If a foreclosure property is bank owned, how can I proceed to look at the house and possibly buy it? Do I need a realtor for that?

Asked by House Hunter, 75056 Sun Jan 10, 2010

Can I get a loan on a foreclosed property or do I have to pay cash?

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8
., , Lewisville, TX
Thu Jan 28, 2010
Dear Home Buyer,

It is highly recommended to have an expert guide you through the process of home buying to protect your interests throughout the process and be there to answer all of your questions, help you obtain the home and guide you through the entire process from offer through closing to moving in! It is your option to use a Realtor.

We have helped clients buy/sell foreclosures and are experts in the entire process. I also can show you just bank owned properties and foreclosures if your ready to make a move, call me first.

Nicole Firebaugh Arenas, Realtor
214-991-9507
0 votes
Scott McDona…, , Denton County, TX
Thu Jan 14, 2010
Dear HH:

Yes, absolutely, you need a competent, ethical broker. Buying a foreclosure is fraught with pitfalls, is an abnormal process, and often filled with delays, difficulties, and distractions. I bought one last year, and sold three in the last few, and they are no picnic, even when things go well!

Find a broker who will put your interests ahead of his own, knows the neighborhood, and has references.

I don't live in the area code you listed, but I would be willing to help you locate such a reliable agent, and that would be at no cost to you.
0 votes
Todd Andrew, Agent, Berkeley, CA
Wed Jan 13, 2010
Hello HH-

Where I do business, REO/bank-owned/foreclosure listings are represented by a listing agent who could give you access to the property. However, it is in a buyer's best interest to have his or her own representation, who could also get you into the property. In my opinion, it would be rare for the bank itself to grant you access. They are paying commission to Realtors to perform that service, among many others.

In my area, many REO listings are receiving all-cash offers, so if there are multiple offers on a particular property, your financed offer will have to be higher in order to compete, due to the risk associated with financing in this lending environment.

Best of luck.
0 votes
Janae Oliver, , Austin, TX
Wed Jan 13, 2010
You will more than likely need a realtor to show you this property, most homes that are listed and bank owned have showing instructions for realtors to show to possible buyers.
Also, I like to think of buying a home as one of the biggest investments you will ever make; using a licensed and knowledgable licensed agent to represent you in the transaction is often in your best interest. There is no cost to you in using an agent so in reality there is nothing to lose (they actually save you the buyer alot of time). You should be able to get a loan on the property if you qualify(I am not a mortgage broker I only speak from previous transactions I have worked on in representing buyers).
Best of luck with your upcoming purchase.
0 votes
Vickey Wacht…, Agent, Katy, TX
Mon Jan 11, 2010
When it comes to Real Estate it is always best to have someone on your side to protect your interest, thats where your agent comes in. The bank is not going to be looking to your best interest only theirs. Your Realtor can run comps for you so you will know if you are getting a good deal or not, just because it's been foreclosed on does not mean that you will get a super deal on the house, the banks across the country or taking hits on foreclosures and they will try to get all they can out of the house.
Your Realtor will be able to guide you through the process, help with negotiations, recommend inspectors and loan officers if needed. We have a service network to give you ideas of cost of replacement and repairs of damages to the house. We do a lot more than just open the door and our services are at no cost to you. Find a Realtor to work with, if you are going to look at foreclosures make sure that Realtor has experience in that area.
0 votes
T.E. & Naima…, Agent, Dallas, TX
Mon Jan 11, 2010
If the home has already been foreclosed on and is listed by a Realtor, you can ask that Realtor to show it to you but it is best to have your owner buyer's agent to show it to you. You do not need to pay cash unless the house is in pretty bad shape and the bank will accept only cash offers. Thiis will be part of your buyer's agent job to find that out for you.

If you are buying a home at the courthouse steps at the auction yes you have to buy the house all cash.

If you saw that the home has been foreclosed and is not listed yet and you want to contact the bank before it goes on the market, it will be pretty much impossible to happen although I have seen it happen only once last year.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference:  http://www.sumnerrealty.com
0 votes
Robert Green…, Agent, Cherry Hill, NJ
Sun Jan 10, 2010
It is difficult to find the correct person at the bank which foreclosed on the property. If it was foreclosed on by a small local bank, you have a much better chance. Typically, you can get a mortgage on these homes, however if it is in terrible condition, the home may not qualify for a conventional loan and may require a different type of financing.

Robert Greenblatt
Keller Williams
Cherry Hill NJ
0 votes
Fran and Mark…, Agent, Yardley, PA
Sun Jan 10, 2010
House Hunter

No you do not need a realtor but why not use one there is no additional cost to you. remember the listing agent will be representing the seller.
No you do not need to pay cash. Yes you can get a loan provided you qualify.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
215-504-7500
215-321-3307 DIRECT
http://www.FranandMark.com
Web Reference:  http://www.franandmark.com
0 votes
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