How do you get a great deal on a foreclosure property?
Question:
Answer:
The best way is to do your homework.
Go to the local recorders office and ask for the "Lis Pendes" or subscribe to the newspaper in your town that publishes the info.
If you do not have a lot of cash, you cannot buy a foreclosed home on the courthouse steps.
The successful bidder has 24-48 hours to come up with the entire amount in certified funds.
There will be no time to run to the bank and get a loan.
Many people looking for FREE information on foreclosed homes forget this very important detail.
They subscribe to these services that announce foreclosure sales but don't have enough cash to actually buy the foreclosed property.
Realtors are the ones, who have REAL information. Con artists advertise foreclosed properties on TV and on the Internet.
If you are a buyer, it doesn't cost you anything to have a Realtor working for you. Why not have a professional on your side?
Buying a property and especially a foreclosed one is not very simple. Talk to a Realtor, but do not expect to buy a million dollar home for next to nothing (this only happens on TV.)
Find a Realtor that specializes in foreclosed properties. There will not be a fee to you - the bank pays the Realtor. Be prepared to provide documents that state your ability to acquire the property; either cash assets or a preapproval letter from a lender.
Additionally, buying a foreclosure is not like buying a house "up for sale". Some cases the occupants[ants took 'items' with them, like the kitchen cabinets etc. Some properties will be sold at a discount because of this while others, the bank rehabbed the property and will expect more money for it.
Speak with a professional, stay clear of the companies selling LISTS of foreclosed homes, they are in the business to SELL lists NOT homes. A Realtor gets paid to sell homes, but find one that specializes in the foreclosure market.
This will take several calls to find the Realtor you are looking for.
Hope this helps,
There are realtors who specialize in foreclosures, but there are other ways to find out information on foreclosures by yourself. All foreclosure proceedings are public knowledge - just go down to the local county clerk's office and you will find all the documents pertaining to any foreclosures in your area.
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