What's the best way to buy a foreclosure?
February 27, 2009 12:11pm CST
I found our county page that has all the foreclosures listed in our area, but I have no idea how to go about asking about them. There is a number for the county trustee, but isn't it the banks that are ultimately in charge of which one's get sold. Also, do you pay the whole amount upfront, or can you finance one of them? An the price they have listed is very low, do they actually sell them that low, or do they ask for more than that? Please let me know any information you have for buying a foreclosure. Thanks in advance.
• United States
1 Mar 09
With a foreclosure, the bank has reposessed the house. They are trying to keep from losing all of their money. They can't list a price on the house and then ask for more. The only way they would do that is if you got into a "bidding war" with another interested party. Then, the bank wouldn't ask for more money, they would just accept the better offer. Foreclosures are an excellent way to go if you want to save some money. You should still go through all of the motions of buying a house, though. You can pay cash (if you have it) or you can get a mortgage. If you are ready to buy a home, my advice would be to get pre-qualified for a loan and the contact a Realtor. The only difference that I know of when buying a foreclosure as opposed to a home that is being listed by the owner is that a foreclosure is 9 times out of 10 sold "as is". If anything negative shows up on the home inspection that you sould have and your bank will require, then you can't negotiate for a lower price or for the bank to fix the problem. You buy it "as is", and the problem becomes yours. When dealing with an actual homeowner, usually you can negotiate more. But you won't save as much money. But, like I said, if you are serious about buying a home and are ready, get a Realtor. They can hold your hand every step of the way, and won't let you get a bad deal. Not to mention that they have access to the MLS that you don't. (It's the "Multiple Listing Site" that has on it all of the homes for sale.) That's the easiest way to find a foreclosure.
• United States
27 Feb 09
My family is now buying foreclosures and selling them on there own making some extra cash in there pockets. What you do need to do is go through your county in which you live in and ask them how much it is the address and they will give you all the information on all the houses in your county. The computer is not going to tell you because your county does not want you to know all that information on the houses, its kinda private and the last homeowners information is on there. So then you will be purchasing the house still from the bank though. Its kinda a confusing process, but contact your county and they will walk you through it better than i have explained it here.