What is the first step? Contact an agent to show you the property. There are several sorts of properties jammed into the phrase, "foreclosure." Some sites advertise forclosure lists, groups of homes that are in default, though not necessarily for sale (the ist is generated through public records). Other homes are short sales - a house nearing foreclosure, but being sold ahead of the public trustee sale date with the blessing of the lien holder. These are generally in the MLS, but "short sale" is a misnomer; the sales can take a long time to process. Then there are homes that have been foreclosed and are being sold by the banks, sometimes called REO. These are usually well priced and move quickly; REO/bank owned homes are also in the MLS. HUD also lists houses for sale through their own site. HUD homes sell slightly differently than the other catergories.
How did you find the property you wish to see? I'm available - dpending upon your location - to show you the home.
The FSBO market has dried up! The foreclosure market is growing, but the amount of work that is needed, most of the time because the cost of the labor it doesn't makes since to buy a foreclosure unless your able to do the work for yourself.... more