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what is the process of buying a forclosure property?

  • March 23 2013 - Methuen
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Answers (10)

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  • October 03 2013
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You want to start by checking the market every day for new foreclosure listings because the best deals go fast. Having a motivated real estate agent like myself who is watching the market on a daily basis is definitely to your advantage - especially knowing buyer agents get paid from the seller not the buyer. Once you find a property you like you need to make a strong offer to get it accepted. Once your offer is accepted you execute the contracts and close. I'd be happy to help you or any buyer interested in buying a foreclosed home or other home type. Good luck.

  • October 02 2013
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Profile picture for JoshBarnettREIB
1.  Hire Realtor
2.  Get with Realtor's preferred lenders
3.  Find Home
4.  Contract Home
5.  Close on Home

Done
  • March 23 2013
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The best way to go about it is, as already stated here, is to find an experienced buyers' agent to assist you and the best part is that buyers' agent will not charge you.  Just make sure he/she really knows the foreclosure ropes.  We have experience in this area and keep in mind that this is a bit different from a "regular" transaction. Feel free to contact us if you need help
  • March 23 2013
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  • March 23 2013
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In addition the listed price of the property in the end may not be the purchase price. If the home is under valued chances are it will sell for more than the listing price. Banks often do this to create a buzz and a bidding war on the property. If you really like a bank owned property and do not want to lose it, you will need an experienced buyers agent like myself to submit a winning offer to the bank. It's not always about the highest price and you will need someone with experience to help you determine this. Feel free to reach out to me for tips and advice.
  • March 23 2013
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Profile picture for BradNiemann
I would call a Realtor and then a local Lender and make sure you are approved for a mortgage first.  When buying a foreclosure you will have to have a letter from a bank to be considered in the offer process.  A Realtor will have access to foreclosed properties in your area and know how to put in an offer if you find one you want.
  • March 23 2013
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I would suggest finding a Buyer Agent to represent you in the Home Buying process.  (If the home is in NH, I am happy to help).  If in MA, please give me a call and I can recommend an Agent.

You need to be preapproved but many foreclosures are cash sale depends on their condition but you can find some gems out there and still finance.

Once you find a home, an offer is submitted, the Bank takes approx a week to return their response on a Foreclosure, (negotiations), offer acceptance, ensure Title is clear, you could and should have an inspection but the bank may not pay for repairs (depends on severity of repair need usually), Appraisal, maybe more negotiations, close.  There are other pieces that go with the home buying but this would be it in a nut shell.

If you need assistance, I am happy to help.

Melani Taillon
Better Homes and Gardens/The Masiello Group
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  • March 23 2013
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If you're planning on financing the purchase, make sure your qualified before looking at homes. Then contact a real estate agent in your area. If it's a cash transaction, make sure the money is in the bank BEFORE writing an offer. The bank that owns the property will require proof of funds along with the offer.

Many buyers call the agent on the sign (the listing agent). But that's often not a good plan as listing agents on foreclosed homes either won't or can't deal with buyers.

Things you shouldn't do;

Make an offer without arranging financing or having proof of funds.

Opting to not have the home inspected.

Having the purchase contingent on the sale of your existing home.

Not buying a homeowners title policy. The bank that writes the loan will make you pay for the policy that protects them. YOU need a policy to protect YOU should there be errors on title after closing. (Yes, it happens).


  • March 23 2013
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Profile picture for Outer Banks N C
I assume you mean a foreclosed (as in past tense) home. Once foreclosed it is often bought by the bank and is now a bank owned or REO home. You get a Realtor to work with you to purchase it since it will be listed for sale by the bank as the owner and you must have a Realtor working with you to purchase it. BTW, the Realtor is FREE to you so go for it.
  • March 23 2013
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