you see commercials on tv all the time about finding incredible deals are these deals for real? I would love to be able to do that but my funds are squeelky tight.
2007-01-12 23:14:47 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Get yourself a real estate agent. They take you through the whole process step, by step. Most all foreclosures are listed with re companies. You pay nothing extra for the services of the RE agent, the seller pays for it.
As a first time buyer you will get special incentives like the other answer said. You may also want to get FHA financing. Your Agent will help you get this type of loan.
Many people get some money from parents for their first down payment. Be sure to do some homework first before you ask parents for money. If they think you aren't serious, they may decline.
You agent will help you discuss this with them.
Like the HUD buyer said. Buying a HUD foreclosure is a really good bet. They do often sell for less than other similar homes, but like other answerer said they also usually need some repairs that HUD won't make for you.
Check out www.hud.com
Read everthing there for you to get a free education in home buying/owning.
Stop watching those rip off things on late night TV. Only a portion of what they say is true. Plus they want you to send THEM money. Don't buy that junk. It's a waste of your few bucks you have.
Very best of luck
2007-01-13 00:02:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most foreclosures are sold at auctions. Be careful and have the house inspected before you buy a lot of times if a house was foreclosed the last owner did not have the money to make the house payment for a long time therefore also did not have the money for up keep, It may be in need for a lot of expensive repairs.(That's how a lot of people get suckered in by the low price). Sometimes you can find good deals just make sure you have it inspected first as most foreclosures are buy as is.
Good luck.
2007-01-12 23:31:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The hard part is knowing how to find the properties. Contrary to what the first answer said. Buying foreclosed properties does not harm the person that lost the home. They have already lost the home and my benefit if you pay more than they owed.
If you can find properties BEFORE foreclosure, you have an opportunity to help them even more. Say they own $80,000 on a $150,000 home and are facing foreclosure. You buy from the owner for $100,000. They walk with $20,000 and avoid foreclosure. You have $50,000 for any needed repairs and profit.
2007-01-12 23:31:51 · answer #3 · answered by STEVEN F 7 · 2⤊ 0⤋
It depends on the state you live in. I bought my HUD home 2 years ago. Once all the creditors are contacted the house is sold through a relator by sealed bid. The relator must be a participating HUD seller (not all are). People that are going to use the home to live in have the first shot of purchasing (before investors). If the bid is accepted the relator will contact you blah blah blah. Unfortunately, there is no negotiation period and sometimes you have to over bid to get the house.
As far as settlement goes, it all depends whether you are a first time buyer. If you are, HUD pays for many things that typically you would pay for at settlement, legal fees, some taxes, and various other closing costs.
Buying my HUD home was somewhat of a pain, but in the end, it worked out well and I got a pretty good deal.
2007-01-12 23:23:49 · answer #4 · answered by Rote 2 · 3⤊ 0⤋
The following site has some awesome information about buying and funding foreclosures.
2007-01-13 01:27:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2016-11-23 15:41:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I refuse to profit on the misery of others. Which, when you get foreclosed property, is usually what you are doing.
2007-01-12 23:22:33 · answer #7 · answered by Anonymous · 0⤊ 4⤋