How hard is it to buy a foreclosure?

Asked by Sabrina131, Winter Haven, FL Fri Jul 20, 2012

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Kimberly Sad…, Both Buyer And Seller, Winter Haven, FL
Fri Mar 15, 2013
Very easy in Winter Haven, Fl
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Darrell D. D…, Agent, Schertz, TX
Fri Jul 20, 2012
I presume you are referring to an REO property which has already gone through foreclosure. If this is the case, then they are very easy to buy as long as you have the right funds. Some are very distressed and are cash only and some will allow financing but only conventional financing (not FHA) based on condition. Depending on who owns the home (HUD, VA, Chase, Bank of America, Etc...) they have different sets of addendums, contracts, timelines, etc.

A local agent should be able to guide you. If you are refereeing to a property undergoing foreclosure, then that is more complicated. If the home is a short sale, you would actually be negotiating with bot the owners and the bank and both would have to agree to your offer. Short sales can be frustrating and can take months before you know if you can close or if the deal falls apart.
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Tim Moore, Agent, Kitty Hawk, NC
Fri Jul 20, 2012
Depends on what you are calling a foreclosure. Most people incorrectly use the term to mean a house that has gone through a foreclosure and is now owned by the bank. Bank owned home or REO home are the correct terms for these. A true foreclosed home goes to an auction at the courthouse where the buyer needs cash to buy it and so the bank is the usual buyer. Once they own it they can then sell it and they will do some investigation and appraisals to determine the value. Then they get around to listing it for sale with a Realtor which is when you can buy it. The bank usually discounts it so getting a lot below listed price is not often common, but a good experienced Realtor will be able to guide you. You must get prequalified by a lender and have a letter form them saying that they feel you could get a loan to be able to buy it. A prequalification is free and simple and is different than a pre approval.
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