Foreclosure purchase?

Question

My wife and I found a great place that we love and we really want out of our apartment. We found this place on a foreclosure website, but every website that we've looked at has a fee just to look at the details of this house. So does anyone know what we need to do to get this house? Do we talk to a realtor? Do they take care of the bidding and what not? Do we get preapproved for a mortgage first?

Any help would be appreciated.

Answer 1

you shouldn't even think of buying a place until you have spoken to a mortgage lender first unless you buy all in cash. in fact, until you do that, until you know how much you are going to be able to get in the form of a mortgage and the VARIETY of different mortgages are offered, as well as what it will cost you for the down payment and the monthly payments including (probably) real estate taxes and homeowners' insurance, you just do not know what price range you should be looking at.

you are better off finding out mortgage terms, definitions, issues, way before you go out looking for a home, but give yourself at least one week. get a lending agent or broker that will explain absolutely everything to you, which means that such person has been a lending agent/broker for a long, long time. the best come to your house and show you all the ins and outs, pros and cons of various plans, instead of you having to bring your papers to them. they will ask you about your debts. be prepared to answer those questions utterly honestly and fully.

i never heard of having to pay anything to see a foreclosed property. it may be true that websites specializing in only foreclosures would charge a fee, however,

if the property is listed in the multiple listing service, which any bank in its right senses would do (hire a real estate broker to sell it for at least what the mortgage is, which you will not know), then surely, a Realtor/licensee can access it in the database, get the keys, and walk you through.

be aware that foreclosed properties come in an "as is" condition. how could a bank know things such as if there are roof leaks, how the plumbing works, heat, etc.? the bank never lived there.

you will be wise to make an offer to purchase contingent upon your homeowner inspection. if your inspector (yes, it costs about $350) tells you that structural repairs must be made for it to be livable, you must find out how much they will cost so that you will know if you can get them done before you take possession.

in a way, it's good to buy a foreclosure (but remember: location, location, location) because what you see (and your home inspector sees) is what you get. the heat is normally turned off and so is the water so that pipes don't freeze. but then, how will your inspector really be able to tell you what's going on?

i am thinking of buying such a property (it's listed) now, but i had lived there in the past, so i do know about some of its problems. but i know that i am happy that all pipes are open to the eye (the wall has been cut out), that i can see and my plumber can so easily see, what must be done once i close. normally, though it is always wise to have a home inspection, they cannot see through walls.

the bank will not give you credits to make repairs. they will not give you money back to do them either. their price is higher than what the unrecovered mortgage is.

you are wise to get the best Realtor you can find that can give you the most honest and ethical advice, and who knows that your interests are above your own: now that is a true agent!

Answer 2

If you have the address, go up and knock on the door. If there is a notice you can call the trustee. If you aren't comfortable, find a realtor you trust and negotiate a buyer-broker fee and they will find out who is in control and make an offer. If you want to wait until the auction then you have to compete with other bidders and have a pre-approved loan.

Answer 3

I believe Dan's acquired it proper at the cash. No promoting or financing over $150K for three months after acquire. And if that is of their agreement, it ain't going away, and I can not suppose there is a means round it. Fannie Mae is a multi-billion buck corporation with an navy of legal professionals. I would not mess with it. Just promote or finance in three months and one million day and make your lifestyles less difficult.