Sandie Allen, Both Buyer and Seller in Milton, MA

how do I pursue a foreclosed home?

Asked by Sandie Allen, Milton, MA Mon Feb 21, 2011

forclosures

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Answers

6
Hi Sandie,

The first step is really to select a good buyers agent that is experienced in working with foreclosure sales.
Selling bank owned homes is very different than selling traditionally owned homes.
Different documents, different time lines, different language.

Also you will want to seek out a home inspector that understands the challenges that come with foreclosed properties.

Often times foreclosed homes won't qualify for traditional funding so you will want to speak to your lender if you are purchasing with a mortgage about different programs you would qualify for.

If you need some suggestions on qualified local buyers agents in your area I can provide you with some ideas.

Best of luck.
Web Reference: http://www.route495.com
1 vote Thank Flag Link Mon Feb 21, 2011
Find an agent who has done this before plenty of times. I would say talk to them on the phone or face to face and rapid fire specific questions about foreclosures. If they have done it before and know what they are doing it will be obvious rather quickly. The foreclose process can be difficult and the best step you can take is to find an agent who knows the process inside and out and has done it before.
0 votes Thank Flag Link Tue Feb 22, 2011
Sandie,
The short answer is - very carefully! The long answer is more complicated. As mentioned below, your first step would be to work with an experienced buyer agent who will work with you through the process. Should you decide to go forward with a purchase, you would also want an experienced attorney to represent you.

If there is a particular home you are interested in, provide the address to your buyer agent. He or she will be able to tell you if it is in fact on the market for sale and provide you with the listing information. If it is not on the market yet, your agent or your attorney could probably do some quick research to find out the status of it. If it is on the market, your agent can arrange a showing for you & take it from there. You want to make sure you have a contingency for a home inspection to give you a chance to have a professional inspect the property for you.

One other caveat are homes that are going to be auctioned (as opposed to where the foreclosure has already taken place). This can be a fast-moving situation and one where prior viewing of the home may not even be possible. Auctions are really not set up for first time buyers or real estate novices.

Buying a foreclosure can be a good way to get a good deal as long as you have experienced professionals at your side guiding you through the process.

Christine
0 votes Thank Flag Link Mon Feb 21, 2011
I would find a real estate agent to work with.

A basic rundown on how purchasing a bank owned typically works..

You find one you like, and place an offer. Chances are, there will be multiple offers. So, the bank comes back and asks for your "highest and best." This means they want you to offer the highest $ you are willing to pay. Then the bank reviews all the offers. What they look at is: dollar amount, how it will be financed (cash, mortgage, etc), and other items (such as addendums and contingencies). Once all offers are reviewed they decide who "wins" the bid.
0 votes Thank Flag Link Mon Feb 21, 2011
If you have the address, you can see if itisdefinately foreclosed on. Then you can contact the REO dept of the owner. Sometimes the law office that did the foreclosure will point you in the correct direction. This is not easy. I would suggest finding a real estate professional that has experience in doing this.
0 votes Thank Flag Link Mon Feb 21, 2011
Hi Sandie,

The answers will vary....Have you actually identified a home you'd like to pursue or are you looking to obtain a list of foreclosed properties? It would be my pleasure to provide advice from there!

Judy Boyle
REMAX Signature Properties
0 votes Thank Flag Link Mon Feb 21, 2011
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