There are plenty of REO/Bank Owned foreclosed properties on the MLS where you can have a Realtor represent your purchase from the bank/seller. The banks hire a Realtor to market and list the property on the MLS and pays a commission to the listing Realtor and the buyers Realtor so the buyer does not have to pay his Realtor to represent him. You pick your own Realtor for free. The only time you must pay cash is when you bid at the courthouse auction/trustee sale. For a complete explanation of every step of the foreclosure process, I've found Realty Trac to be helpful. The link is below...............

Wed Jul 16 2008, 10:59

Dai, There are three types of "foreclosures" that people might be referring to and only two of them are of the type that you should be interested in. The first type is where the Bank has notified the Buyer that they intend to sell the property either through a Court foreclosure or through a Trustee virtually at the Court House steps. A Court foreclosure is not that common so I won't address it here. A Trustee Sale should only be approached by professionals or by someone who is willing to suffer the risk of loss. It is involved and is not something I recommend to Buyers to do.
The second type is REO (Real Estate Owned) foreclosures. That is where the Bank was not able to sell the property at the Trustee Sale and now owns the property. They are, in effect, competing in the market place as any other Seller would. However, Banks have their own requirements for the sale of a property which, in a "hot" market, were non-negotiable. However, now in this current market, Banks are much more open to negotiations over the terms of the contract including price. These are properties that I DO recommend you try to purchase. The strategy and the approach are somewhat involved and space limitations prohibit me from going into those here.
The third type is called a "Short Sale". A short sale is where the Seller owes more on the property than the property is worth. In these situations I recommend you tread carefully. There are many problems with them and you, as a Buyer, need to be guided through by a knowledeable and experienced agent. There are properties which are not in a good posture to be making an offer on because of the point in the foreclosure process that the property is in. There are others where it may be worth your time and effort to try to make an offer on. People think that real estate is easy. There is much to know and it is very difficult to try to explain in such a forum. Feel free to call me if you wish additional information.

Sat May 24 2008, 18:45

Hi Dai,
It is basically easy to do, first you need to get with a lender and get a pre-appoval letter.( banks will not accept offers from buyers without one). This also is good for you as you now know what you can afford.
Next you need to put in a search for what you are looking for, like 3 bed 2 bath 1300 sqft. in the area you want. Then you go and see the ones that interest you, and if you like you right an offer. Its that simple, but there are things to know like closing cost, inspections, etc; I am a specialist in bank owned properties and would be happy to set up a search for you that would be only "bank owned " properties for FREE. .
Just email me with what your looking for and where and I will set it up.
Sincerely,
Allyson
email: allyson @homesbyallyson.com
cell 408-705-6578

Tue May 20 2008, 11:51

There are many ways to buy foreclosure homes. It is best for you to work with a reputable agent to help you navigate the process. I have 2 contracts on bank owned foreclosures as of this writing. I would love to help with a third, however, it is imperative you have a loan approval letter in your portfolio.

Mon May 12 2008, 13:53

Dai,
Are you looking for a home that has been foreclosed upon or one that is in default? The first is an REO or bank owned property and the latter is known as a pre-foreclosure and can sometimes become a short-sale property. We are seeing more REO properties popping up in the Evergreen area and we still have our fair share pre-foreclosure and short-sale properties also.
I live in Evergreen and I'm currently have buyers with offers on both types of homes. If you need some help I would be glad to show you the process for each.
Have a great day!

Charles Coachman

Mon May 12 2008, 12:02

Hello Dai, I see you are an Evergreen resident. Please feel free to contact me.......

Mon May 12 2008, 09:49

Yes there are plenty of foreclosed REO's on the market. If you need a referral to an agent or need to be provided with a list of them in the area you are looking feel free to contact me.

What area and what type of home are you interested in?

Mon May 12 2008, 09:21

Get with a local agent in your area and ask for a list of foreclosures.

Mon May 12 2008, 08:51