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Is it much harder to buy a home thats owned by the bank from a foreclosure?

I'm a first time home buyer and it seems to me foreclosures are a significant amount cheaper. More bang for the buck so to speak. Is it much harder to get a foreclosure? Is there just more paperwork? Is it pretty much the same as if its not a foreclosure? Just have your realtor make an offer? I have been pre-approved from a lender.
  • June 12 2013 - Nashville
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Answers (3)

Profile picture for Rickneptunerealty

Hello,
  There is so many different answers and different circumstances that could be discussed on this issue.  I will try to just stick to the basics that I think will help you the most.  Most foreclosures on the market are in pretty bad shape and even the ones that seem to have just a few things wrong can be the difference in a bank loaning money to you on it.  The foreclosures that
are in better shape and there are some, most places right now will be a bidding war. These will usually go to a cash buyer with no contingencies(meaning no inspections, ect).  There is however a few where the bank that owns them would rather sell to you at a higher price than an investor if you are willing to finance through them, a few.  It is my opinion that you should find you a good realtor that is well versed in the Huds, Homesteps, and other similar organizations that give you a week or two before cash buyers can offer on the properties.  This is where you will get your deal.  I stay on top off the ones here in my area and there are really good deals out there for first time buyers, but there will still be other bidders on most good deals but they will be more equal to you.  Always put forward you best offer, make sure you financing is solid.
Good Luck,
Rick

  • June 12 2013
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In some ways it can be easier. But it really depends on which bank/institution owns the home and how you are purchasing it (ie. cash v. loan). 
  • June 12 2013
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Some are easier than others. Check out WWW.hudhomestore.com or contact me and I will send you a list.
  • June 12 2013
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