how to purchase a foreclosed home?

Asked by Joanna Boyd, 89074 Sat Jul 3, 2010

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Mark Fleysher, Agent, Las Vegas, NV
Sun Jul 4, 2010
Hello Joanna,

I agree with Alma. You can search for live listings on, and it is highly suggested to find a Realtor to represent you.

Working with a Realtor provides you with an experienced agent who can conduct live searches with automatic notifications, fair market analysis, and hopefully a person who is great with conducting a full transaction including disclosing to you all known facts, conducting walk throughs, and doing the due diligence.

Trying to go straight to the source, and not having an agent representing you can lead to one sided transactions, as the Seller's agent is looking out for the Seller's interests first. I'm not saying deals can't go just great like this, but it definitely gives you an advantage to having a representative; plus, the seller often pays for any agent costs, so don't let the cost of having an agent stop you..

Check out

I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.


Mark Fleysher, MBA, Realtor
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Sandra Mathe…, Agent, Grand Junction, CO
Sat Jul 3, 2010
Hello Joanna,
I have helped many people purchase a foreclosed home (bank owned) and also HUD homes in Fernley. I am submitting a bid today for a buyer on a HUD home in Fernley. The foreclosed homes are listed in the MLS and you submit a purchase contract through the lisitng agent of the property.
The HUD homes are submitting electronically through an authorized Realtor.
I live in Fernley and am available to answer any of your questions.
(775) 287-8222
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Michael Herr…, , Palm Coast, FL
Sat Jul 3, 2010
Hello Joanna,

If you are looking to purchase foreclosed properties the first thing you should do is to consult a Realtor in your area. The seller on foreclosed properties is a bank and you want to have a realtor to protect you. As the buyer, it does not cost you to have a Realtor help you and it would be to your benifit to have one help you. If you are looking in Florida then check out If not, then ask your friends and family who they used in your area and you should have a name from them that is trusted. Check out the investor issue of Fortune magazine for June. It has an article for the 5 best places to retire to. Palm Coast is one of those cities. Excellent opportunities for foreclosures. Good luck with your search.

Best Regards,

Michael Herron
CLR Choice Realty
Palm Coast, FL
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Scott Godzyk, Agent, Manchester, NH
Sat Jul 3, 2010
If you want to purchase a forec;losure, the first thing you need to do is to get preapproved for a loan. You will want to know what price range you shoudl be look in and make sure you submit the preapproval letter with any offer. After you get preapproved you shoudl seek the services of a buyer broker who is experienced in foreclosures. you should be able to hire them at no cost to you, they get paid their commission fom teh fee posted in mls by the listing agent and get paid at closing.

If you are getting an fha loan, make sure the house will quailify for a fha loan.

please check out my blog for a complete list…

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David Chiles, Other Pro, Los Angeles, CA
Sat Jul 3, 2010
Thank you for your question Ms. Boyd. Many people have questions about foreclosure homes. You can purchase a foreclosed home from the bank by contacting them. I recommend using a real estate agent because there knowledge and expertise can be priceless.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.

Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.

If a homeowner does not pay the mortgage the home is auctioned

If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
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Alma Kee, Agent, Tampa, FL
Sat Jul 3, 2010
Hi Joanna,

Some of the "foreclosed" listings for a few thousand dollars listed here are not actually for sale.

To see everything for sale, check out

A Realtor can help you buy a foreclosed home and they get compensated by the bank so you don't have to worry about paying the realtor for her services. Ask family and friends for recommendations or try a Realtor who contributes to Trulia.
Good luck!
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