how do I buy a foeclosure?

Asked by Faye, Bedford, OH Fri Jan 1, 2010

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7
Leigh-Jo Anz…, Agent, Albuquerque, NM
Mon Mar 24, 2014
Hello Faye,

You can buy a foreclosure by contacting a local real estate agent who will first help you get prequalified, then take you to see foreclosed homes that match your criteria.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
New Mexico Real Estate: http://www.syan.com
Web Reference:  http://www.syan.com
0 votes
Veethim, Home Seller, Cleveland, OH
Fri Mar 21, 2014
You can find foreclosures through a real estate agent, who will be able to check the MLS to find the type of properties you are looking for. Foreclosures often sell for well below market value, so they are often a great investment. Some lenders will even offer zero down financing on foreclosed properties to cheer a quick sale.
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Jan 4, 2010
1) Contact a mortgage broker qualified approved for a home loan
2) Realtor will take lender letter of statement your specifications locate a home work with all particulars.
3) Foreclosures you may have drama if you submit a sales offer lender might not even respond. SO ask yourself what is more important locating a home or continually submitting sales offer bidding wars, declined offers, and etc.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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0 votes
Voices Member, , Benton County, OR
Mon Jan 4, 2010
Faye

You might wish to check out the Bank/Gov sites created to give the public access to view the Listed Foreclosures/Properties for sale and to provide information on the purchase process used plus much more information it's Free and updated constantly...Sites like..

.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ...

The links to all of these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If you ever need to find Public Records this search engine might come in handy.. http://publicrecords.onlinesearches.com/

Also ... The Fed Gov has created a site with information on all the Current Fed.Gov loan programs. It is easy to understand and use..

You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

Good Hunting, Dunes
4 points
0 votes
Bill Eckler, Agent, Venice, FL
Sat Jan 2, 2010
Faye,

A "foreclosure" purcahse is very similar to a normal purchase transaction and can be accomplished through the use of a real estate professional.

One thing to keep in mind is that YOUR best interests would probable be best served by using your own personal real estate agent as opposed to the bank's listing agent. Protect your interests by working with an agent of your choice.

Best wishes,
The Eckler Team
0 votes
James Gordon…, Agent, Hamilton, OH
Sat Jan 2, 2010
Faye buying a forclosed is easy. The lender lists the home for sale. Sometimes there is a 10 or 15 day window when it is first listed where only people that intend on living the property may make offers.
If on the other hand you are looking at a property that is in the forclosure process that can be a lot more difficult. You need to have the full cooperation of the sellers and this is normally called a short sale.
If the property is a short sale The agent that has it listed need to get all the lien holders to agree to sell the property and to take less than they are owed on their loans. This may not happen if their are to many leins, if some of them are tax leins, if a loan is insured.
There are lots of properties out there and a few levels in the forclosure process. How you would handle it depends where in the process the legal action is at.
Web Reference:  http://www.Find1Home.com
0 votes
Elizabeth He…, Agent, Agawam, MA
Fri Jan 1, 2010
Foreclosures can be tricky purchases. My husband and I are interested in a foreclosure and it's been a rollercoaster, and not in a pleasant way. You are going to be liable for any municipal liens on the property (back taxes, water, sewer, etc) and you are buying the house "as-is, where-is". Definitely get a Buyer Agent along with an attorney and I would suggest you purchase title insurance if you can find it for a foreclosed property transaction. If it has a private sewage system (septic tank) it might need to have the soil replaced at your expense. Also, how soon would you be able to get a Certificate of Occupancy and what would it take to get one? Make sure you get inspections done so you know what you're getting into and ask alocal Realtor or your attorney to write up the offer so that if the inspection comes back that this home is more than you can handle, you can back out of the transaction.

Good Luck!
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