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Can you buy a house that has been foreclosed but not yet on the market

We are looking to buy our first house. Just a starter house and we found one that we like on here but its not yet on the market but shows a price and is foreclosed its 3048 Madison Hwy Valdosta, GA 31601. It doesnt have an asking price but the estatemated price is 28,139. Like i had mentioned this is our first time wanting to buy a house and this one caught our attention. Would they take the estimated price for this house? Thanks. Samantha

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November 14 2012 - Valdosta
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Answers (9)

Sam - please get an agent and let them handle this for you, you won't have to pay for their services.

Trying to deal with lender owned home is usually miserable for experienced agents, never mind a first time buyer unfamiliar with this business. Also, don't expect logic to apply - there is none when dealing with lenders.

There are seven simple questions for finding an experienced agent, they're on my site under the buy a home section. Remember, this is business and unless you treat it like that, you will get into trouble.
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November 27 2012
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Nice article , want to know more about this topic.
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November 26 2012
Samantha, To answer your follow up question, "How do I know what realtor to use or who could help with that house?

I would suggest looking through some agent profiles in your area on Zillow. When interviewing an agent you may want to ask about their knowledge in handling foreclosures.  Some agent have more experience and understanding of the foreclosure process than others. All buyers, especially First Time Buyers like yourselves need a buyer's agent looking out for your best interests.  Best of luck on the purchase of your first home!
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November 21 2012
There is the old saying that for the right price, everything is for sale.  With that said, you could try making an offer.  Beware, however, that your offer might not be welcomed.  If you choose this route, your best bet would be to use a Realtor as a neutral third party who can work towards protecting your interests.

Best of luck!

Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate

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November 21 2012
Nice article , want to know about this topic more . for more information visit  [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
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November 21 2012

I do agree with Tim Moore and Rachel Neal's answer below, although there are rare circumstances where you can try to get an agent willing to go the extra mile, by helping you get in a position to make a strong offer and come in quickly. My partner called the bank that foreclosed on a property before the property was listed with a local agent. She found the agent it was listed with and had discussed a fair market value for the property that the bank would be willing to consider and had it ready before any other offers came in. Also, an estimated price on Zillow, or any other site, is not as accurate as an agent who knows the current market value of property and is in the business of selling homes.

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November 14 2012
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Thanks Tim. How do I know what realtor to use or who could help with that house? Remember we are new to this and have no.clue.how to get started.
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November 14 2012
You cannot buy something that isn't for sale...

Just because it has been foreclosed does not mean it is going to be sold anytime soon.  There are hefty backlogged REO inventories in many servicer's books that haven't been put up for sale for many, many months now.

Best wishes from So-Cal and good luck
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November 14 2012
The basic answer is NO, you can't. I am sure there is that one exception, but you need to wait for the bank to work through the issues and place it on the market. Finding a value estimated online is not going to be very accurate in most cases, it could be low or high. I would speak to a Realtor nearby and get ready to make an offer when it does get listed. Your agent can tell you. You also need to be prequalified with a letter stating you are. Often when REO's (aka bank owned homes that have been foreclosed) go on the market for sale they get many offers in a day or two. You need to be ready to pull the trigger and you need to know what you can borrow. Going over the banks listed price is common, be ready to do that if you really want the house.

Tim
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November 14 2012
 
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