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How do go about buying a foreclosure or pre foreclosure home?

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June 29 2013 - Elk City
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A home that is listed in Pre foreclosure may not be for sale.  It may likely still be occupied and won't be available for sale until the people officially lose it and then the bank offers it up for sale (or possibly it could be bought at sheriff auction if the bank doesn't show up and run the bid up to buy it themselves).   If you are interested in one that is in Preforesclosure and you are brave enough you may want to contact the current owners and see if they are interested in selling (or have an agent do this for you).
 

Otherwise, if you are looking at a foreclosure, banks and corporations that own those typically list them for sale with a Realtor that is a member of an MLS, every experience is a bit different but what Kevin mentioned is accurate, it may take them several days to respond, you should expect longer response times and 24+ pages explaining it is AS IS.  You should expect a bit higher closing costs and a cash only or conventional sale.  If you are expecting to buy a home with a FHA, USDA, VA or HUD 184 loan then a foreclosure is most likely not going to be the right house for those loans.

In the case of ELK city, foreclosures may not necessarily be listed with a local Realtor, more than likely someone from the metro area that lists for a particular bank will get the listing but that doesn't mean you can't use your own local Realtor, or the listing agent or some other agent to help you with them.  I mention that because you'll want to search the listings of the OKC MLS as well as the MLS in your area for possible listings.  Zillow is a good resource as well but there will be listings that may not show up in zillow that will show up on one or the other MLS  site. (and Realtor.com anything in a MLS will be there).
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June 30 2013
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Zillow  has a Foreclosure Center with some ideas.
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June 29 2013
Get your financing figured out and hopefully you are a cash buyer and can just show proof of funds.Then after you have that part figured out you just need to find a place for sale and make an offer quickly. After you make an offer while showing your proof of funds you will most likely have to sit back and wait. The process takes a while. If you are using a realtor, they should know the timeframes and steps to the process and be able to put you at ease so you don't have to wonder. The only reason that a foreclosure sale is any longer is just because the banks are not easy at just responding.  They often times take days if not weeks to make a decision on value even if they have had an appraiser go out to the property to write up a BPO. It's kinda like the old saying "Hurry up and Wait". If you are patient and have the financing, it should be attainable.....of course you may not be wanting to pay as much as the bank would like you to...so there is that.  Good luck!  
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June 29 2013
Get with a local Realtor and go over your question.  
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June 29 2013
 
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