How do you buy a house that is in foreclosure or bank owned?
Question:
Answer:
Check your local courthouse or recorder of deeds for the properties that interrest you that are in foreclosure, bank owned etc. Also check your local sheriff department listings too....Word of caution>>>>> check the condition of the property thoroughly with a professional house inspector for hidden surprises , lawyer for unexpected attachments etc..hope this helps
Chances are these houses are listed with one of your local real estate broker.
So you should check with a local realtor in your area. You can make an offer on the property through the real estate broker. You will be required to put up a good faith deposit. This is about $500-$1000. to be held until the offer is accepted.
If you find that the bank owns the property, find out their address, write an offer, It can be on a piece of paper tell them you want to purchase a property they own at (123 Anywhere St, Any Town USA.) Tell them how much you are willing to pay for the house, how much if any you want to put down and how much you will get a loan for to cover the balance that is left after the down payment.
You might also send them a check as a deposit. about the same as you would give to a real estate broker.
If the property is not listed with a real estate broker,then you might find out what bank own the property by going to the county court recorder's office and look the property up.
If you know a real estate or mortgage person you might see if they are able to get you a property profile. That document will also tell you who owns the property.
Yes you may purchase these properties.
You might also want to make sure that the persons that lived in the house don't still own it. If they do you can make a deal with them. Find them, see if they will sign the house over to you and how much they will need if anything.
In each instance make sure you have taken into consideration any repairs that need to be done before making an offer, so take pictures of the damages to the property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Here's a website of homes for sale by various govt agencies:
http://www.hud.gov/homes/homesforsale.cf...
You'll find most at the HUD site:
http://www.hud.gov/homes/
The sites also include information on how to go about buying one.
Best to you.
Find a real estate agent and have them to pull what we call comps on the property ( the basic information sells price, square footage, owners names, property value, etc.) and then you will proceed to purchasing this property as you would property that has not been foreclosed on.The only thing with buying property that has been foreclosed on is that it is "AS IS" not saying that there will be something wrong with the property.I personally think foreclosures are worth purchasing. For example: You purchase the foreclosed property for $100,000 it may be worth $140,000 you do a couple of renovations totaling maybe $5,000 that means after your upgrades/renovations you will have $35,000 worth of equity in a house that you paid $100,000 for. You could eventually refinance and pull the cash out or sell for the whole $140,000. Good Luck
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