2006-06-21 12:49:22 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Four ways and each way has it's own steps and procedures:
1. From the owner before the bank takes action and makes it's intentions pubicly known.
2. From the owner when the bank takes action and makes it's intentions pubicly known.
3. From the bank at the bank auction
4. From the bank after the auction.
I suggest you learn the laws and process of your state and read some books on this subject. Also some people do it between 3 and 4 during the redemption period (where aplicable).
Regards
2006-06-21 13:02:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You must use an agent to negotiate the sale on your behalf. Two things that are more important in foreclosed properties are title insurance and inspections. The seller, which will be a business, such as a bank or other financial institution, will want to sell the property 'as is' since they have no knowledge of how the property was kept up like an owner would. So the inspection must be extra thorough.
Also, expect to do some maintenance and repair. people who lose their homes likely did not have the discretionary funds to keep up with maintenance.
2006-06-21 13:06:20 · answer #2 · answered by oohhbother 7 · 0⤊ 0⤋
Many foreclosed home sales are handled through the Department of Housing and Urban Development (HUD). The website in my region is:
http://hmbireo.com/
You can see listings for homes for sale, the procedures for making a bid, where to find a real estate agent certified to make the bid for you.
2006-06-21 13:58:15 · answer #3 · answered by saraphen 5 · 0⤊ 0⤋
Go to your local bank and ask for the REO (Real Estate owned) department.The person in charge have a list of the properties in your area tha bank owned and want to get red of it .
2006-06-21 13:01:42 · answer #4 · answered by Web4profit 1 · 0⤊ 0⤋
Forclosures are required to be listed in the local paper. Beyond that I'm not sure exactly what to do. I do know that in most cases the Mortgage Company buys it.
2006-06-21 12:55:13 · answer #5 · answered by Cimba00 3 · 0⤊ 0⤋
Find out who foreclosed on it, a bank or the government. Contact a Realtor in your area, they won't charge you as a buyer, and they can submit and offer for you.
2006-06-21 12:53:39 · answer #6 · answered by SAChicky 5 · 0⤊ 0⤋
Check your local government or federal government. They always have homes for sale.
http://www.realtystore.com/traffic/controller.do?adid=1004&ovmkt=VNG6CJ9NBMG48A5FOQD9GVMGH8&OVRAW=foreclosed%20houses&OVKEY=foreclosed%20house&OVMTC=standard
Go to the search engine and you will find more.
2006-06-21 15:29:20 · answer #7 · answered by Nana 6 · 0⤊ 0⤋