As you can tell by the numerous answers you have received, in the current market it probably won't happen unless the seller is desperate and in that case the home is probably not worth buying yourself as you would just be buying some else's problem.
There is another way of going about this that is less stressful and with much greater chances for success.
If you wish to contact me I would be willing to counsel you regarding a positive outcome to the difficult situation you find yourself in You don't need to search further - I can help you with this.
Blessings and Best Wishes.
Dale Alverson 863-3093... more
Indeed, NOT ALL AGENTS ARE EQUALLY QUALIFIED. My best advice is to ask for references and to speak with past and current clients. You can also conduct your own due diligence by searching real estate website to find comments and testimonials about the agents you are considering working with.
Also, ask to see the agent's year-to-date production numbers. If they have not been active in the LOCAL market for the last 6 months or so then they probably are not up-to-speed with current market conditions. This lack of up-to-date market knowledge could cost YOU money by over paying for your investments! Many agents are part-time agents and thus lack knowledge and expertise necessary to be well qualified. Make sure you find an agent who is a full-time professional.
Good luck!... more
By this time you may be already a home owner, I would still answer to your question. I hope you were able to take advantage of the $8000 tax credit.
I will response in 9 easy steps:
1-Find a Realtor that has the heart of a teacher, not only he needs to have the SFR designation (Short Sale and Foreclosure Resource) but also traceable experience in closing foreclosed homes.
2-Find a local lender, you need to get pre-approved for your loan if you are not paying cash. Step 1 and 2 go hand in hand. I prefer local lenders because the communication with the loan officer is more efficient and most of them have local processing of your loan in house. Be sure you sit down with your lender and discuss which financing option is the best one for your situation.
3-Start house shopping! A good Realtor will be able to provide you with an Automated Listing Notification tool where you have access to all the properties for sale, you can search, you can get notified when new properties hit the market as long as they match your search criteria, you get notified of price reduction of properties you are following, sold information about other properties so you know how much people are paying for certain properties and more.
4-Once you identify the house you are buying, make a reasonable offer. Prices are already low, and there are properties out there receiving multiple offers. The more reasonable your offer is the better chances you have to obtain it. Be aware of the condition of the home, foreclosures are sold as is; it is very rare where the bank owner has been able to make any repairs. In case you are getting FHA financing, be sure your Realtor can tell you if the property you are buying meets the guidelines for an FHA loan. That’s one of the reasons you need to work with a Realtor that has experience with foreclosures. I will also add that you need to make an estimate of how much money you need to spend in case you need to make some repairs or improvements to the property.
5-Hire a Home Inspector. This is a very important step, be sure you have a home inspection. This is one of the contingencies you have working in your favor. Be sure you hire a reputable home inspector; there are some really good ones in the valley. Some offer limited warranties on the items they inspect.
6-Be sure you stay communicated with your lender, be sure to provide documentation to your lender as needed and in a timely manner.
7-Once the house inspection has been completed and the contingency has been removed, by this time your lender had already order an appraisal on the property. In order for this contingency to be satisfied, the value of the home has to come in at least at the purchase price of higher.
8-Close the loan! Or the closing date. Take possession of the property.
9-There is other mini steps in between, but in a nutshell these are some of the things you need to know. My recommendation that I want to make, be sure you stick with the house and the financing you are getting. There is nothing worst than a buyer looking at other homes once the buyer has a contract on a house or checking other financing options. That’s why step 2 and 3 are very important and where most of your time will be spent.
If you need more information of the Automated Listing Notification system, I can provide you with some information. Feel free to contact me.... more
Thanks for asking for advice on making the American Dream come true for you and your growing family!
There is a complete new Realtor Certification dealing with this topic so it is impossible to address it in 5,000 charactoers or less. I am please to have this Short Sale and Foreclosure Resource Certification and am glad to try to help!
Many of the processes it takes to buy a "foreclosed" home would be similar to buying a "traditional" home.
You need to determine what area of the Treasure Valley (Boise area) you want to live in. Then you need to determine what your "dream home" would consist of as far as ammenities are concerned (size, style, age, lot size, minimum number of bedrooms, bathrooms, etc.,)
Then we would compare that dream home price range to your budget to make sure it is a "fit". There are so many types of loans available (even today) that we would then try to get you the best one for your needs and desires. For example, if you don't have a down payment, we might need to look at niche loan programs, or maybe even unique city programs and grants!
I even know of some programs that will custom purchase homes to fix up and resell to you outright or sometimes on lease purchases! There are lots of options available and no one lender can do them all!
I strongly suggest taking a first time homebuyer class since they can earn you discounts on some mortgages and they also help you learn the process.
You might even consider building a home right now since some of the builders have acquired lots at such a great discount due to the economy that they might be able to meet or beat foreclosure pricing and your new home would come with your choice of paint and flooring and a new warranty instead of the concern about buying a home someone may not have had the ability to financially maintain (i.e. did they blow out the sprinklers last fall, etc.).
I have been a local Realtor here in Boise for 19 years so I am here to help answer questions. I would love to put this experience to work for you!