How do i buy a home in foreclosure?
Question:
Answer:
It depends on why you are buying it. And when in the process. There is pre-foreclosure, at the auction, and from the bank that got it back.
pre-foreclosure you are presumably helping the people out of a tight spot for some of the equity. Don't get too greedy doing this or you are evil. But you are helping them so in all fairness you should get some of the equity for helping.
At the auction is going to be quite the experience. Try going to an auction at some county to see what happens. You usually need to have a suitcase full of cash (or a cashiers check, same thing) so most people don't do it this way.
After the auction from the bank is a good way to do it. The easiest of this type is HUD homes. You get an extra special deal over the investors if you plan to live there. (they accept a lower bid as the point of hud is to help people own houses, not investments). If not HUD then you need to convince a banker you will buy one of their houses. easiest to go through their agent than to actually talk to the banker. Or get your own agent. The nice thing you got going for you is that they dont want to own it. And they do want to loan money. So you can sometimes get a nice deal and they will finance it.
read more on it before you do it
http://search.barnesandnoble.com/booksea...
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