Profile picture for ccorrell3

How do I get a foreclosed home??

I've been seeing condos foreclosed in my area and I'm looking to upgrade...how do I go about buying a foreclosed home?
  • April 21 2014 - Slate Hill
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Answers (6)

Try fannie mae homepath website there are tons of bank owned home on there for sale all the time. Have to pul lth trigger quickly if you want to nail one down though.
  • October 08 2014
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Profile picture for Dunes ..
Depends on what you mean by Foreclosure ;)

Talking Tax sales/County Sales?
These are often different State to State..County to County ect. so you need to check how it's done in each Market/Local to be sure/informed..
State/Counties often provide information/Property lists/Sale and Bidding info on their web sites so checking is important

All the info/Links are to State/County web Sites which provide info to the public
Click on your state of interest then find your county of interest
Nationally...Foreclosures and Tax Lien Sales (Link is to a Free Public Records Directory)

Bank/Gov. Sales/Foreclosures/REO's

REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, the process they use & Loan programs ect....
Sites Like..Bank of America...Wells Fargo

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale with info/listings ect. (Created with your Tax dollars so might as well give it a look ;)
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Lots of info available and usually straight from the Source so my suggestion would be to make use of it to become informed enough ya have some clue as to who's blowing smoke and who isn't...

Happy Hunting!
  • April 23 2014
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The first thing you should do is find a local realtor in our Columbus market by going to the tab on Zillow "Find a Pro".  All agents here in Columbus should have access to our local MLS system.  We have access to HUD properties, short sale properties, estate sale properties, VA properties, bank owned properties, and auction properties that have been listed with a realtor.  Your realtor should be able to give you the full list of ALL of these in the area(s) of Columbus you are looking in.  Many bank owned and HUD/VA foreclosures do not take long to close (I've had them close in 30-45 days)...some short sale homes may take some time to close, but there are many that can close quickly if the seller's lender has approved the sale.  Your real estate agent can guide you through all of the steps.  Hope this helps.
  • April 23 2014
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Ohio foreclosures are carried out through the courts. They are published in a local newspaper, at the courthouse and on the sheriff's website.  Houses sold at auction are sold as-is and you will not be able to gain access to the home.  Each county has their own process on funds, but if you would like to I can help you find that information.  If the bank has purchased the home back than you can contact a real estate agent to find homes that are bank owned.  I have heard that some people have been lucky enough to get through to an asset manager at a bank to speak with them directly, but once it is listed then you will most likely be using a real estate agent to make offers.  There are other circumstances that can be mentioned like HUD homes, but those go through real estate agents as well. 

  • April 21 2014
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Profile picture for wetdawgs
Here's a link to Zillow's foreclosure information.    These days foreclosures are often not a bargain and may require a huge amount of work.   So, buyer be ware.
  • April 21 2014
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Hello,

The first thing you should do is find a realtor who has experience with short sales. It is not a bad idea to have your agent talk to the listing agent to be sure they also have experience with them also. Buying a foreclosed property can take some time. Sometimes it can take more than 6 months to close on a property and if the listing agent hasn't taken the right steps you could find yourself waiting for something that isn't going to close.   

You will also need to talk to a lender or have your agent refer you to one to get you prequalified for the loan. They will need tax documents, pay stubs, and bank statements.

Good Luck!
  • April 21 2014
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