Profile picture for Merlyn13

how can i buy a foreclosure home

  • December 28 2013 - Deerfield Beach
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Profile picture for joyziptie
I saw a pre-foreclosure property on zillow. I went to see the property and I saw a real estate brokers card in the window? What is the next step? Do I have to go with the real estate agent or can I go forward myself?
  • January 28
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for gator70
.
  • December 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for RealEstateCrew
With CASH at the auction, by asking the current owners what they are selling it for, after it is fixed up and resold on the market.  

Endless options on how to purchase a foreclosed home, discuss in more detail with your Realtor Member. 
  • December 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Foreclosed homes are bank owned and most banks are represented by an agent. You need to have a buyer's agent if you want to buy a foreclosure.
  • December 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Once the foreclosure process is complete, banks often do some basic repair work and put the home on the market using a realtor. In my experience, you may not be getting the deal you are hoping for when the bank goes this route. In addition, you compete with investor cash buyers who can close in very short time-frames. If your goal is to find a home at below market pricing, you may have better luck with other methods. Short sales, for example, may offer less competition from investors looking for a fast close.

With less desirable properties, banks utilize services like auction.com to post and sell the properties. This site allows you to view existing inventory and register to receive alerts that match criteria you define.
  • December 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Most bank owned foreclosure homes will be listed on the MLS. Many MLS sites offer "lender owned" as a search criteria item. Your real estate agent can set up an automated search direct from the MLS for you. many of these properties will also be listed on  on Zillow noted as "foreclosures" but some  may not yet be available for sale as homes may still be in the redemption period of foreclosure &/or listed for "short sale". Your best bet is to find an agent experienced in these transactions. They will know the best way to identify available lender owned real estate in your area. They will also be able to advise you on the offer process, contract terms and contingencies involved in a lender mediated transaction. 
  • December 28 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.