Greetings. Buying foreclosured homes is not for everyone, and the process is really for the wise. There are many risks. When someone says Jeanmarie I want to buy a foreclosed property, the first thing I do is send them to the courthouse and witness an honest to goodness sheriff's sale on the steps..It is an education. All foreclosures are public record so you can go into any of our county websites and locate the notices of foreclosure. You than can drive by and see the home. It is truely not for everyone, and the biggest reason most people dont buy it at the sheriff's sale is it requires cash. So how do people pick up these great deals. There are ways to buy a distressed property with much less risk for you the buyer. Propertys that have already been returned to the bank is a much smarter way to buy and if the property is in really bad shape the bank "sometimes" not always will address the issues, plus depending on the bank , some of our local lenders here offer amazing lending packages with rate buydowns and no fees. Short sales are great options but you have less guarantees and you must be patient.. There are people out there who just specialize in buying foreclosures and they spend hours studying the property, location and return on investment dollars.
My adivice. Get a good agent, the cost of working with one is already built into the cost of sale by the bank, and those costs are almost nothing in terms of the overall cost of the home, and with solid advice incalcuable. Best of luck, heres my contact information.,425-750-7855