when trying to purchase a home in foreclosure, whats the appropriate way to go about it ?

Im getting in to the buying and selling market. And I was told that in that situation you walk right up to the door and make em an offer. That sounds like a mistake.
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April 17 2007
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Answers (6)

This is an incredibly old thread but I will add my answer anyways because it could benefit someone down the road:

The lender probably will not talk with you.  They can't really say much to third parties without a signed letter from the owner allowing you to talk to them. 

Knocking on the door can be met with mixed results.  A nicely wordedletter could be more effective.  I would almost go as far as handwriting it since that would make it stand out from the rest of the12312312 letters they've probably already received.

Tracking it with one of the foreclosure groups isn't a bad idea either if you are not bold enough to knock on the door or write a letter. There is a foreclosure group in my office that has a team of people to track these things.  They go and knock on every single door and try to get the owners to let them take a look around in some cases. 

That brings a point to mind as well.  You are not the first or last to knock on their door, send a letter or consider trying to contact them in some way to purchase their property so what are you going to do to increase your chances of success?
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March 28 2009
It can be a good tactic to make an emotional statement to the seller that you're serious.  I've know some people that show up with a signed purchase contract and a cashier's check for earnest money in hand. 

It's probably only a good idea for a very experienced buyer, and only in very specific situations.
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March 28 2009
Real Estate Investment Firm is the Seattle foreclosure expert.
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January 03 2009
When looking into purchasing a foreclosure, education is the most important element. I recommand an e-book; how2buy4closures.com
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January 03 2009
The best way is to find an expert and learn from what they have done. 

There are many different ways to go about buying foreclosure properties from pre-foreclosure, short sale, foreclosure auction, or bank owned properties.  Each phase in the life cycle of a foreclosure property represents unique challenges.  So build your team of experts first.

My company Real Estate Investment Firm has a Free Foreclosure Buying workshop we hold for the general public to get more information on the subject.  To RSVP go to www.RealEstateInvestmentFirm.com
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January 01 2009
It is a mistake. If you were in their shoes, how would you be preceived? Like a vulture, preying on the unfortunate!

Do some homework. Find out first what they owe. Talk to their lender and find out how willing the lender is to work with you. Learn what a short sale is, and help the homeowner solve the problem.

This is not an easy task. There are hundreds of houses going into foreclosure every week in the Puget Sound area, and just as many Realtors and investors trying to work this market. Be patient, and persistent.

As a Realtor working with buying and selling clients, you have to be willing to add value to the property. Just buying a house and then reselling it is not investing...it's gambling.
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June 08 2007
 
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