Foreclosure in Philadelphia>Question Details

Mrs.dyer, Home Buyer in Philadelphia, PA

what is my first step to buying a home on your foreclosure list?

Asked by Mrs.dyer, Philadelphia, PA Tue Jan 5, 2010

I would like know to how to buy a house from the foreclosure list and how much i would have to put down as a first time home buyer

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Barbara Harverson Smith’s answer
Mrs. Dyer,

The first step is always to get a Mortgage pre approval from a reputable lender. Then, working with a realtor you'll develop a list of criteria important to you, then find homes that match. Once a foreclosed home is listed for sale, it is virtually the same process as buying any other home, with some differences in paperwork etc. If its a Short Sale, not yet taken back by the bank, but the home is worth less than the mortgage against it, that becomes a little more tricky and time consuming.

Remember that to qualify for the Tax Credit, you must have a valid, signed contract to purchase a home by April 30th, and must close escrow by June 30th of this year.

My office is hosting a free Home Buyer seminar on Saturday January 16th. If you are able to attend, please email me and I will supply you with the details. It will be very helpful in understanding the Tax Credit and the mortgages that are available to you.

Best Regards,
Barbara L. Smith ABR, GRI
Weichert Realtors
NJ/PA Licensed
cell/text: 609-980-7593
email: BarbSmith321@comcast.net
Web Reference: http://BarbSellsSJ.com
0 votes Thank Flag Link Thu Jan 7, 2010
First, obtain a pre-approval.
Second, hire a buyer's agent specializing in foreclosures.
Third, preview the property.
Fourth, make an offer.

Good Hunting!
Web Reference: http://PhillyandBeyond.com
0 votes Thank Flag Link Thu Jan 7, 2010
Mrs.dyer

I think HUD has a good site with a lot of in about the steps in Buying (9 steps)
1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
and a ton of good info on their Properties for sale...http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home

The Banks/Gov have created sites so the Consumer can find the info on the purchasing process they each use and who they have their Properties listed with plus Property info..These sites are easy to use, have a lot of information and are kept updated....If you'd like to Browse through them here are a few examples and how to find the rest.
Free and updated constantly...Sites like..

.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ...

The links to all of these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If you ever need to find Public Records this search engine might come in handy.. http://publicrecords.onlinesearches.com/

Also you may be interested in checking out the FED Gov site created to provide information on All their Loan programs. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program
http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

Dunes
4 points
0 votes Thank Flag Link Wed Jan 6, 2010
The first thing to do is get a mortgage pre-approval to have the funds ready to go and find out exactly what your buying power is. Call me today and I'll take care of that for you free of charge..215-654-5904. Thanks
0 votes Thank Flag Link Wed Jan 6, 2010
Hello, Mrs. Dyer,

There is a lot involved in buying a foreclosure property.

1. Is it a pre-foreclosure or is it already owned by the bank? If the bank has already foreclosed, it could be a quick deal; if not, it could go on for months
2. What is the condition of the property? Does it have to be cash only or can you get financing?
3. Will there be an auction or is it a more tradiional type of sale

These are just the beginning questions. If you are interviewing agents who have this type of experience, please put me on your list. When we meet I will be able to better help you attain your goals with better understanding of the specifics.

Good Luck and Happy New Year,

Carol Cei
ReMax Millennium
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Tue Jan 5, 2010
If you don't have a Realtor now is the time--you need to know --is the property priced on target for today's market--you need to look at comps--recently sold similar properties in the immediate area--repairs, extensive or cosmetic--keep in mind they are sold as is--your Realtor will best look out for you, if you don't have Realtor, have an attorney who specilaizes in real estate guide you --the bank decides to accept, reject or counteroffer--oftentimes multiple offers exist--the winner is usually the person with the best package--purchase price, money down, credit, etc. If you haven't yet visited with a qualified loan officer(s) now is a good time--know what your budget can handle and check that credit score.

Anna
0 votes Thank Flag Link Tue Jan 5, 2010
You will need to have a proof of funds to show the bank, they want to know how you will pay for the property. You will need to act very fast when the propeties come on the market, and most important you will need to know the location and the price point where you want to buy. If you want to do a mortgage, I suggest you set up with a bank and do a 203K renovation loan.
0 votes Thank Flag Link Tue Jan 5, 2010
Mrs Dyer your first step should be to hire a buyer broker who is expereinced in foreclosures to assist you. You can hire some one to represent you at no cost, they get paid their commission through the listing agent of the property you purchase. With a foreclosure you really need some one looking out for your bets interest. You will need to be pre approved for a loan prior to making an offer, you should complete any inspections befor emaking an offer nad make sure you are ready to close within 30-45 days from when they accept any offer you make. The home is sold as is so that is why it is important to do your inspection before making an offer so you know what you are getting into. If you do not know any buyer broker sin your area please let me know and i can help you find one. good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jan 5, 2010
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