How does it work when I want to buy a foreclosure home? I just want details please.?
Question:
Answer:
First what do you mean by foreclosure home.
1. 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
2. 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.
Most of the homes sold by the bank are sold as is and it is wise to have the property inspected by a professional.
If 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.
If 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.
this is the basics however I'm sure there are some who have tricks on dealing with the banks.
Details would take a book. Therefore, I suggest that you trek to your local library and check out a book on buying foreclosures.
it is illegal to ourchase a foreclosure home unless you work for a gov't agency...the radio messgaes u here saying we are liquidfying homes with lilttle or no cost, it is all a hoax. i suggest you but a house if you want to be free. otherwise go buy a foreclosure home and get arreseted or worse...
Do you have one in mind? All banks and mortgage companies HAVE to post their foreclosures. You may look at their list and if you find one, contact the holder of the foreclosure. This is how they sell them. You make an offer on the property just like any other house! If it is accepted, you secure a mortgage and buy the property.
More Related Questions & Answers...