Home Buying in Houston>Question Details

Christie Jan…, Home Buyer in Saginaw, MI

I would like your expertice in how to purchase a preforeclosed home, who can I talk to in order to buy a home?

Asked by Christie January, Saginaw, MI Sat Feb 7, 2009

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4
Hi Ms. January,

The first thing I would do is get prequalified or better yet, get preapproved by a lender. Once that's done, you will know how much home you can afford. Also, your lender can give you information on financing programs specifically for foreclosed properties like the HUD $100 down payment program.

Good luck,
Jacqueline Clarke
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes Thank Flag Link Sat Feb 7, 2009
You need lender approval work with buyers agent who can research property, work on your behalf submit a winning offer. Not all properties involving a bank may not receive a response. We instruct our clients place an offer on multi homes therefore they can secure a home . Banks are overwhelmed with delayed responses and slow closings
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 7, 2009
It is important to have a real estate professional to represent you, someone who knows how to communicate with the agent representing the bank and someone who knows how to make an offer attractive to the bank. I have represented several buyers on foreclosed properties. The buyer must be prepared to make repairs, because often foreclosed homes are not in good condition. A licensed inspector must inspect the home, because there is no sellers disclosure in this case. There are many points that need attention in this transaction, and I am experienced and able to help you.
0 votes Thank Flag Link Sat Feb 7, 2009
Christy,
The first thing you will want to do is find an experienced Realtor that has sold Pre-foreclosures (or Short Sales) and is familiar with the process. They should provide you with everything you want and need to know and assist you with getting pre-qualified for a mortgage. This is extremely important, as the banks that hold the mortgages on these homes, will want to make sure that if they do accept your offer, that you are able to complete the transaction.
Also- this will give you peace-of-mind to know that if you do find a property you like, you can comfortably know what you can afford.
This is not something you will want to do alone- if you are not familar with the process. The Real Estate business has been changing so fast in the last year, that even those of us who do this 24/7 have to constantly monitor changes in the industry.
Interview the agents- ask how many pre-foreclosures they have dealt with. A good agent will not be afraid to give you references.

All the Best to You!
Web Reference: http://GoPackerUp.com
0 votes Thank Flag Link Sat Feb 7, 2009
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