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Answers (7)
- Reema Sharma, "ReemaSharma"
- Contributions:927
Find a local realtors that specializes in this area and try to learn how the process works
- Sherri Bloom, "Sherri Bloom"
- Contributions:60
Hi. The first thing to do is to find a realtor in your area that has some experience with bank owned properties and foreclosures. They can find available homes and get you access to view them. They can also help guide you through the process of making offers on these types of homes and prepare you for what to expect. Good luck to you!
- Devin Haub, "Devin Haub Remax"
- Contributions:29
Find an agent that is familiar with the market in your area--looking online or calling into brokerages is a good way to start--and one that is a professional at negotiating. Often times foreclosed homes are priced very competitively and cause a multiple offer situation where all the bidders submit their highest and best price that they are willing to pay for the house. Without a good agent that you trust, you can often get outbid on the home you want. Being aware of these possibilities is important when choosing an agent that will keep you informed and make sure the deadlines are met.
- Dwayne & Maryanne Moyers, "MoyersTeam"
- Contributions:354
Find a Freddie Mac or Fannie Mae Select Agent and follow the advice they give you. It's important to work with these foreclosure agents because they know the process, contract acceptance limits, individual asset managers in their sales area, and the latest limits of contributions allowed by the seller. If you have additional questions about purchasing foreclosures, please feel free to contact us. [promotion and contact information removed by Zillow moderator]
- Sandy Weed, Jr, "Sandy Weed Jr"
- Contributions:10
Step One - find the foreclosure specialist in your local area Step Two - make sure your finances are in order. You may need a line of credit or cash in order to finance the repairs that will make the property liveable. Step Three - talk to some good mortgage brokers. The RE agent you decide to work with should have a go-to lender. Step Four - go look at some houses! You may want houses that are cosmetic rehabs; paint and carpet, appliances & fixtures. Tackling major systems repairs (roofs, HVAC, foundation etc) is better left after you have some experience. While your at it, read up on property management if you haven't been a landlord before - good luck!
- Amy Mullen, "amyullenremax"
- Contributions:173
Charmysha, It's a good thought - and you can find some good deals but it's absolutely "buyer beware". The best place to start is to do a quick self-assessment: 1. What area do I want? 2. What is my price range? 3. Am I qualified for a rehab loan (203k) in case I find a property that is a perfect fit in all aspects? 4. What am I willing to take on in terms of repairs/updates? From there - arm yourself with a strong agent that is experienced in foreclosures and an experienced rehab mortgage broker. Then...you can start the fun part with confidence - looking at properties! Amy
- Masha Senderovich, "MashaSenderovich"
- Contributions:138
I would be happy to assist you with finding and purchasing a foreclosure property. Please give me a call or email [contact information removed by Zillow moderator]
i would like to by a house in foreclosure but i don't know how to start
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