Best of luck!
Taking advantage of the tax credit is a great way for a first time buyer to get reimbursed by the government for some of their costs. However, it's an "up to" amount.
The answers you're getting are okay, but as I state: unless you're paying with cash, you WILL neeed to borrow money. Get that in place FIRST, then talk to me about the next steps!
Representing Buyers Since 1999
Carla Muss-Jacobs, ABR, CEBA, e-PRO
YOUR Exclusive Buyer's Agent
The only way that most buyers can purchase a foreclosed property around the Portland region is to buy it from a broker with access to the "mulitple listing service" that is local in relation to where the property is. In the tri-county area, that MLS would be the Regional Multiple Listing Service (RMLS). In Marion County and the central Willamette Valley, it would be the Willamette Valley Multiple Listing Service (WVMLS).
Buying a "short sale" is another way to get a good home at a super low price, sometimes even better than a foreclosure. However, short sales take longer to close, and present some extra risks that some buyers are not willing to take.
I have handled both foreclosures and short sales, and I do a lot of work with banks, helping them with their REO portfolios. I also am an Accredited Buyer Representative. If you have additional questions, feel free to post them here, or to contact me directly.
Best of Luck,
It is a great time to be looking for advantageously priced homes, whether they are foreclosures or just motivated sellers. Foreclosed property is bank owned or commonly called REO property. You have probably also heard the term short sale. This is likely to be a 'pre-foreclosure' home. Meaning the seller may owe more on the home than it may sell for in the current.
I have experience in both. As an accredited buyers representative, I would be happy to assist you in your search and help you to understand the buying process. Give me a call or visit my website http://www.robertanopson.com. My map search is easy to use!
Accredited Buyers Representative
Buying a foreclosure (bank owned home) can be no different than buying from a seller.
Let me know if I can be of assistance setting you up with a great agent in PDX.