Home Buying in San Dimas>Question Details

Dustin Main, Home Buyer in Denver, CO

How do I get a foreclosed home to buy?

Asked by Dustin Main, Denver, CO Wed Jul 21, 2010

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I would like to sell my home in hopes of finding a nice beach condo or house. I owe roughly 160 thousand but would like to sell it for about 440 thousand, the house across the street sold for 375. My house has 3 bdrm, 2 bath, family room and living room,huge back and front yard, remodled kitchen and bathrooms, new roof, alot of work put into this house, about 1700 sq feet. I would like to get in a position where most of the sale money goes towards the down payment and I have low mortgage.
0 votes Thank Flag Link Sat Jun 23, 2012
Contact a real estate professional that you wish to work with exclusively. An agent will be able to explain the process for purchase of a "foreclosed" property as well as provide you with a list of available foreclosed homes. It is important that you research the agent's experience in this market as well. Best of Luck.
0 votes Thank Flag Link Sat Feb 25, 2012
Most Agents have access to foreclosed properties via their local MLS (listings). You can contact an agent who would be happy to assist you in providing you with information and would be happy to show you any foreclosed property you may interested in. Do you know what area or location you are interested in purchasing? If you think you might need a loan, you might want to think about getting pre-approved with a lender. Hope this information is helpful.

Joanne Cothern, Realtor

(626) 485-3180 (Cell) Direct

Email: joanne100100@gmail.com
California DRE #01844305
Member of the Citrus Valley Association of Realtors®.
Member of the California Association of Realtors®.
Member of the National Association of Realtors®.
0 votes Thank Flag Link Sat Jul 9, 2011
Consider working with any agent, he/she can provide you with foreclosure listings, other information, conduct showings, etc.; while looking for foreclosure properties don't rule out some traditional sales as some may turn out to be better bargains. If you haven't done so yet, do visit with any qualified loan officer(s) first, see if you qualify for a loan and how much--also have your credit score checked as their scoring is often different.
0 votes Thank Flag Link Thu Jul 22, 2010
Dustin, Your first step should be to speak with a buyer's agent in your area, one who has experience selling foreclosures. An knowledgeable agent who is experienced with the process can guide you every step of the way. I'm sure you will be hearing from some great agents in your community who will be happy to help!
0 votes Thank Flag Link Thu Jul 22, 2010
Hi Dustin

Finding a foreclosed home is very similar to purchasing a standard sale home or a short sale, it is the purchasing process which is different. A foreclosed home is owned by the bank and in many cases is sold “as is”, meaning the bank will not fix anything that you might find wrong with the home. This is the same for short sale homes and can be the same for standard sale. Because in California the inventory is very low most homes are put under contract very quickly, so you must be the best offer on the home. When bands are selling the homes, because of the condition of some homes and the time involved in getting a loan, many times like all cash offer, at the very least you need to be pre approved and ready to open up escrow as soon as you start looking or you might loose out on what you want to purchase.

Sounds like you need a good realtor who will communicate with you and help you through the buying process. Give me a call or email me and we can go in further detail.

Talk to you soon
Diana 909-560-0145
e-mail Diana@dianam.com
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Thu Jul 22, 2010
There's a process in buying foreclosed property. It gets very complicated sometimes. You'll need to work with an agent who has experience in Foreclosures and shorts sales. It's usually not a quick process. Average length of time to close escrow is 90 days. Which area do you like? Let me know. I can perhaps help you or refer to a local realtor. Let me know if you need assistance. VickieSayNye@RealtyExecutives.com
0 votes Thank Flag Link Wed Jul 21, 2010
Foreclosures are generally posted on the local MLS system. To get these listings you are best off working with an agent who can have listings in your desired criteria sent to you immediately when they come on the market so that you are among the first to see them. Often there is a lot of competition for foreclosures that are priced well. You can find many great agents here on Trulia. Feel free to contact me if I can be of any further assistance.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
schulmanrd@yahoo.com
(310) 482-0173
0 votes Thank Flag Link Wed Jul 21, 2010
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