Murphy-Brown

Hi Jill. You start by finding a good reputable Realtor in your area to help you through the maze of this sometime difficult and very educational experience. You can hire your agent by contract, a Buyers Representative Agreement, so it will insure that they get paid for the work they do for you. Foreclosures are much much more work than the average real estate transaction because of the nature of them. What I mean by that is, analyzing each property for you, until you finally find one that you like, and then missing it because someone else was willing to pay more for the property than you and your agent feel that it is worth. So you might miss a few before the one sale is successful. Make sure that the agent you choose is very familiar with the process and knows where to find you the money, because you must pay with all cash on the courthouse steps on the day of the sale. There are lenders out there that will advance you the cash based on 25% down and your credit worthiness. Many of these foreclosures the buyer is unable to see the interior before making there offer and usually no inspection of any type is allowed before the purchase. These types of sales are not for the faint of heart. Good luck in your endeavors. Dan - Tue Mar 18 2008, 15:23