This home is not yet on the market but will be soon.
I'd like to pose a question to you if you do not mind. If you have never been inside of the property, how do you know that you definitely want to purchase. Also, if you are that serious about the property, have you already been approved for a mortgage or are you purchasing cash?
My advice would be to first find yourself a good buyer agent who has experience with working with REO properties. There are a lot of Realtors who have no experience and do not know how to deal with banks no matter what they may say.
Feel free to read my blog, I write about a lot of issues you might find helpful.
I also have over 10 years experience with bank properties.
I'd love to talk with you. Feel free to contact me.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
The foreclosure process is quite lengthy and starts when the borrower defaults on the loan. The following steps are included but are probably not all of the steps in the process after the borrower defaults.
- The lender petitions the court to sell the property.
- Borrower notified, has chance to catch up on payments, fees, remaining balance of loan.
- Borrower can't pay, home is slated for sheriff sale.
- Borrower can petition the court to stay the sale.
- If the sale goes on, potential buyers bid for property.
- If the property is sold at sale, sheriff evicts squatters (prior borrowers).
- If the property is not sold, the bank â€œbuysâ€ the property back.
- Bank puts the property on the market through a broker.
- For lenders who have VA or FHA backed home loans, they give the property to those agencies recovering the funds and those agencies either list with a broker or post those properties on their own web sites.
Now, even before this happens, the borrower sometimes lists the property (with the lender's approval) as a short sale (the price of the home is less than what is owed).
Moral: Get a real estate agent to help you out. They can show you properties which are either in foreclosure or will be a short sale. They can also assist you with properties which are slated for sheriff sale to see if they would be profitable.
Hope that helps,