How do I buy a house shown as "Foreclosure", and what does that means?
460845
You need to contact the bank that currently has possession of the house or watch the paper for an auction on that house.  It's usually a silent auction requiring a 20,000 dollar deposit the day of the auction, if your bid is the winning one.  A forclosure is a repossessed house.  The owners could no longer afford to make the mortgage payments so the bank was forced to evict the residents and take over the house.  Watch out though.  Forclosures can be tricky and have lots of damage and/or rot, termites, etc.  Many people will ruin a house that they are being forclosed on out of spite and many have sat for so long that they are falling apart.  The banks in many cases will not winterize and take care of the homes that are in their possession.  I looked at one forclosed home and found out later that there was a termite nest inside the home.  Thank goodness I didn't buy it!
30440
Often, there are no "true" website that dedicate to that.\n\nThey are companies who go to Foreclosure, government auctions and list the houses they have, and attempt to make some money by offering you the house cheap. Example: They tell you this house is available, you can buy it for $100,000, when in reality they buy it at 95,000 (or whatever) and resell it to you. Pay close atention to fine prints and information about the "provider."\n\nYour best bet is to go to a live-local auction. I don't know where you live, but I'm pretty sure you can find it a bit. Someone in your town has got to know.
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"
444906
Foreclosure is started by the bank or by the state. It start when you either stop making payments to the bank or your taxes.  First they will contact you to try reach an agreement of whatever quantity you are late.  If you cannot reach that agreement or if you fail to that agreement then it will be referred to a law office which in turn will contact you also.  Then they'll go to the court. Only after the court reaches a decision that the property can be claimed by the bank.  Once that happens you are evicted from the property. Then the property is put into the foreclosed listing of the bank and resold. Years ago banks priced properties for the amount owed but nowadays they use market value for pricing purposes.
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.
1031949
No, you can't The house sale is usually contingent on appraisal and loan approval. That means you can decide not to go through with the purchase. If you read the loan application, I'm sure there is something that says they aren't going to lend you if there is something they don't like about the house such as termite, roof leak, etc. Your other option is to ask the seller to repair them.
897244
We are in a buyer's market for now.  Foreclosures are up and will continue upward for at least another year.  This is due to the large amount of speculation and creative financing.  The creative financing people once thought was a great idea is now biting them in the behind.  If you are a buyer, you are in the drivers seat.  Look at the houses for sale and carefully analyze recent sales.  If the properties are in danger of foreclosure (you can find out by checking with the county court house public records) or has been on the market a long time, you can get lucky by making a low ball offer. \n\nDetermine the fair value based on recent sales and offer 20% less to the homeowner that needs to get out.  Now is the time for buyers to wheel and deal.
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!
255677
Probably the condition of the homes. We looked at many foreclosed, or pre-foreclosure homes when we were buying. The foreclosure process takes so long generally that the houses have been vacant for a long time and many that we saw were trashed on the inside too. Also, sometimes you will have more difficulty finding a mortgage to purchase one of these homes as they are generally sold "as is".
74664
Check out this site:\nhttp://www.foreclosure.com/
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.
749519
NOtice of defualt is the first step to foreclusure.  That's the lender telling the borrower that he missed a few payments - and that foreclosure is coming.\n\nReal estate owned (REO) is the bank owning a foreclosed house.\n\nPre forclosure is the best time to buy the house.  You can often negotiate with the bank at this time and get a good deal.  Remember, good terms are better than a good price.\n\nNotice of foreclosure sale is when there is usually an auction after the house was foreclosed and the bank is trying to sell it to the highest bidder.  Don't try to buy here - there will be tons of people at a foreclosure sale and they call came with mega bucks to plop down on the house.  Also they are usually all cash deals.\n\nGood luck - and follow the pre foreclosure route.  The others might work for you, but only rarely.\n\nAs an investor I will tell you that if you are sking this question, you really are not ready to invest.  Read up - learn more and then go for it.  Good luck
694953
I'm not an expert,but the buyers had the option to have an expert appraisal done on the home before the final sale, I'd say they are out of luck, don't go spending your hard earned money on a lawyer, ask your R.E. agent, he/she should be able to answer that question, or better still ask your Bank Mtg Mgr they see all kinds of stuff.
990834
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
411328
Do you mean forclosure?\n\nTry the HUD website, or do a search on forclosures.  Banks also have lists on their forclosed homes but they aren't always on a handy list.
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.
248393
go to realtor.com to search if it is for sale.  Then go to forclosure.com and search for forclosures in the area.  These 2 sites have always worked great for me.