thinking about buying a house that is a forecloseure
2006-09-15 12:28:02 · 8 answers · asked by Jacob O 1 in Business & Finance ➔ Renting & Real Estate
Make sure to watch for any tax or unsecured liens on the home!!!
2006-09-15 12:29:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Its actually fairly easy. As mentioned earlier tax liens, mechanic liens and the like can cause a bit of trouble yet lenders are just happy to get the foreclosures off their books. Here's how it works, find the home with the foreclosure and try to get the bank to pay all non recurring closing cost, remember, if you are a qualifed buyer you have leverage. When the lender/bank pays the closing cost all you need is just your insurance and per diem interest to cover. If you get 100% financing you can actually get in the home anywhere from $1k to $2k. I've even had them pay all liens just to get rid of the property. The biggest thing you'll need is patience as it can be a bit trying. GET AN INSPECTION - no deal is so good if the home has lots of issues, so know before you go. Good luck.
BTW - How do I know all if this? I'm a Loan officer and have closed several of these.
2006-09-15 19:46:01 · answer #2 · answered by austinguy62 2 · 0⤊ 1⤋
Just the usual on your end, but there will be no help in the form of closing costs. Foreclosures are a whole different beast than regular sales. They are sold strictly as is, and you want to put in an offer as fast as you can with as few contingencies as humanly possible if you want to get it. A good large deposit is also helpful.
2006-09-15 22:52:17 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
You usually need to get the listings from the city or county that the foreclosed home is in. Also, be prepared to pay off any liens that are on the property.
2006-09-15 19:31:05 · answer #4 · answered by cleanair 1 · 0⤊ 0⤋
That depends. most often, such houses would be sold by a banking institution.. you would have to pay the termite inspection if you wanted one(advisable), the home inspection, and other fees that the city requires(not much)
2006-09-15 19:31:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you need to get in touch with people who buys and sell Foreclosures for a living, go to my site :
http://www.theforeclosuresinfo.com/bay-area-real-estate-home-search.php
if you're the the bay area, I can help, if not, I know plenty of people who deals with foreclosures, short sales, reo etc.....
2006-09-15 22:50:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
its not so simple always. get a lawyer somewhere down the line. or look for an unclaimed house.
2006-09-16 20:26:13 · answer #7 · answered by Piffle 4 · 0⤊ 0⤋
http://www.foreclosures.la
2006-09-16 00:39:10 · answer #8 · answered by ? 3 · 0⤊ 0⤋