what do i need to do to get a forclosed home?

Asked by George, 33703 Mon Mar 5, 2012

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Guy Gimenez, Agent, Manchaca, TX
Fri Mar 1, 2013
Let's hope that in the year that's passed since this question was posted, George was able to locate a property.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Fri Mar 1, 2013
Hi George

You do need to get in touch with the many fine Realtors responding to your
Question and a Loan agent.

One can get great deals, buying also Short Sales.

Good luck.
Web Reference:  http://www.ruthandperry.com
0 votes
Laura Rosales, Agent, Austin, TX
Fri Mar 1, 2013
Are you working with a HUD approved agent? That would be your first step.
It is a process and can be frustrating because you bid on them but, sometimes
there are great deals out there. Also - do you have cash or will you get a loan?
If your getting a loan, go to a lender first and get pre-approved, then have an agent
set you up on a search in an area you would like to purchase at.
Start looking and putting in bids.
Take care, Laura Rosales - Realtor
Premiere Team Real Estate
Austin TX
0 votes
Jorge Alfaro, Agent, Beverly Hills, CA
Thu Mar 15, 2012
The best thing to do is to contact a real estate expert in the area that you are looking to buy.

Some big companies keep a list of all the foreclosed homes in the area. Although any real estate agent that has access to the MLS can pull up any foreclosed home which will be labeled as REO, or per-foreclosure Short sale.

My question to you is, if you want to get a foreclosed home to get a better deal on a home???

If the answer is yes, Well you will have to be prepared for several things.

The best discounted homes that you can get are foreclosed ( REO ) and per-foreclosure home ( Short Sales ).

REO's are bank own homes. You have to understand that in most cases, people use to live in that home and lost the house through the foreclosure process. That is why most REO's are vacany homes, with all types of conditions. Ready to move -in, need a little TLC, need a complete remodeling.

The Challenge sometimes is that if the house is in the market for below market value, the you will have competition with other buyers. Best thing to do is to work with an agent who is on top of new properties that come on the market.

Short Sales can take about 2-4 months just to know what price it is approved by the lender. If you have patience, you may be able to submit an offer below market value and get it approved

Office: 213-417-3898
Cell: 310-486-2132
Fax: 877-310-3002
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Mar 15, 2012
stop making your house payment, sorry, couldn't stop myself. make sure you protect yourself if you target only REO's. See the ino in the link belwo, good luck,
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Robert (Bob)…, Agent, Hutto, TX
Thu Mar 15, 2012
First, there are different types of Foreclosures. You have the bank, VA, & HUD. As previous answers have indicated that in all cases, you must be approved by a lender unless you are paying cash. Each of the foreclosures are handled differently. All are listed in the MLS, but some are listed on other sites inaddition to the MLS. In my opinion, the easiest to work with is HUD. The process is cut and dry as there is not any negotiations. They are straight forward and as a HUD expert, I can explain how easy it is to bid. A realtor must be used to process the bid and when HUD homes are listed, they are lsited at the appraised value in an "as is" condition. As a HUD expert, I am well versed in the process of procuring a HUD home along with the other types of foreclosures.
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Don Groff, Agent, Austin, TX
Wed Mar 14, 2012
Hi George,

Foreclosures are listed in the MLS with all the other homes. They are not kept secret or anything like that. Lenders want to get as much as possible for them so they put them in the MLS to get the most eyes on them.

Your first objective is to ensure you are approved with a lender or broker. Any offer you submit on a property whether it's a foreclosure or a regular sale will require a pre-approval letter.

Once you have that and know where you want to be dollar wise on a home. Don't just buy what the bank says you can... only you can decide what payment you are comfortable with and that amount is not necessarily your maximum approved value. Then find a Realtor you trust and can work with. There are a lot of good buys in Pflugerville right now. I just helped a client of mine buy a barley lived in foreclosure for about $40k below the tax appraised value. When you start looking you need to be able to react quickly when you find a home that meets most of your needs and the price is right. We were fortunate to be the first offer on the home and were able to negotiate the final price without getting into a multiple offer situation that could have driven the price higher.

Hope that helps... best of luck to you and if you would like to talk please give me a call. I'm a licensed Realtor and Mortgage Broker.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes
Robert (Bob)…, Agent, Hutto, TX
Tue Mar 6, 2012
As indicated in all the previous answers, one must be pre-qualified to find out their affordability index. Then find a realtor that knows the forclosure business and all the pros and cons. Foreclosures can be a good buy and one of the best is HUD homes. Currently, one can purchase a HUD at full price with a $100 downpayment. Additionally, some of the closing costs can be paid by the seller which makes a HUD home very affordable.
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Stuart McWil…, Agent, Lakeway, TX
Tue Mar 6, 2012
First thing you would want to do is get pre-qualified for a home loan. This will let you know what price range to start looking in. If you like I can recommend a few mortgage professionals who can help you get qualified.

If you are interested in taking a look at some foreclosure homes give me a call and we discuss your needs in more detail.

Stuart McWilliams
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Guy Gimenez, Agent, Austin, TX
Mon Mar 5, 2012
1. Get approved for a loan

2. Determine the type of home you're seeking and in what community or area you wish to purchase.

3. Get a competent agent to help you locate a suitable property.

4. Be very, very, very patient and understand that, depending on the type of foreclosure you're seeking (HUD, FNMA, etc.), this may be a very frustrating process and the seller may or may not abide by the contract, and if they don't, there isn't much you can do about it.
Web Reference:  http://www.phgbrokers.com
0 votes
Lisa De Jes…, Agent, Temecula, CA
Mon Mar 5, 2012
Pflugerville is a HOT community just north of Austin (about 20 minutes from downtown). It's a hot market because the homes are relatively cheap. New home developments start in the $130's and in some of the older neighborhoods you can get a home for under $100k. Bank owned homes/foreclosures may not always be the best deal in a particular neighborhood in Pflugerville. I just sold a home for $118k in an established neighborhood - over 1700 sq. ft, 4 bedrooms, 2 bath and in excellent condition. In the same neighborhood were/are several bank owned homes on the market and they range from $98k up. So for $20k more you have a home that is turn key with upgrades. If you insist on going foreclosure be prepared to have cash to re-do what needs to be done in order to bring it up to rental or resale condition. Any Realtor worth their license can walk you through a foreclosure purchase; knowing the market is the differentiator.
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Gabriella Ma…, Agent, Round Rock, TX
Mon Mar 5, 2012
First step is to talk to your bank or mortgage company about getting a pre- approval for a loan. To purchase any home in today's market this is a "must" do before looking at any property. It will be to your benefit to find out.
Soon after you should contact a Realtor to help you find the home you like and in the price range of your approval.
Web Reference:  http://door2austinhomes.com
0 votes
Lorrie Feld,…, Agent, Scottsdale, AZ
Mon Mar 5, 2012
Hi George,
It's like buying any other home except you usually can't count on the seller (the bank) agreeing to any repairs. Your local realtor will have a list of current active homes on the market that are bank owned. Make sure you are qualified first before you look at any homes.
Good Luck
Web Reference:  http://www.azrealtygroup.com
0 votes
Gary Hoffarth, Agent, Austin, TX
Mon Mar 5, 2012
Find out how much you are qualified to borrow and the down payment necessary. Contact a knowledgable Realtor who knows tha area you want to live in.
0 votes
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