Home Buying in 11219>Question Details

Qbbcloud, Home Buyer in 11219

I am not a real estate broker or agent, how can I purchase a forclosure house?

Asked by Qbbcloud, 11219 Thu Jan 21, 2010

Help the community by answering this question:


You can purchase a foreclosed home by simply buying it. If you want to know how to go about buying it get your license or hire an agent to represent you.
2 votes Thank Flag Link Sun Feb 17, 2013
Dear Qbbcloud:

You can go online and do a web search for "foreclosed properties brooklyn" (assuming you are looking in Brooklyn) and see what comes up. However, the best thing you can do would be to seek out a Realtor who specializes in foreclosures and have them help you.

I have a question for you....why is it that you are looking for a foreclosure? Is the sole reason because you are looking to get a great deal? If so you should not limit yourself. The true way to find a good deal is to find a motivated seller. Not all foreclosures are motivated sellers, it all depends on the outstanding debt on the property, market value and how much of a loss the bank (or asset management company) is willing to accept.

Many times you can find a regular homeowner who is motivated. This could be the case if someone is having financial difficulties, divorce or job relocation just to name a few. Real estate agents know a below market property when they see one and will be able to bring them to your attention as soon as they hit the market.

By the way, if you are going to pursue a foreclosure house, make sure you are pre-approved by a bank, meaning that you went through an underwriting process and received a commitment subject to locating a property to purchase. If you are buying the property all cash you should be prepared to show proof of funds.

Also have an inspector ready because if your offer gets accepted you will have a limited time to have the house "checked out" so to speak. You will also need an attorney so you should find one ahead of time so you are prepared. Your attorney will also be able to give you plenty of advise as you conduct your search.

If I can be of further assistance, please let me know.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Jan 21, 2010
The best way is to contact a licensed realtor in the area you wish to purchase the house and ask them for a list of the foreclosure/REO listings. Or look up an agent's website in the local area and you can sometime search for only foreclosures.

We sell real estate in Lake Tahoe and our website http://www.yeehedleygroup.com allows you to search for only REO / Bank Owned (Foreclosures) and short sales.

Good luck!
0 votes Thank Flag Link Thu Jan 21, 2010
All you need is an offer written on a legitimate contract properly executed. I would advise paying a lawyer to assist.

Submit the offer to the bank - and keep your fingers crossed.

When dealing with short sales and bank owned properties - agents truly earn their money and the purchasers are keep informed and educated along the way.

Find a pro - let the bank pay them....
0 votes Thank Flag Link Thu Jan 21, 2010
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