How does the foreclosure process work for the potential buyer?
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Answer:
This is a tricky arena that can be very restrictive on you as a buyer. Many states have special laws designed to preotect homeowners from fraud. It is very helpful overall, but can mean a lot of extra research and precaution for you as a buyer.
I write a blog that touched on this a while back...check it out for more info. Hope this helps.
Noone forcloses on prospective buyers.
You make an offer on a home that is in foreclosure or going to auction. If your bid wins, the bank that holds the note then has to approve your offer. If they reject it, you'll have to offer more or walk. If they accept it, you can buy it. Nice and easy.
try to contact banks that have REO property such as Indymac Bank or Greenpoint Bank. Alternatively, speak to attorneys that deal with preventing foreclosures. They know who may sell their property before they get foreclosed and have exhorbitant fees charged by the bank. The homeowner has a better chance of recouping some funds since the bank only cares about recovering the mortgage amount for the most part! Do not spend money on buying lists. They are a scam!
Depending on state of distress, you can deal with the owner or you can deal with the lender. The various options & possibilities are too complex & varied to explain here. This is not the kind of business for novices.
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