Profile picture for williankawai

How do I place a bid on a forclosure house? Or what're the steps to follow to do so.?

  • May 30 2011 - Brentwood
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for virginiakail
The first step is to find an agent familiar with foreclosures and familiar with writing offers on them. The process can vary a bit depending on the bank or entity who now owns the property.  You will also need to have a pre-approval letter from your lender before you can submit an offer. If you are paying cash, you will want to have letter from the bank verifying that you have the funds available to close.
  • June 10 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The bid on a foreclosure house on the courthouse steps is "all cash", meaning you have to bring $100,000 cash or a cashier check and show it to the auctioneer before you are allowed to even place a bid.  You will also need additional cash if you overbid.  This is for the experienced pro with a repair crew ready to work on a beat up foreclosure

David Cooper Las Vegas
  • June 02 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Oftentimes you'll find a foreclosed property on zillow which hasn't been listed for sale yet with an agent. It can take awhile for it to come on the market. Check with your agent and they should be able to notify as soon as it does come available and explain how the bidding process works.
  • June 01 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Thanks for your question "williankawai".  Your best bet is to contact a local Realtor to represent you has a buyer's agent.  This will cost you nothing, not have a negative affect on the price and save you mountains of headaches.

If you need a referral for a good one in your area, feel free to reach out to  me.

Good luck, hope this helps.
  • May 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The steps vary by foreclosure.  HUD homes require online bidding, some require offers be submitted through the listing agent.  A real estate agent highly recommended (if not required) to buy a foreclosed home.  Interview a few local agents with foreclosure experience to guide you through the process.
  • May 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Find a local real estate agent. They would be able to tell you more about the property and area. The real estate agent would do a comparative market analysis of the area and guide you on what would be a good price. This should be based on the sales of the neighborhood as well as the condition of the home. Good Luck.
  • May 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.