0 votes Thank Flag Link Wed Aug 24, 2011
Jenna,
Although you can get a great price, sometimes, on a foreclosure it can be extremely risky business. As a first time home buyer you should make sure you have the resources in case something comes up after settlement you didn't expect. Foreclosures are sold AS IS, the bank will not warrant anything and they will not fix anything. You can have a home inspection performed, but home inspectors can not find everything, and when a home has been abused, neglected, vacant and unmonitored for a period of time, (6-12 months or more) a lot can go wrong. And unfortunately you might not know until a few months into living there. it can sometimes take a little while to work out the kinks on a unit that has been vacant and dormant for a while. The equipment: hvac, water heater, etc are made to be used regularly and although when the utilites are turned on for a home inspection they may work, after a few weeks you might find there are residual problems.

Foreclosures can be a great deal, but they can also be a money pit and you need to make sure you have the resources to take care of any problems that arise.

Also you might not want to limit yourself to a foreclosure. The most important thing is to get the best house for you! That might be a regular sale, a short sale, or a foreclosure. I would look at everything available to make the best decision.
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Jenna!

Please e-mail me. There's a lot of information on foreclosures and short sale that a first time homebuyer should know before purchasing. I also want to make sure I can answer any questions you have. I specialize in first-time homebuyers, so I certainly think I can help you. I look forward to hearing from you!

Rochelle Johnson
Coldwell Banker Residential Brokerage
Annapolis Plaza
rajohnson@cbmove.com
410-224-2200 (office)
301-646-9888 (cell)
0 votes Thank Flag Link Wed Aug 24, 2011
The best thing to do is first discuss your financing options with a Mortgage Broker. If you need one I can certainly be of assistance. My website is FULL of information in my "Mortgage Center". Next, I have great knowledge with Foreclosures as I sell them through-out Maryland traditionally and by public auction. If you would like more information, please visit my website and contact me.
0 votes Thank Flag Link Wed Aug 24, 2011
Are you currently working with an agent to help you through the first time home buyer process? I agree with Ms. Brocco: select an experienced agent in foreclosure and short sales negotiations to help you begin and work through the process.

If I can answer specific questions or be of further service, please feel free to contact me.

Kimberly Barton, REALTOR®
A.H.W.D., C.R.I.S., Short Sale & Foreclosure Certified
Champion Realty, Inc.
410.224.0645 Direct
KimberlyBarton@ChampionRealty.com
0 votes Thank Flag Link Wed Aug 24, 2011
Jenna-

There are some great programs out there that can help with first-time buyer programs. Most of them can contribute any where from $4,000 all the way to $10,000. If you would like to discuss those program reply to this thread and I will post the websites that will help you with the process.

Samson Doyle
443-864-2391
sdoyle@americahomekey.com
NMLS# 324235
0 votes Thank Flag Link Wed Aug 24, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer