How should we go about buying a foreclosure?
Dec 18, 2009 in
Financial and Loan Tips
crazyredkittycat
My boyrfriend and I just got approved for a mortgage, and we would like to purchase a foreclosure. (a home in our price range is not large enough for all of our stuff). What is the process for buying a foreclosure, can we still have a showing? What’s the difference in process??
My boyrfriend and I just got approved for a mortgage, and we would like to purchase a foreclosure. (a home in our price range is not large enough for all of our stuff). What is the process for buying a foreclosure, can we still have a showing? What’s the difference in process??
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3 comments
Thomas K on December 20, 2009 at 2:31 pm
Typically foreclosures are auctioned. Contact the lender and ask when the auction will occur for the property. They can also tell you who to contact to view the property and improvements.
thikclik on December 21, 2009 at 7:24 am
i would just like to suggest that what ever you do,do not get caught up in sending money to anyone for listing or tring the get rich quick scams…I suggest that you get in touch with your local tax office…they will be able to tell you exactly what to do..
Myron on December 24, 2009 at 11:41 am
You will need to buy a *foreclosed* home not one *in foreclosure*. Some in pre foreclosure do list or try selling by owner but they often want market value or are close to out of time. That can be easily fixed if your agent knows how to work with trustees and banks. Post foreclosures are usually called bank owned and are put onto the MLS market usually at a lower price for quick disposal. These homes are not under a time constraint and can have inspections and be shown by any agent. You can often get a nice deal this way but will not get a sellers disclosure form in most cases. With a pre foreclosure house the trustee can contact the bank and ask for a sale postponement to allow your deal to close. The deal must be approved by the foreclosing lender and can be done as a short sale if done correctly. Most agents are dreadfully incompetent at that process and some are very fluent in them. When locating an agent you will want to make sure you get an agent that is well learned in investment real estate. They can always sell you a regular home but a regular agent will make a nightmare out of an investment deal.