David and Patrick provided a lot of good information but there is one other detail that could keep you waiting. About 90% of the foreclosures currently in Rio Rancho are owned by FNMA aka Fannie Mae aka Homepath or FHLMC aka Freddie Mac aka Homesteps, or HUD or VA. It takes up to a year or more for the foreclosing mortgagee to transfer title to the prospective government agency and see the house actively on the market.
I can navigate through the foreclosure red tape and let you know what to expect but I need some more information.
It's easy, simply go to http://www.syan.com/alerts and setup free listing alerts for this home. You'll know when the home hits the market before most real estate agents do. You can also receive alerts for all other properties that you may be inrterested in.
It's easy and there is no obligation.
Syan Real Estate
Call/Text: (505) 730-8181
If you want to send me the address I can keep an eye on it and let you know when itâ€™s available to purchase. Iâ€™ve sold about 300 foreclosures working both with the buyer and as a listing broker for a few different banks. I know most of the brokers that sell foreclosures and with the address I can probably find which bank has it and have a pretty good guess as to who the listing broker will be. I can contact the brokers that work for that lender and get a heads up when it's listed.
Unless you plan to buy cash if you havenâ€™t been approved for a mortgage Iâ€™d so now. On all foreclosures if you donâ€™t have your financing approved or proof of funds for a cash sale the bank will not even consider your offer. With most of my clients I wasnâ€™t even permitted to submit and offer without proof of funds or an approval letter.
Good luck, let me know if I can help.
360 Ventures Real Estate