Wow...some of these answers sound SCARY...

Buying foreclosures does not have to be scary. There are two types of foreclosures and one is a little easier than the other but neither are difficult when you have the help of an experienced agent. You have government foreclosures, called HUDs and you have bank foreclosures.

HUDs are many times easier because they do a complete inspection of the property prior to listing it on the market...you can get a copy of that inspection by asking a HUD authorized agent.

Bank forelosures are generally not as well prepared and so you must make sure that you do your due dilligence when buying one.

And of course, hire an inspector that you trust BEFORE the end of your option period (again, its not scary but an agent can explain the option period to you)! Good Luck, feel free to call if you have questions or need help seeing or locating foreclosure properties!

The Banks and the Gov. have created sites to provide the public with access to their properties for sale listings..(REO/Foreclosures) and information on the Bid/Purchase process.



Sites like.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ... http://www.homepath.com/

The links to 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

If it's Tax sales you're interested in then you may find this search engine useful...
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

The easiest thing to do is work with a Realtor in your area( which I happen to be) As long as you are pre approved for a loan ..the rest is easy for you. You have to know that foreclosures usuallly require some or a lot of work....it could be as simple as just replacing carpet and some paint...or roof damage....lots of drywall missing..etc...but they can be great deals though

Tony Camero
281-935-7839(call 24hrs)
tonycamero@kw.com http://www.camerohomes.com

Whether you want to buy now...or in 6mo ..just contact me and I would be happy to help

Yvette,
You have some very good answers from Realtors in your area and I would suggest answering one of them and asking one of them for their assistance, which means a Buyers Represention Agreement. That is the only was they can give you their full attention and time.
One thing you and the rest of the general public needs to know is that the foreclosures on the market have already had their price ajusted for the loss they will take. People hear that they can save a certain precentage in certain areas on foreclorsure properties and tend to want to offer 20 to 25% or more less. Well that will not get it - that mark down has already been taken if they intend to take it. Treat a foreclosure property in Katy the same as you would any other listing. You are in Katy Texas not in Alhambra Ca.
Margaret

Yvette,
I would be happy to assist you with purchasing a foreclosure. I am experienced and they are very legally involved, not to mention other things. Give me a call and we can go over some of the details.
Do you have a particular foreclosure in mind?

Your Friend in Katy,
832-877-4423
linda@lindasrealestateworld.com

My friend fellow professional Realtor, Lisa is correct. Wading through the legal issues involved when purchasing a Foreclosure or Short Sale property is not for the novice. The time constraints and disclosure issues are weighted heavily on the seller's side and the buyer must truly beware during this process. Also remember that not all foreclosures are a "good deal". The really good ones get snatched up quickly and so many times there are communities or subdivisions full of foreclosures that all seem to be a "great deal" but how great of a deal is it when you are purchasing a home that is surrounded by so many other deteriorating, unoccupied properties? This might tend to bring down the values of all surrounding properties, including yours. Another thing to consider is if an area is overrun with investor/owners (who purchase and lease). This can tend to upset the natural owner/tenant ratio and negatively affect property values, now and in the immediate future. Whatever you do, hire a professional to assist you and I wish you luck in your endeavor.
Christi Borden, Realtor

Hi Yvette,

Bill is correct, you need a Real Estate Agent to guide you through the buying process for a foreclosure! It is also best to pick an agent that specializes in the area you want to buy in. We would be happy to assist you in this process.

Lisa Kenny
The Jen and Lisa Team
Cindy Wing Realtors, Inc.
281-733-0811

Yvette,

Your best course is to find a local real estate professional. they will be able to provide you with what is currently on the market as well as inform you as soon as something new comes on, answer your questions, and lead you step by step through the process.

Good luck
The Eckler team