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How do you make an offer on a foeclosed home? There are many in my area.

  • October 11 2013 - Madison
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Answers (7)

First of all, have you been pre-qualified? This is important because it gives use a realistic range of how much you can afford. Also, offers from potential buyers with pre-approvals are taken much more seriously then offers with buyers that don't. To start getting pre-qualified I recommend you speak with a lender like myself. Us lenders would be more than happy to speak with you to help you get the loan that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
  • October 14 2013
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Profile picture for Diana Castle
If no Realtor is listed with the property then pull up the assessors web page and find out who owns it and contact that bank.  They will let you know if they have assigned an agent to the property yet.
  • October 12 2013
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In the Seattle area, all foreclosed homes are listed through our MLS.  That means that any Realtor can access any of the available homes for you. 

I would ask friends for Realtor referrals and do some research online.  Find someone you think you'd like and interview them to confirm they have experience in helping buyers purchase foreclosed homes.  The experience is a huge plus because it will allow the Realtor to set your expectations on the typical condition of foreclosed properties as well as how each bank or servicer works on selling their REO.  Some will let you use local contracts, others will mandate that you use their forms - so there are some substantial differences.

Once you find the Realtor you'd like to work with, ask them who their preferred lender is and then meet with the lender.  I believe that each successful Realtor has at least 2 or 3 lenders they have worked with for years and know that they are ethical and can get the job done.  Meet with the lender and get pre-approved BEFORE you head out house shopping.  As previously stated, you will need a pre-approval before any offer is made on a property.

Then, find a property and your Realtor will walk you through the entire process.

Good luck and happy house hunting!

  • October 11 2013
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Profile picture for j3350489
If and only if it is a foreclosure contact the listing agent . They have direct contact with the bank and makes the deal go much easier .
  • October 11 2013
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You will want to contact a Realtor who is familiar with foreclosed properties. Try and narrow down your list of homes you want to see and make sure that you get pre-approved before contacting a Realtor. You are going to need that pre-approval letter with any offer that you write. 

I cover the Madison area and I am very experienced with foreclosed properties. Please don't hesitate contacting me if you need help with anything. 
  • October 11 2013
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Hi,

If you need financing, call a lender first. We can get you prequalified for the purchase. If you're paying cash then go straight to a realtor. They can help you find what you're looking for.

If you're interested in window shopping, you can go to a HUD website to find HUD homes. Also you can go to www.homepath.com to find Fannie Mae owned homes and you can go to www.homesteps.com to find homes owned by Freddie Mac. There are many REO's out there that are otherwise bank owned as well which if they're listed a realtor would have access to all of the above.  

* Any home can qualify for FHA, if not a 203k (rehap/repair) loan.
* Only homes on the homepath site qualify for the Homepath product offered by Fannie Mae; 680 score, high ltv, no mortgage insurance and you can but it's not required to obtain an appraisal or inspections.
* The homes on the homesteps site, if the home doesn't qualify for FHA as it stands, you could use a 203k loan to fix it up. Otherwise you'd have to see if it's acceptable for conventional financing. Freddie Mac does not offer a special program for homes located in Ohio.

I hope you find this helpful.
Best wishes,
Kim Lawson
Ohio Licensed Mortgage Loan Originator
Contact and licensing information can be found on my profile.
  • October 11 2013
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Profile picture for Celine F
Work with a realtor to represent you, provide relevent information about the listings so you can evaluate and see how you want to buy them. The realtor will help you write up the offers.
  • October 11 2013
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