How do you buy a foreclosed home?
Written on November 27, 2009
Housing is freaking expensive these days. We’re virtually homeless right now (living with my parents) because of it. I have heard, however, that buying a foreclosed home is a good way to get a cheaper deal. I’ve also heard that you have to pay cash for them. Is there any way to get a loan for a foreclosed home? How do you find them? Would you work with a realtor? Please respond. It makes me sad when I dont’ get answers. I don’t like being sad.
Related posts:
Filed in: Foreclosure News.
get a loan
Well, we would not like for you to be sad. LOL.
A foreclosed home belongs to the financial institution that holds the note on it, be it a bank or mortgage company.
I am sure there are sources that suggest they can direct you to forclosed properties, but usually for some membership fee, and alot are scams.
I would start by picking out a reputable bank in your town and simply go in and ask the manager how you could begin to realize the local market of foreclosed properties.
If they do not handle them in house directly, they would be the best source to refer you to a reputable source.
Good luck.
Here is the foreclosure bargain-finding procedure:
http://tms.ecol.net/realestate/foreclos.htm
well there forclosed because of BAD payments the bank selling it just wants balance owed most times ,,i pay cash but w/enough down you may get another bank to refinance maybe !
if its in pretty good shape ,,,,, and you can offer a lower price than asked banks are in the loan biz not realastate
goo to http://www.hud.gov and look at the buying section
Forclosures are not always cheaper! I would check out http://www.williamsauction.com/?PHPSESSID=803666ccda430fc8ed467b3a54e429f3 and of course MLS through your Realtor. Timing is everything! You do not need to pay cash, in fact most of the time they will even pay the closing costs. You can usually purchase the home with a conventional or VA Loan. FHA Loan would probably be pushing it because these homes are sold as is. If there where 2 offers and one was FHA and the other was a conventional the bank (Seller) will go with the conventional because it not so much of a hassle for them. Most of the time they will also not counteroffer unless the home has been on the market for a while. Good Luck