Are you working with a HUD approved agent? That would be your first step.
It is a process and can be frustrating because you bid on them but, sometimes
there are great deals out there. Also - do you have cash or will you get a loan?
If your getting a loan, go to a lender first and get pre-approved, then have an agent
set you up on a search in an area you would like to purchase at.
Start looking and putting in bids.
Take care, Laura Rosales - Realtor
Premiere Team Real Estate
Some big companies keep a list of all the foreclosed homes in the area. Although any real estate agent that has access to the MLS can pull up any foreclosed home which will be labeled as REO, or per-foreclosure Short sale.
My question to you is, if you want to get a foreclosed home to get a better deal on a home???
If the answer is yes, Well you will have to be prepared for several things.
The best discounted homes that you can get are foreclosed ( REO ) and per-foreclosure home ( Short Sales ).
REO's are bank own homes. You have to understand that in most cases, people use to live in that home and lost the house through the foreclosure process. That is why most REO's are vacany homes, with all types of conditions. Ready to move -in, need a little TLC, need a complete remodeling.
The Challenge sometimes is that if the house is in the market for below market value, the you will have competition with other buyers. Best thing to do is to work with an agent who is on top of new properties that come on the market.
Short Sales can take about 2-4 months just to know what price it is approved by the lender. If you have patience, you may be able to submit an offer below market value and get it approved
OBJECTIVE REAL ESTATE
6399 WILSHIRE BLVD SUITE 908
LOS ANGELES, CA, 90048
Foreclosures are listed in the MLS with all the other homes. They are not kept secret or anything like that. Lenders want to get as much as possible for them so they put them in the MLS to get the most eyes on them.
Your first objective is to ensure you are approved with a lender or broker. Any offer you submit on a property whether it's a foreclosure or a regular sale will require a pre-approval letter.
Once you have that and know where you want to be dollar wise on a home. Don't just buy what the bank says you can... only you can decide what payment you are comfortable with and that amount is not necessarily your maximum approved value. Then find a Realtor you trust and can work with. There are a lot of good buys in Pflugerville right now. I just helped a client of mine buy a barley lived in foreclosure for about $40k below the tax appraised value. When you start looking you need to be able to react quickly when you find a home that meets most of your needs and the price is right. We were fortunate to be the first offer on the home and were able to negotiate the final price without getting into a multiple offer situation that could have driven the price higher.
Hope that helps... best of luck to you and if you would like to talk please give me a call. I'm a licensed Realtor and Mortgage Broker.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
If you are interested in taking a look at some foreclosure homes give me a call and we discuss your needs in more detail.
2. Determine the type of home you're seeking and in what community or area you wish to purchase.
3. Get a competent agent to help you locate a suitable property.
4. Be very, very, very patient and understand that, depending on the type of foreclosure you're seeking (HUD, FNMA, etc.), this may be a very frustrating process and the seller may or may not abide by the contract, and if they don't, there isn't much you can do about it.
Soon after you should contact a Realtor to help you find the home you like and in the price range of your approval.
It's like buying any other home except you usually can't count on the seller (the bank) agreeing to any repairs. Your local realtor will have a list of current active homes on the market that are bank owned. Make sure you are qualified first before you look at any homes.