I am certified short sale and foreclosure specialist. In the market as of today, it is now hard to find bargains to purchase bank owned properties and an inspector needs to be hired. If you want to know about short sale properties, Please reply to my email shown below.
Keller Williams Elite Properties
The procedure is the same as with any property, in the sense that you place an offer on the property and wait for the seller (whch is a bank) to choose which offer they want to accept.
The most difficult portion of the prodecure is the find the actual property you are interested in and to get an offer in to the bank in a timely manner. Many foreclosures have multiple offers.
The property you have referenced in your question is not yet on the market. Realty Trac is a website that pulls the notices of default, meaning the owner has not paid the mortgage in a long time and the bank is in the process of filing a foreclosure. That could take a very long time, if it even in fact happens.
You need to have an agent find you the foreclosures as they come on the market by having you set up on teh auto-search option from our mulitple listing service. And don't shy away from regular pirced properties as well, sometimes they are priced competitively with the foreclosures and in better condtion.
Feel free to contact me so that I may assist you with you search.
South Florida Brokers
this listing that you are looking at is that the homeowner was served a foreclosure notice and it has not been foreclosed upon as they still have time to save their home. If you are looking for a foreclosed home(be careful as purchasing one is as-is conditions meaning no modifications or repairs will be done to the property as you assume the responsibity) I can help you find one or find you a home that is a regular sale that would be feasible as well. Please contact me and I look forward to working with you,
Keller Williams Realty Partners SW