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Foreclosure in Berlin : Real Estate Advice

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Activity 2
Wed Aug 12, 2009
Kevin & Monica McNamara answered:
I agree with my colleagues. Your question is really a legal one. Go to the bank that you routinely do your banking with, and see how much of a mortgage you can qualify for. If you are in a position to do so, and have been prequalified with your lender/bank, then you can bid at auction.

Another alternative would be to start looking at other homes now, and if possible, attempt to recoup your loses from the owner of the home that you entered into a lease w/option to purchase agreement. Of course with the assistance of an attorney.

Best of luck to you.
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Sat Feb 21, 2009
Bill Eckler answered:
C Bland,

As a buyer working with a real estate professional you would submit an offer on the property to the bank. There may be additional negotiations between the buyer and the bank before both parties agree on the terms of the sale.

When dealing with "foreclosures" banks generally request an "As Is' contract, cash deposit, and a letter of approval or proof of funds to cover the sale of the property.

An experienced agent will be able to lead you, step-by-step through the buying process.

Good luck
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