The bank is making the decision as to whether they will accept your offer. They usually have a lengthy addendum which you will need to review with your Realtor and make sure you understand the ramifications of the conditions they require -- such as specific time frames and the "as is" condition of the property. It is always wise the have talked with a lender and received a prequalification even before looking for homes and specifically before making an offer, as most lenders require a prequalification letter to be submitted with the offer to purchase. There are presently many homes from which to choose and a majority of them are foreclosures, so now is a good time to buy.
There are three important steps:
1. finding foreclosed properties for consideration
2. identifying the right property to meet your needs
3. writing an offer
A real estate professional from your target location can assist you with all three of these steps and provide you with supplimental services as well. Contact an agent today,
Let me know if you would like to be emailed a list of the latest real estate foreclosures in the 93720 or the general Fresno, California area. Homes priced under $200,000 currently typically sell within the few weeks in our market. Homes priced over $200,000 depend upon the area and type for the speed of the sale. But, foreclosures are consistently priced below the market based on appraisals and should expect to sell within 4% of the listed price in the Fresno and Clovis area. You can email me at email@example.com with what you are looking for and I can send you the best available choices for you to review.
But, prequalification is definitely the first step. You must have a prequalification from your lender prior to making any offer on a foreclosure. I can recommend qualified local lenders if you are not familiar with any.
The first thing is to get qualified. Talk to a few lenders, find one you with whom you can be comfortable to be open and honest. Check out their rates...and find out the best loan program for you.
Next find a good Realtor, one that can communicate well, and one you are the most comfortable. Make sure you have one that is a member of the local mls. Once you have done that you can go and look at houses.
A good realtor will show you forclosures, short sale homes, resale homes, and new construction. They will tell you the pros and cons of each house. While you are shopping, they will be narrowing down the perfect house.
Good luck! If you need any more help, you can contact me at firstname.lastname@example.org or call 559-300-0853.