Good questions!
- You may work with a traditional Realtor, but try to select one who has some experience with short sales and foreclosure homes. You should work with a Realtor to help you make the best choices about what area(s) best suit you and what home to buy
- You definitely need to start shopping for a mortgage as well. When you have decided on the mortgage lender, get pre-qualified for the maximum amount you may bid on a property. Your lender will then be able to quickly supply a pre-qualification letter to accompany your offer. Many times this verification of your ability to pay is required by the bank involved to even consider your offer.
- The estimated bid amount and the remaining loan balance are good ballparks but not any guarantee that the home will not sell for less or more. The best qualified offer will be accepted.
- Using a Realtor for this transaction (we suggest one who has earned the prestigious CRS designation) will help you to avoid some very real pitfalls and also help you know when to stop bidding when another similar property is available for a better price.
- Be sure to hire an inspector, get title insurance, and so forth, all the matters and more that your Realtor will help you with.
- Good luck!