You can purchase foreclosures by working with a Realtor. You can also find pre-foreclosures with a Realtor. Sometimes the better buy is a pre-foreclosure. I have worked with many buyer to purchase both foreclosures and pre-foreclosures. I would be happy to help you and explain the entire process. Let me know if I can help.
Have a great day,
If you are referring to purchasing a home that has already been foreclosed on it is far simpler. It is in reality the same process so to speak as purchasing a regular listed property. You view it with your RealtorÂ® and if you decide to place an offer your RealtorÂ® will handle that. Just make sure you work with a RealtorÂ® experienced in representing buyers with bank owned property transactions. Unlike a regular listing you will be required to sign addendums issued by the bank that you wouldn't in a regular transaction so those need to be very carefully reviewed.
I have worked with several buyers purchasing bank owned homes and your RealtorÂ® needs to know how to properly structure your offer as many of the bank owned homes have multiple offers submitted on them. Price is always extremely important but I can also tell you from experience that terms are just as critical as the offer price.
Feel free to contact me if you would like more information on the process.
Terry McCarley, RealtorÂ®, CDPE
once a home goes into foreclosure, the house is placed on the market normally at market value. Banks typically make no disclosures on the property, so you have to make sure you get a thorough home inspection done to make sure there are no defects such as foundation issues, Chinese drywall, etc. if you would like, I could get some together for you, just provide me with an email address and I can send them over. Thanks!