Home Buying in 53570>Question Details

Mellem, Home Buyer in Wisconsin

We know a house has been foreclosed on and the owners are out....how do we go about trying to buy the house?

Asked by Mellem, Wisconsin Sat Jun 28, 2008

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Most often foreclosed homes are listed with a real estate company. There may be a in transit period in which from foreclosure to when it is listed. Banks often do repairs to the home during this time to make it more suitable for sale. In some cases it may also go straight to auction. My advice would be to contact a realtor to help you investigate the property. I realize some buyers do feel that they can not use a realtor in a foreclosure but that couldn't be further from the truth. In fact, there could be baggage attached to the property you are not aware of. Such as, liens, unpaid taxes and so forth that can affect the purchase price. Interview realtors that have specialized training in foreclosures and short sales. You will be glad you did!
1 vote Thank Flag Link Sat Jun 28, 2008
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