Is buying a foreclosed property an easy task?
367587
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
695916
Some of your question depends on whether you have some special circumstances, but you don't mention any in the question.  Here are some things to do:\n\n1.  Go to your lender and explain the situation, and try to come up with a payment plan you can live with.  The lender doesn't want to foreclose unless it has to, especially in a down housing market like we have now.  But if you have not been in touch with them, they have no idea whether you are trying your best to get current or whether you are just a deadbeat.  So, go and meet with the bank or lender.\n\n2.  Find a credit counselor.  NOT a commercial service that charges a fee:  Those are complete rip-offs.  You want a non-profit credit counseling service run by lenders.  They can help mediate for you and can often work out a payment schedule like I described above.\n\n3.  If you are too far behind, see if you can sell your house.  It is much better to sell and start over with a clean slate than it is to lose the house in a foreclosure.  Then your credit will be ruined.  But a sale is just a sale.  Depending on how long you have been in the house and how much equity you have, you might even walk away with some money in your pocket.  Talk to a real estate agent TODAY about how much your house might sell for.\n\n4.  If worst comes to worst, think about whether you have friends or relatives who could buy the house (either now or at foreclosure) and then resell it.  This can work two ways.  If you are in a temporarily down market but the house and the neighborhood are basically good, then they can buy the house and sell it to an outsider without the pressure of a foreclosure hanging over everyone's head.  Otherwise--and this is true right up through the foreclosure itself--they may be able to buy it and then re-sell it to you; they would essentially become your lender.  And it doesn't have to be one friend.  If you have 5 or 6 friends or family members who can buy it together, it will work the same way.\n\nYou are in a tough situation, but there is hope if you act fast.  Good luck!!
537865
Real Estate Investors by nature want to make money in purchasing real estate,so in answer to your question yes they want to purchase the property as cheap as possible.\n\nAbout the paper work, if you reside in a state where attorneys are used to close real estate transactions then yes you need an attorney, if not then use the normal closing agents authorized in your state. The investor understands the paperwork involved in most all real estate transactions since they don't want any problem in selling the property.\n\nThey will normally go to a professional closing agent such as an escrow or title company to handle their closings and complete the transaction. \n\nMost investors will give you a good deal based on the condition of the property, how much money he will have to put into the property to put it in a position to be sold.\n\nNow if you want top dollar for your property, you have the time to sell it, you are not forced to sell the property because of foreclosure or other reason,then an investor is not the best route to go. If you have the time, the house is in good condition to sell and need no major repairs either sell it yourself or go through a real estate agent.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
379774
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!
1146033
When you are purchasing a property through the foreclosure auction, the person conducting the auction has to verify the funds prior to the auction.\n\nAt the auction you must have cash or a cashier check and that's the bottom line. There is no down payment, You have to have the full bid price in order to be successful at the foreclosure auction.\n\nThere is no 24 hour period in order to get or secure the funds. If you don't have the funds at the auction you can not bid or be allowed to bid on a property.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
574548
When you buy a foreclosed home, you're cashing in on a home someone was no longer able to pay for. Foreclosures are difficult--both to locate and to execute the transactions--but the potential to turn them over for a tidy profit may be there.  Go to the link down below and it will tellyou all about how to go about buying a forclosure. Good luck!
638554
well there are a couple different ways. Contact your local real estate broker and ask if there are any foreclosures being sold. Also look for public foreclosure auctions in your local newpapers.
58874
Ebay, it's really easy.
352537
owner will aloow you to make payments on house rather then have you bother with going to bank and trying to get loan and paying owner in full. most owners are pretty basic and easy to work with...a hell of alot better then lenders...each owner may have their own criteria's you have to meet so it is best to ask them what the payment plan entails.
1096993
Without doing any work yourself, you have at least three choices:\n\n1. contact a bank's loss mitigation person to see if they have any bank REOs (Real Estate Owned). These are properties that the bank foreclosed on and wasn't able to sell on the auction. Look over their list and do a drive by on the ones that seem interesting to you. Then submit an offer to the bank. They usually have an agent that they work with, so he/she can help you out.\n\n2. Contact the people that have ads that say "we buy houses". Ask them if they have any houses around 80k that they are willing to sell. Just verify the comps on the property.  \n\n3. Get an agent that doesn't mind low balling listed homes in the MLS. You might find a motivated buyer who will take your offer. \n\n\nRegards
1038451
The first step is to talk to a mortage broker or banker.  You will need to be able to provide proof of income, and they will run a credit report.  If you're debt-to-income ratio is steady, and you have good credit, you may be able to do 100% financing with 6% seller assist.  The interest rate may be higher than you want (like 9-11%) Your purchase price may be low, and you may need to buy a "fixer upper", which takes some dedication and a good real estate agent. You may be able to do an FHA mortgage, which will get you a lower interest rate. \n\nThe other option (which takes a lot of patience and self-control) is to save like there's no tomorrow.  Cut up the credit cards, pay off some debts to get your income-to-debt ratio lower (generally you can't have more than 33% of your income go towards debt), and open a savings account, even if it only has $100 in it for now. If you're able to put even 5% down, in addition to about $4000 in closing costs, you will be able to get a much better rate, which will lower your monthly payment.  It takes longer, yes, and it won't be easy, but you will ultimately be able to afford more house.\n  \nThe "unconventional" route would be to see if you can find an owner-financed home for sale.  Basically, this means the seller is willing to carry the mortgage for you, and you can negotiate if you get the deed upfront or after the home is paid off.  There are a few risks associated with this, so be sure to work with an experienced agent or attorney if you are able to find a willing seller. \n\nThe housing authority (HUD), Fannie Mae, Freddie Mac, etc. may have some additional resources for you, so you may want to check out their websites first.  They will at least be able to provide participating lenders and give you a good place to start. \n\nwww.hud.gov\nhttp://www.fanniemae.com/index.jhtml\nhttp://www.freddiemac.com/\n\nBest of luck to you and most importantly, don't give up hope!!! Feel free to contact me if you have any other questions.
369971
Yes, although the most popular is an FHA loan that most mortgage bankers carry.  Go to http://www.hud.gov/ Here you will find answer to many questions as a first time home buyer.  I purchased my first property with an FHA Loan and even though the paperwork is a little more, it is the way to go due to the low down payment required.  Also look for a bank with "FHA credits" this can lower the money required at closing.
1070480
That isn't going to be easy.  Most places do a credit check.  There are ways with good credit to buy with no money down.  An individual might sell you real estate that way, but it isn't a wise way to do business.
737768
The cheapest way is to have at least 20% of the down payment saved up before purchasing your house.  Not only will you have a smaller monthly mortgage but you will avoid paying Private Mortgage Insurance every month.  \n\nThe best way of looking for a house is to find an area that you want to live and do some research of the area via the county's auditor website for recent sales and by searching listings via realtor.com or other realty firm's website.  \n\nAlso by subscribing to a legal newspaper you can get the heads up on who is getting a divorce, who died, and who's home is in foreclosure, or filed for bankruptcy.  These circumstances often lead to substantial savings if the owner is willing for liquidity.  \n\nGood Luck.
847555
If the deal is right and stacks-up it is ALWAYS the right time to buy property - foreclosure or otherwise.\n\nIf you are buying for investments:-\n\nDoes the rental potential in the area mean it will cover its own mortgage costs?\nAre you buying at LEAST 15% below market value?\nIs the area up and coming?\nIs the property in good general condition?\nWill it be easy to rent?\nCan you get an interest-only mortgage for a competative rate?\n\nIf you can tick all of your boxes, then it is hard to see when there could be a bad time to buy property.\n\nIf you buy AT LEAST 15% below market value (ideally 25%+) then even if house prices fell - you are still on a great deal with built-in equity.
1031163
In order to be successful, you have to get them prior to them being put on the MLS.  Once they are on the MLS they are at a price that doesn't make a good investment.  The prices are usually too high considering the amount of work that needs to be done.  The other reason to get them before they hit the market is that there are tons of people trying their hand at the very same thing, not really knowing what they are doing and thus, driving up the prices.\n\nSo, the question becomes how do we find these homes tyo flip before they hit the market?\n\nThe foreclosure market and doing short sales with the owners lenders.  I could go on and on about this topic.  My best recommendation is to buy a book on foreclosures and short sales.  This is by far the best way.  It takes a lot of hard work and determination to succeed in this arena, but well worth the efforts.
829028
Finding pre-foreclosures can be a process.  Depending on how much you know about investing in foreclosures should help you determine which service to use.  \n\nI've dabbled in rental properties and foreclosures and have had success with Foreclosure.com.  They had a lot of resources to help guide you through the process.\n\nAlso, they had more listings.....