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.
Barbara L. Smith ABR, GRI
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
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
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,