How does it work when I want to buy a foreclosure home? I just want details please.?
414901
First what do you mean by foreclosure home. \n\n1. If the house is currently in foreclosure and has not been sold by the sheriff or trustee. Then you will need to buy the home directly from the debtor. They own the property till the sale date and/or redemption period. If debtor is not willing to sell their home you will need to bid on the house at the foreclosure sale. You will need to contact the law office that is handling the foreclosure for their sale terms and if money is due by the end of the day. Please understand the foreclosing law firm can only give out very limited info due to the fair debt act\n\n2. The foreclosure sale was completed and reverted back to the bank and the redemption perior expired (if there was one) The bank owns the property at this point. You will either need to contact their REO(Real Estate Owned) department and tell them you are interested in purchasing the home. Or wait till the bank has listed the property with a local realtor. \n\nMost of the homes sold by the bank are sold as is and it is wise to have the property inspected by a professional. \nIf you are financing the home some lenders may want to see the inspection report or have other requirements since it is a foreclosure home before they do the final approval. \n\nIf you are purchasing the home from the debtor prior to the sale, Time can be of the essence and the closing will need to be completed prior to the sale unless other agreements have been made by the Mortgage company foreclosuing on the home.\n\nthis is the basics however I'm sure there are some who have tricks on dealing with the banks.
1060732
Refinancing by traditional lenders is pretty much impossible in foreclosure.\n\n  However, if your loan-to-value ratio is good (i.e. you have around 65% equity in the property) you can try to contact a 'hard money' lender.  The rates are higher than banks, but they don't care about credit history, foreclosure or anything, simply ownership and LTV.
1145335
My husband & I bought a foreclosed home last year.  We actually looked at several.  We chose this house because of its location.  It had been vacant for 2 years, and not well maintained prior to that.  We knew all of this before we made the offer of nearly 25% less than the asking price (which was low for the area to begin with).\n\nThere was some extra paperwork, mostly releasing the bank from any liability for things that did not work.  Nothing worked.  Our offer was accepted within 24 hours, and it still took 6 weeks to close on an unoccupied house with a cash purchase.\n\nWe have been doing renovations since December.  We have been doing them ourselves and have saved tens of thousands of dollars.  Even with all of the work we have still spent less than 1/2 of the curent market value of similar homes in this area.  If we had it to do over, we would.
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!
726707
first i would get preapproved for the amount of the loan you can get.  foreclosed homes are homes that are repoed from a bank, so the bank is selling it to get their money back,   check with the bank that is selling the property and see what their rules are.
694285
First thing to do is get approved for your loan.  Then it'll be like you're walking around with the money in your hand, ready to buy a house.  This will be especially important if there are more people interested in the same house.\n\nFind a Realtor who knows how to sell foreclosures (HUD, VA, bank owned)  and who comes recommended by someone you trust.  Tell him what you're looking to do.  What kinds of stuff you can fix, what things MUST be in the house to satisfy you, etc.  \n\nYou will need to submit a lender pre qualification letter with any offer on a foreclosed property.  Make sure you and your Realtor closely follow the instructions for bidding and follow up.  I sell alot of foreclosures and have seen agents lose a deal for improper paperwork.\n\nGood luck.
1069652
First of all you are purchasing the property in a as-is condition and the bene does not plan to do anything about that situation.\n\nThe Bene will have someone there to ensure that they make the minimum bid of whatever the loan is. So if the loan on the property is 150K to include all foreclosure fees, attorney fees, recording fees and any other cost to complete the foreclosure, the lender will have someone there to bid 150K. After he bids that he probably will not bid again.\n\nKeep in mind if the property is being sold at the foreclosure auction the person performing the auction will want to see your cash or cashiers check before he will allow you to bid on the property. So make sure you have enough cash on hand. You will not be able to bid unless the cash or cashier check is there,  you can not win the bid and say you have to go get the money.\n\nThe lender will in most instances get rid of the person residing in the property now, that need not be a concern of yours.\n\nAt this point it is useless to approach the owners. You must contact them at the beginning of the foreclosure procedures but long before the lender has set a sale date or trustee sale. That is the best time to purchase a foreclosure is by contacting the owner before the property goes to sale by the lender.\n\nThe only liens you have to worry about is the one you are bidding on. The other thing you might have to bring current is the taxes, but most of the time that is included in the fees the lender had to pay out.\n\nTo check for liens on the property you can get a title company to either give you a title report or a property profile. By this lender foreclosing on the property any junior liens are wiped out unless the junior lien take over the foreclosure from the senior lien holder\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!
1128621
When a property gets foreclosed on, and it's the first lien holder that is doing the foreclosing, then the second and third and fourth (etc.) will get wiped out at the foreclosure auction. What an investor will do is to buy/tie up the property from the defaulting owner and see if he can discount the first and second. The second will most likely agree to a small amount (usually 7-10 percent) because they will lose everything once the property gets foreclosed on. The first will usually accept a 20 percent hit.\n\nNow what you quoted is that the second note holder was stating that he will own the property by buying it from the person in default and take over the first position's loan payments and make it current. Therefore, he is not interested in selling his note to the investors. The investors in that example were idiots for not controling the property first or the owner didn't want to sell. The investors were hoping to buy the second note at a discount and bid at the auction and own the property with at least 15 k equity plus whatever the homeowner had in equity.  \n\nYou can buy any note by approaching the lending institution that holds the note and making an offer to buy it. You will need cash to do so.\n\nAlso, to clear up the quoted reference, you can purchase property "subject to" existing liens/loans. Taking property "subject to" means that you will take over the payments, but the old owner is still responsible for the loan(s). So if you stop paying the mortgage/trust deed, the lending institution will go after the old owner and start foreclosing on the property. Buying property "subject to" existing loans is one way where someone with no money and/or credit can get into a home and own it. The second note holder was buying the property from the defaulting owner using the "subject to" clause.\n\nI either confused you or helped you. Either way, I just saved you hundreds of dollars in late night real estate infomercials! ;)\n\nE-mail me if you have any questions.\n\nRegards
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"
824322
Well, if you don't want to go the auction route you have a couple different options.\n\n1) Preforeclosures.  Get an online listings source and find pre-foreclosures (I use foreclosure.com).  Now you can identify the property you like (get funding!) and make a proper offer.   You will also help the home owner slide without a foreclosure on their record.  \n\n2) Foreclosed.  Meaning ones that don't get sold at auction become REOs.  Or bank-owned properties.  Then you can go straight to the lender and wheel and deal.  You should probably have a buyers agent though, to look out for your interests.  They may even get you a deal if you finance through them.\n\nOk. good luck.
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!!
34449
Realty Trac allows you to search for foreclosures in a specific state. You can sign up for a free trial to obtain the information. If you think it is something you want to continue doing, I think their fees are reasonable.
1109824
Foreclosure is dependent on the contract.\nSome contracts imply that if you're one minute late, the house belongs to the bank. Don't let it happen!
173305
It works pretty much the same way as if you're buying from a private party. My husband and I went through a relocation program when we sold our home. Basically, we technically sold the house to the relo company and then they sell it. But that's just technicallity..we were still involved. My husband and I OKed or turned down offers (with input from our relo person). Relo companies will not ask for more than the house is worth, but they do turn down some buyers that don't qualify for a loan (or something like that). If you're going through a reputable bank for your loan, you shouldn't have a problem.\n\nAlso your first answerer is right. The realtor for the relo company is paid lower than usual. How this affects the you, the buyer, who knows. :-)\n\nAnother thing, buying a house from a relo company will usually be faster. They are on a strict timeline, so this may be a plus for you (or not).
1073692
It's public info, those companies just compile it and resell it. How much time are you willing to spend down at the county courthouse?\n\nRelated note - I'm no real estate expert but know a few and they do expect a big jump in foreclosures in the next few months in many markets. But they also say the best deals are -pre-foreclosure. Depends on your time/money constraints and goals - invest or just get a good deal on your house. If you want to invest as a business, simply put up cheap ads in high-traffic areas, in the neighborhoods you like, saying "Worried about foreclosure? I can help, call xxx-xxxx" Then when they call you screen to see if you're interested in the property, and make an offer.
626591
Foreclosure means that you have until July 4th to pay off the unpaid balance, plus your current mortgage due, or you lose the house.  Since mortgage payments are so high, few people can manage it.  Your only chance to salvage your credit history and your financial stability is to sell the house quickly, take whatever profit you can and buy a new house for yourself and the kids.  But... you need his consent to sell the house.  If he won't cooperate, you'll need a judgement (a QUICK one) to force the sale.\n\nGood luck!