How do you go about buying a house that has been foreclosed?

Answer 1

I bought my house at the foreclosure auction. There will be an auction announcement in the newspapers for 2 weeks (minimum) prior to the auction. Go to the auction as stated and bid. If you are the highest bidder, you will most likely be required to give a 10% deposit in verifiable funds and have either 10 or 30 days to pay the balance. Each auction is different but these are the most normal guidelines.

Answer 2

There are a couple of ways that you can go about purchasing a foreclosure

#1 Pre-foreclosure (I think this is the best method)
This is when the owner is still in the property, contact this individual, find out their intention and see if you can purchase the property by giving them some money to move, make up the back payments to include any fees and cost of foreclosure fee.

#2 Sale
This is when the property has been completely foreclosed on. The lender is required to hold an auction. The highest bidder comes away with the property. At the auction you have to have all cash, cashiers check or money orders. No other instruments are normally accepted. You must present evidence before you are allowed to bid that you have the minimum bid price.

The minimum bid price is the balance of the loan amount and foreclosures and other fees that bank had to spend trying to get the borrower to bring the loan current or pay it off.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Before thinking about buying a house that is in foreclosures make sure that you are familiar with the laws of your state. It is best to try to contact the owner beforehand to make an offer, which will cut down on the competition that can be present at the auction. Also, research any foreclosure listing services in your area, not only do these services provide foreclosure and pre-foreclosure listings but they also can guide you on the process. I suggest staying away from nationwide sites because they tend to be poorly organized and do not contain a lot of information. Keep it local. Good luck!!