If you are looking for absolutely the best deals, I would recommend you contact local investors to see what is available. Many times, you will find that the prices actually being negotiated are thousands less than what is in the MLS. I'm working on 3 in the University City area and 10 in the Wilmington de. area. Plenty of deals available, you just need to link to the best source.
I work as a mortgage banker for a local company in PA/NJ and i have a number of clients that are investors and buy foreclosed properties. The loan process differs by what state of a foreclosure there property is in. Also, if that property is being sold by the short sale company, sherrif sale, or a real estate company higherd by the bank. Also, it differs in the type of financing you have to obtain for yourself. If you want to talk more about this feel free to contact me at any time.
Mid Atlantic Capital
405 Kings Highway South
Cherry Hill, NJ, 08034
Toll Free: 800-232-5171 ext. 501
Web Address: http://www.midacap.com
Many banks want to see a pre approval from their bank's mortgage department, but that does not obligate you to use their lenders, just get the approval from them and then you are free to use whom ever you want.
If you do use their lenders, they typically will pay for the title insurance, appraisal etc.
Keep in mind, foreclosures are sold "as is" which means you buy the house as you see it, they will not repair, replace or fix any issues.
I have sold many foreclosures, they are a great deal, most times, as long as you are aware of the expenses involved
If it is being foreclosed upon, the owner would have to obtain a payoff statement from the bank and make sure they don't owe more than they are selling for.
Typically the are many attorney fees, late charges, etc. added to a payoff. Make sure this payoff is obtained prior to you paying for inspections, appraisals, etc. Any further questions, please feel free to contact me. 570-344-6091.
In other words, a rose called by any other name is still a rose!
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