SO YOU WANT TO BUY A FORCLOSED HOME? Tips and Secrets revealedWith all the bank owned properties out there, is this the right market for you? The first thing you need is to be pre-approved for a loan. No bank will look at your offer without it. There is a difference between prequalified and preapproved. A pre qualification looks at your credit score, your income and liabilities you state and gives you a sales price you should be searching in. however a pre-approval will confirm you are able to get the loan by verifying your income, assetts and liabilities. The second thing you need to know is the house you are buying is sold "as is". It means the bank is not making any warranty, guarantee or disclosure on anything in the home.You should know that the home is sold as is, so dont ask the bank to fix anything or it could cause your offer to be rejected. The third thing you should know is some banks will let you have an inspection however they will not renegotiate the price after the inspection. You shoud inspect the property before you put in the offer. If you dont want to spend the money for some reason, then when looking at the home you are going to need to look at the well, septic, roof, siding, windows, heating system, look under the sinks, in the basement for signs of water or mold, stains on the ceilings and anything that sticks out or if you are getting an fha loan, any safety issues. Fourth is your deposit, it should be in certified funds and should be at least 1% of the sales price. The higher your deposit, the better your offer will look. Fifth is to be prepared for the bank to take time to answer your offer, to get you the signed purchase and sales and make sure the foreclsoure deed is complete and recorded, otherwise this could hold up your closing. Lastly is time. you should be prepared to close within 30 days of the accepted offer.August 08 2010 - Manchester00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe 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.