Profile picture for user391725

how to buy a foreclosure home

I just looked at a home on your site that says foreclosure and gives a price of 127000.. How are these homes purchased or bid on.
  • July 03 2013 - Salem
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Answers (2)

Profile picture for Tyler Tapley
You need to see if the home has been listed for sale.  If it is listed for sale...then call a realtor and they will help you buy it.

If it isn't available yet...you can have an agent monitor it.

If you have any questions, feel free to send me a message and I'll be happy to try and help.
  • July 03 2013
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If the foreclosure process has been completed, then it is owned by the lender and can be purchased like any other home, but not until it is listed in the normal fashion. 

The last step in the foreclosure process is the "Sherrif's sale", literally on the courthouse steps.   It is an auction sale to the highest bidder.  However the lender has usually set a minimum price (typically the amount of the unpaid mortgage) and if no one bids above that, the lender buys it there.

 These courthouse steps sales are not for the average home buyer.  In most cases the buyer will not have had a chance to view the inside of the home.  It is not uncommon the the person who's home is being foreclosed on to be so angry with the lender that they trash the house.  In addition to damage (paint thrown on walls and carpet, holes punched in walls), I once showed a foreclosed home with missing furnace, water heater, dishwasher, range, and toilets.

Plus, these courthouse sales are for cash on the spot.  No time to arrange a mortgage.  Mostly they are purchased by deep pocket investors who can afford to lose money on one now and then. 

Hopefully that answers your question, but if not feel free to email directly (click on my picture). 
  • July 03 2013
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