A few things are required.
- Of course the basics such as making sure you are approved for financing unless you are purchasing cash.
- It depends if it is a pre-foreclosure, short sale or bank-owned. There is a different process on all 3 of these.
If you are talking about a short sale (which is where the owner owes more on the mortgage than the home is worth) then the process is typically anywhere from 3 months to 8 months. It depends on the lender (whoever is the mortgage company of the current owner who is behind on mortgage payments) and if the lender is Bank of America for example then the process will take up to 8 months.
You will want to use a real estate agent who works for you and not the seller and who understands the short sale process. You want a real estate agent who has dealt with more than 5 short sales at a minimum so you are working with someone who is experienced and can walk you through the process. The listing agent or a short sale negotiator is responsible for contacting the lender and pushing the short sale through the process. But there is alot of paperwork to go back and from you the buyer and the lender.
You can typically get the best deals on short sales even above bank-owned properties.
To learn alot more about the short sale process go to www.Kathi.com.
- Joe Adkins