Looking into buying a Foreclosed house?

Question

I'm looking into buying a foreclosed house in my neighborhood. Can anyone please tell me the preocess i'll need to go through? How do I find out which bank currently owns it? How do I go about buying it?

Answer 1

I would recommend trying to get Chris Harris from http://scbuyshouses.com
as a mentor/coach.

They can teach you how to buy Pre-foreclosures as well as show you how to perform short sales on them to make Big Fat Checks.
A good coach has made mistakes so you don't have too:)

Happy buying!

Answer 2

You'll need to line up financing before you make an offer. You need to show that you are making a reasonably high down payment, as most banks tend to be suspicious of high LTV mortgage requests for foreclosed properties.

You also need to pay off all liens on the property - most likely Property taxes, and mechanic's liens, or city liens, etc.

Finally, most foreclosed homes are in bad shape, as the owner has no motivation to maintain it. Expect to shell out many thousands to fix it up. Remember that if there are problems with plumbingor electrical, you MUST have a licensed person do the work, or you'll have lotsa problems down the road.

To find out the outstanding loans on the property, most municipalities issue a foreclosed homes report; the report shows the amount of the loan, the bank holding the note, and the property taxes outstanding.

Answer 3

perhaps its distinctive the place you reside yet right here the banks permit a common factors agent sell them. you may generally tell which they're as they have a somewhat decrease fee for the valuables than different residences using fact the financial organisation is barely drawn to recovering the astounding bills. attempt going into factors brokers and asking them in the event that they have any repossessions/foreclosure and that they're going to in all probability inform you which ones they're.

Answer 4

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