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I am a first time buyer and I am interested in buying a foreclosed home. My credit store is good.

I am trying to pay around 650 a month for payment, insurance and all. I need a 3+ bedroom/2+ bathroom.
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January 18 2010 - Athens
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Answers (12)

Can you say "solicitation."  :)  Come on Matt....
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January 19 2010
What area(s) are you considering?  I'll gladly email you a list of homes that match your search criteria. 
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January 19 2010
First time buyer:

I disagree with the other folks when they say you don't need a Realtor.  Buying your first home often times will be the foundation of your home buying future.  The poor people that got foreclosed on are just like you and me and it can happen to anyone.  It is worth the time and money to hire a professional that is on your team and going to help you make a good decision.  Interview some agents and find some person that has sold 30-60 homes in the last 24 months.  They have the experience to help you make a good decision. 

Attorney's understand the legal ramifications and are an important part of your team, but they are not the team.  Remember there is no "I" in team. 

Best of Luck.
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January 19 2010
"You don't need to involve a realtor -- just hire an attorney to go over the contract with you and work up any paperwork at the necessary time."

I am sorry.  This advice just bothers me.  Buying foreclosures in particular are more than doing paperwork and looking over a contract.  There are so many things to consider and things you need to know, especially if the property is going to be a primary residence as compared to a rental or other occupancy type.  Inspections of various kinds should be done and most attorneys are not capable because they don't generally worry over issues like this to know what needs or should be done.  Most attorneys inside of the law I have seen don't know everything so how would they know to suggest the various inspections that someone need to have done to be knowledgeable about a purchase?

Remember that banks generally DO USE REALTORS to list foreclosures and so they have someone looking out for their interests.  This means, per agency law, buyer beware because with all the disclaimers and disclosures they make buyers sign to make sure you understand what "as-is" means, they could care less about you the buyer. 

An attorney may help read and tell you what the contract says, but that's about it.  Unless they have been in the trenches buying these properties over the past year(s) they won't know the in's and out's. 

Granted, again Ed. F, I am just a Realtor, but I also hold a degree from a Top 25 Business school so I am no idiot just because I am a salesman.

This is the largest problem with advice sites such as Zillow and Trulia have.  There are too many people that give half of an answer and others rely on this half-advice to their own detriment because they are not as experienced in the process.

In the end, tbolton30, no one who answers your questions or gives you advice is buying that property.  You are. No attorney and no commentator on Zillow, Trulia, or where ever is responsible for that purchase so you have to be comfortable with the information you obtain.  I would get as much as I freely could if buying as-is foreclosures. 
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January 19 2010
"Foreclosed homes are often not bargains, so don't narrow your focus on foreclosed homes." 

This is someone who doesn't know.  I look at foreclosed homes every day of the week and I can tell you emphatically that there are a lot of great bargains out there.  Not all of them, but a lot of them.

"You don't need to involve a realtor -- just hire an attorney to go over the contract with you and work up any paperwork at the necessary time."

Ed F doesn't apparently realize that you are a first time home buyer.  Maybe a seasoned home buyer like Ed F might be able to handle it on his own, but in fact you generally do need a Realtor working with you on buying foreclosures and since the bank is paying the commission to your buyer's representative, it costs you nothing to have someone represent your interests.  An attorney will cost you something out of pocket and unless you are looking at auctions, pre-foreclosures, or some other hybrid purchase, most bank owned properties will want you to have your own Realtor. 

To hire an attorney to go over the contract with you as Ed suggests would assume you have a contract?  Most attorneys are not as experienced and adept at working the current foreclosure market as much as a Realtor and don't know or understand pitfalls and guidelines because they don't work them every day.

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January 19 2010
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  • Ed F
  • Contributions:38
You don't need to involve a realtor -- just hire an attorney to go over the contract with you and work up any paperwork at the necessary time.
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January 19 2010
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Foreclosed homes are often not bargains, so don't narrow your focus on foreclosed homes.
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January 18 2010
Profile picture for wadebob26
what do u want  a  cave?
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January 18 2010
Joshua's advice is great.  Local lenders will hopefully have a better handle on things.  This is another reason to ask a Realtor for help.  They (we) know lenders.  A Realtor can also help you cut to the chase faster and find out who the bank owner is on a foreclosure because that lender might be easier to work with in helping you get financing through them than going through someone else.
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January 18 2010
I agree with MIchael, your first step needs to be to contact a lender, but now a days it is so very easy to do online.  You can get a preapproval letter in hand overnight or same day in some cases.  If you are looking for foreclosures you need to know that Athens is not exactly a hotbed of activity.  The resale market is comprised of "only" about 14-16% of foreclosure or bank owned resales.  Compared to the national market which is in excess of 30% and other surrounding counties that where 2 homes in 5 listed for sale are bank owned, your search is going to be limited here.

The next thing to do is to work with a Realtor.  Banks don't want to deal with individuals who are not represented.  The cool thing for you is that the bank will pay your Buyer's agent's commission, not you.  This means you get representation and it is paid for by the bank who is the seller.

Find a Realtor who has experience in foreclosures.  I, for example,  am working four buyer contracts right now and three of them are foreclosures while the fourth is a first time home buyer.  This is a different world, foreclosure sales,and if you are not used to it the speed with which your favorite listing might go under contract will amaze you!
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January 18 2010
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Michael's answer is good.  I would suggest contacting a local mortgage person as their knowledge of the specialized local options, such as Georgia Dream, NSP and USDA loans will definitely be better than a national lender.
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January 18 2010
Contact a lender (either on Zillow or local lenders) to determine how much $650 will buy you. Then contact a real estate agent in your area to determine of there are indeed homes that are within your budget. Just remember that with foreclosed homes, often they require some TLC which means cash. So don't spend every dime you make on the mortgage. Make sure you have some saved for immediate and future repairs.
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January 18 2010
 
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