There are 3 categories of foreclosures or in the process thereof.
1) Those sold on the court house steps. No preview, buy sight unseen inside, payment due / no financing.
There are other caviots as well.
2) Foreclosures that have run the cycle and are now back on the market through the normal channels.
3) Short Sales, the bank and owner have agreed to sell the home and the bank is open to negotiation of
loan pay off. Both the owner and bank must approve the contract.
In Austin (averages) about 3.5% of the homes "listed" are foreclosures but represent about 12% of the homes closed. This means that these properties are aggressively persued and in many cases are under contract in just a few days. The short slaes make up about 5.5% of the listings and 4.5% of the closings.
One thing is for sure, as a buyer you need to be able to be in limbo for months before you will close. The banks are overwheled and the process is slow at best. Due to the likelyhood of a long and tedious process you are right to look for an agent that knows the process. I have a team of 4 agents and office staff ready to serve our clients.
Connect with me via email. text, or phone for a no obligation Q & A. By the way the seller pays the commission for your agent so you get our professional service virtually free. Free is a good price after all.
Hope this information helped!
512-709-6343 ~ email@example.com.