Foreclosed homes are listed by real estate firms the same as regular resale homes and you can view them for sale on all of the typical websites that you look at for non-foreclosed homes for sale. You purchase a foreclosure the same as buying a regular home with respect to getting a mortgage..etc.
The main difference is that typically they are sold as-is. So, if you purchase a foreclosure, you can still get the inspections done (property, termite...etc) but it is usually a take or leave it situation.
One drawback with foreclosures is that many of them need repairs in order to make the home habitable. If a repair is required to get the mortgage, you may have to purchase the home using an FHA 203k renovation loan.
A major drawback with foreclosures is that typically all of the utilities are turned off. It may be up to you, the buyer, to get them turned on for the property inspections. This is a hassle and may cost you money but a good agent can help you with all of this.
I hope this is of some help.
Prudential Patt White Real Estate
Lehigh Valley, PA
Since it is part of the city of Los Angeles it is $4.50 per $1000. There is also a county transfer tax of $1.10 per $1000. So, $5.60 per $1000 total. [City Transfer Tax:$4.50 for each $1,000 or fractional part thereof (LAMC Sec. 21.9.2); LA County Transfer Tax: $1.10 for each $1,000 or fractional part thereof (Rev. & Tax Code Sec. 11911-11929)]... more
These are great questions each one could be explained very easily please send me a direct e-mail to firstname.lastname@example.org for a detailed explanation. FYI I am a Relocation Specialist and have represented many buyers from various European and countries. BTW where are you moving from?... more
When you present an offer, it will say the deadline for response in the paragraph above your signature. The norm is 3 days, but it can be altered. With the holidays, there can be delays due to traveling or work schedules (eg REOs). Your agent should stay on top of it, holidays or not, and give you a reasonable expectation as to when to expect an answer. Good luck!l... more