Foreclosure in 19020>Question Details

Linda Borie, Home Buyer in Bensalem, PA

how do I purchase a foreclosed home?

Asked by Linda Borie, Bensalem, PA Wed Aug 6, 2008

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6
There are several stages where you can buy a foreclosed or pre-foreclosed property.
If you wait until is listed with a realtor, then the process is pretty much the same as any purchase, since the agent(s) know how to deal with this situation. (However, expect delays and ambiguities during the process.) If you have the finances, you can buy the property at sheriff sale or even contact the owners before it actually goest to sheriff sale. But be warned, these last two options present some very unique pitfalls. And a lot of up front investigation is required for each property that peaks your interest. And often after doing all you investigation, someone else (often the bank) will bid higher than you want to go and all the time you've invested is chaulked up to additional experience.
1 vote Thank Flag Link Wed Aug 6, 2008
Purchasing an REO property is basically the same as a regular real estate purchase except that the bank will not generally be as responsive as a regular individual.
REO's take longer to complete and rarely negotiate for any problems found during inspections.
Your local realtor can show you all of the available REO properties in your area.
1 vote Thank Flag Link Wed Aug 6, 2008
There are all different names for distressed properties...and they all have different time-lines, contacts, and processes that the home needs to go through before it can settle. For example "pre-foreclosure/shortsale", "shortsale" is a ridiculous title....it is in fact a long drawn out process that takes weeks to complete, you'll need an excellent agent and lots of time to make these purchases. REO's on the other hand can be quicker to close if things are handled properly, in about 30 days.
There is much more to all of these transactions and I suggest you contact a real estate agent.
I have a FREE list of local and National foreclosed homes available on my website http://www.DennisStrange.com
0 votes Thank Flag Link Thu Aug 7, 2008
Do you mean directly from Bank or at Sherrif sale level (preforclosure)?
Web Reference: http://www.odeliaaminov.com
0 votes Thank Flag Link Wed Aug 6, 2008
If you have a home in mind, I can help you - contact me at BigJoe McCarthy@comcast.net. If you are searching for a bank-owned home, you can search the MLS listings on my website at http://www.BigJoeMcCarthy.com.
0 votes Thank Flag Link Wed Aug 6, 2008
It's pretty easy to buy an REO property. Just contact a trusted local realtor and tell them your plans. Also check with a trusted loan officer (prefer a direct lender) to find out how much you can afford and get pre-qualified or pre-approved. You can check websites such as zillow to find listings and start writing offers. If you have bought a house before it is pretty much the same process, not much difference. It will be an as-is sale so be prepared for that. Look at lots of houses, don't buy the first one! Better to buy an REO -- I wouldn't bother with 'foreclosures' or auctions. Good luck.
0 votes Thank Flag Link Wed Aug 6, 2008
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