Property Q&A in Stockton>Question Details

Wanttobuyaho…, Home Buyer in stockotn

How would one go about purchasing a foreclosure?

Asked by Wanttobuyahome, stockotn Fri Jan 30, 2009

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Work with a Realtor who only represents buyers of Bank Owned Property.

1. Work with a quality lender to determine your price range.
2. Work with the Realtor to find a list of foreclosures in the area you would like to live.
3. Be prepared to look at several houses to find the ones you would like to live in.
4. Be prepared to make several offers on several homes.
5. When a counter offer comes back - be ready to respond quickly and patient to go back and forth several times. I have had up to 8 counter offers to get the price my buyer wanted.
6. Be ready to do your inspections quickly - Pest, Roof, HVAC, and Home Inspection
7. Make sure that everything your lender needs is in their hands quickly.

Foreclosures are the right way to purchase now. Good Luck.
2 votes Thank Flag Link Fri Jan 30, 2009
Steve Davis gave you a great itemized list of what you have to expect and look forward to when shopping for and purchasing just about any home, but especially REO's (foreclosures). They are abundant right now and you can pretty much spend several days looking and still not see them all. Mostly because there are new ones on the market everyday.

Find a good Realtor you can trust and feel comfortable working with.

Good luck!
1 vote Thank Flag Link Fri Jan 30, 2009
Rocky is correct. Find an agent that has experience and that you trust. Stockton has many foreclosures and they are preferable to a short-sale home...quicker.

Rocky, myself and others offer the ability for you to have a professional in the area that understands the Stockton area market. However, as I also do financing or pre-approval for my home buyers, I must tell you that in today's market, an Real Estate agent will want to know that you've successfully been pre-Approved by a noteable lender before they will want to proceed.

Any mortgage officer like myself or others can tell you what you will need to do to be pre-Approved. It's simple. Once that is taken care of, generally 1-2 days, you will know what you can afford and all the costs involved so that you can make the best decision for you and/or your family.

Hope I've been helpful!

George Kininmonth
2529 W. March Lane, Suite 103
Stockton, CA 95207
0 votes Thank Flag Link Fri Jan 30, 2009
The only thing you have to do is contact a Realtor. Any one of us would be happy to help you.

Very best regards,

Rocky G.H. Hawrysz
Broker Associate, Realtor, e-Pro
(209) 599-7028
0 votes Thank Flag Link Fri Jan 30, 2009
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