Home Buying in 38002>Question Details

Marisa, Home Buyer in 38002

How do we go about buying a Foreclosure?

Asked by Marisa, 38002 Sun Nov 15, 2009

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Answers

8
It's easy!!! We specialize in foreclosures and short sales! Call us today and we will walk you through the entire process.

Laura and Jason
WallaceTeamSellsMemphis.com
1 vote Thank Flag Link Fri Jun 15, 2012
Just call us @ 901-261-7907 and we can walk you through the process from start to finish.


Laura and Jason
0 votes Thank Flag Link Mon Oct 28, 2013
The best way to go about buying any house is finding an agent you trust and has experience. An agent is usually paid for by the seller (regular or bank) and will represent your interests and navigate you through the process. Foreclosures are listed through the MLS like other types of listings and an agent can search you out homes that meet the criteria your looking for. I will agree with the below- I have bought personally and helped clients buy foreclosures and sometimes they are a fantastic deal but other times there are homes in better condition listed at a fair market value (due to seller motivation, say someone who really needs to move out of state or wants an upgrade) - by time you would repair the Foreclosure your at or even above the other homes. Also with a foreclosure the bank doesn't have to disclose anything about the home (they never lived there) with a "normal" or even "shortsale" there is a property condition disclosure and you would get more info on the maintenance, age, condition of the systems, etc of the home your buying- Just some points to consider. Whatever the home your looking for- Please feel free to call anytime- I would be happy to help with your home buying experience. :)
http://www.TaraDavoli.com
0 votes Thank Flag Link Mon Oct 28, 2013
Marisa,
As others have mentioned, a Realtor is your best source for buying a foreclosure because we are dealing with
many short sales and foreclosures and have experience guiding you through the process.....a foreclosure would actually be much easier to buy instead of a short sale because the bank already owns it and the price has already been reduced(usually)....They will be ready to get the inventory off their books by the years end.....Also, in our MLS, we can just run the homes that are in foreclosure to send to you.....Good luck!

Laura

LauraScott@RealTracs.com
0 votes Thank Flag Link Thu Oct 28, 2010
Hello Marisa,

You have some great advise and the best one is to get an experienced Realtor to guide you through. Marilyn - the post below, has made an excellent point about maybe not only focusing in on just foreclosures. Consult with a Realtor - let that person in on what is really is you are trying to do. Is it a fabulous deal or do you need a project to occupy yourself with?

Also, your Realtor can help you regarding financing. Most foreclosures and REOs are sold "as is " and some loan programs require a house to be sold at a certain level.......what happens if your loan company requires repairs to be made? Your Realtor can address all these problems with you.

Jo
0 votes Thank Flag Link Mon Nov 16, 2009
The best thing to do is to get a Realtor. Some foreclosures required an approved agent to make a bid for you. Others refuse to look at offers that don't come from realtors, and you'd think you could go directly to the listing agent, but they won't always help you. I bought a foreclosure last year (an investment) and I asked to reduce the price by what my side of the commission would be, and the listing agent said the bank wouldn't even take my commission off the price although it's the same net, so I went ahead and took the commission.

However, is there a specific reason you're looking for a foreclosure? Foreclosures aren't the only deals out there, and aren't always the best deals. Here's a blog post I wrote on the subject a couple months back. I'm not discouraging it (as I mentioned, I bought one in the last year), but I just don't like to see people limit themselves.

http://marilynbell.featuredblog.com/?p=4
0 votes Thank Flag Link Mon Nov 16, 2009
Marisa

The Banks and the Gov. have created web sites to provide information on the purchase process used by each of them plus you are able to see their listed properties for sale and have access to a lot of information.
It's 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

Good luck, Dunes
0 votes Thank Flag Link Sun Nov 15, 2009
Best way for you to buy any home is to consult your Realtor.
0 votes Thank Flag Link Sun Nov 15, 2009
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