Housing
2007-07-18 08:36:26 · 8 answers · asked by Anissa H 1 in Business & Finance ➔ Renting & Real Estate
Depends on the stage at which you want to buy it. You can buy it from the owner & assume or pay off the mortgage. You can buy it at the foreclosure auction -- cash only. You can buy it from the mortgagee after the foreclosure action. Or you can buy the mortgage itself and take over the foreclosure action.
2007-07-18 08:49:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How do you know it's in foreclosure?
If there is a sign on the property follow the instructions and call the phone number listed. According to the type of foreclosure you will have to follow the procedures they require.
HUD properties can be accessed online but it is best to contact a REALTOR who has experience with HUD. There are set periods of time in which HUD accepts bids and these times are by category. If you intend to live in the house then you are among the first to make a bid. Other banks, governmental agencies and private investors have their own procedures.
Always remember that foreclosures have often been poorly maintained, may have damages, usually lack appliances, may have a mold problem and so on. You can negotiate the price but if you need a loan the lender will have a lot to say about giving you the money for that house. Some lenders will not loan money for a house that is not in good condition.
2007-07-18 15:51:08 · answer #2 · answered by Othniel 6 · 1⤊ 0⤋
You can go to the 'sheriff's sale' or equivalent when the property is offered for public sale. You will be bidding against a representative of the lender, who will not allow the house to be sold for less than the mortgage holder is owed on the property.
If you are not successful at the sheriff's sale, then you may contact the real estate firm to which the property has been contracted and listed to procure a buyer at the highest price.
2007-07-18 15:49:38 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
first u have to find out who now owns the house - chances are it will be a bank or finance company. than you contact them and in some case depending on your credit and ability to pay you can buy it directly from them -- in some cases if it is up for sale because of back taxes contact the country tax office and they can give you the details.
2007-07-18 15:56:02 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
I think it depends on where they are with the foreclosure. If it's already been foreclosed upon and the sellers are out, it's like any other house sale, except you're working with the bank rather than the seller/seller's agent.
2007-07-18 15:51:02 · answer #5 · answered by jll1881 3 · 0⤊ 0⤋
either at the Sheriff's Sale, provided you're willing to outbid any banks that have mortgages on the property or talk to your local banker & see if they will sell you foreclosed properties (trust me, they don't want them).
BUT, don't be a clown & think you're going to offer them half of the appraised value & get a house. Make a fair & reasonable offer & they'll be willing to consider it.
2007-07-18 15:55:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
business as usual (secure your own financing) - your seller is now the bank that holds the mortgage -
2007-07-18 15:47:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Great question! I'll give it a star!
2007-07-18 15:45:24 · answer #8 · answered by T-girl 3 · 0⤊ 0⤋