This is my first time looking into purchasing a home...can u give me advice on where or how to start?

Asked by Estefana Orozco, Aurora, IL Fri Jan 23, 2009

How is purchasing a foreclosed home different?
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Mike Hale, Agent, Warrenville, IL
Sat Jan 31, 2009
First off, take a look at the website I've listed. It is one of the best resources I've found for first time buyers and it walks you through the entire process.

Most sales of properties in the foreclosure process are done as "short sales", which is where the lender will accept less than the total mortgage owed to them, and the seller can avoid the actual foreclosure. The biggest difference is that offers need to be agreed to by the bank that has the mortgage. This can take days, weeks, even months. Sometimes the buyer of a foreclosed property will be required to pay for things normally handled by the sellers, such as the survey.

You can also buy a foreclosed property at a sheriff’s auction, but I wouldn’t recommend that for a first-time buyer. If a property has gone to auction, the bank usually buys it back and relists the property (bank owned). This works like a regular sale, except you are buying the property from the bank itself.

The property you listed is in “pre-foreclosure”, meaning the lender has started the foreclose process due to non-payment of the mortgage. The amount shows is the outstanding balance of the mortgage, and not the actual list price of the property.

I’ve helped first time buyers buy foreclosure properties (in Aurora), and I’d be happy to answer any questions you have and help you out!

Mike Hale
Daniel & Associates Real Estate
Warrenville, IL
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Peter McMahon, Agent, Farmingdale, NY
Fri Jan 23, 2009
First decide your top ten most important criteria for a home. For example, type of home, acceptable commute distance, size, location, schools, amenities, etc. Second get a feel for what home price you can afford based on today's interest rates. You can start with an online mortgage calculator, but the best thing is to get pre-approved by a lender. A lender will give you the full picture of costs associated with buying a home. Next do some online research of the areas in which you can afford a home. Take a drive through the areas and see which ones you like best. Then call a real estate agent that specializes in those areas. The agent can explain to you the buying process, help you see the available homes, and assist you in writing an offer, negotiating and seeing the transaction through closing.
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Rich Knapp, , Naperville, IL
Fri Jan 23, 2009

I can help you. I know the market well. Call me at 630-202-9189, email, or I specialize in First Time Buyers.


Rich Knapp
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0 votes, , Wheaton-Glen Ellyn
Fri Jan 23, 2009
Contact a Realtor is your area and complete a buyers check list.
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