Foreclosures. How do they work?

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jdecorse25 asked:


I’m looking to buy a foreclosure, since real estate is expensive here, I can’t afford a nice home in a decent area. A foreclosure would be perfect, however I don’t know how to find one and once I do, I don’t know what to do after that. Does anybody know how the process works?

Tags: Decent Area, Foreclosure, Foreclosures, Real Estate

March 10th, 2008 |

Tags: Decent Area, Foreclosure, Foreclosures, Real Estate

3 Responses to “Foreclosures. How do they work?”

1. MLaw
   March 12th, 2008 at 6:43 am
   

   Foreclosures typically sell for as much as or only slightly less than normal sales of similar property. Unless you’re planning to bid for cash at a foreclosure auction you buy it from a bank or broker like any other property.

   
   
2. teran_realtor
   March 15th, 2008 at 11:30 am
   

   Find a Realtor who knows how to sell HUD houses. Do not call the listing company - their contract with HUD does not allow them to represent the buyer. They are required to do the best they can for the seller (HUD).

   On most houses, there is a live person on the other side, evaluating your offer. At this time of year, on bank owned and VA owned houses, if no offers come in high enough to please them, they’ll wait until the market picks up a bit - or the buyers are done with the visiting relatives, and come back out to place higher offers.

   On HUD houses, there is only a computer on the other side. It goes simply by the numbers, and there are deals to be had. Best weeks are holiday weeks with bad weather that keeps the other buyers cozy at home, enjoying the egg nog… while you’re out stealing a deal!!!

   
   
3. PIE R SQUARED
   March 18th, 2008 at 7:16 am
   

   Foreclosures are not usually a bargain. They are usually trashed. Just consult any real estate agent and tell him the type of house you want.

   You make an offer in the usual way. It may take a long time to get an answer to your offer.