How to buy a forclosure house?

Question

How can I go about buying a forclosure house in Illinois as a first time home owner? is it something that I can do? I want to find a cheaper house as a first time owner.

Answer 1

Try contacting local banks in your area to find out what REO (foreclosed properties that the lender now owns) properties they have. If you qualify for a loan, I'm sure they'd be more than willing to talk to you about a property you are interested in.

Answer 2

Foreclosures by FHA and VA are a matter of public record and are available on the web. Otherwise, look for an ad placed by a Realtor who specializes in foreclosure properties. Also, check your local newspaper for notices entitled, "Trustee Sale". These basically give notice of pending foreclosures. It takes a lot of research and the houses usually aren't in great condition. Get a home inspection before making a purchase to avoid buying a house with structural problems, etc. Cheaper isn't always better. Sometimes it's a better investment to buy a place in a good neighborhood and in good condition, especially when it's your first house.

Answer 3

If you have never purchased a home before or a foreclosure, you need professional help. Lenders will not deal directly with buyers and HUD homes are purchased by a bidding process, which is done a sheriff sale, and then you only own the property, in some state like Minnesota, the defaulter keeps position for additional 6 months. So my best advise is find a Realtor who is experienced and knowledgeable in handling these types of transactions. And believe me, not every Realtor is capable, so be careful to have them prove their sales of such properties to you. Good Luck!

Answer 4

Look in the newspaper in the Classifieds under legals or
subscribe to a service which sells list of foreclosed homes.
Beware their always is an established racket in any city or town of wealthy individuals buying these type of properties before anybody else knows.

Answer 5

Foreclosures may be a cheaper buying price but be prepared for LOTS of repairs .
Many are trashed and stripped of everything (including built in appliances and lighting) .

You will still need a title check to make sure there aren't other outstanding liens on the property .

Foreclosures are lots of work and homework .

good luck

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Answer 6

check your local news paper in the classifieds they often advertise forclures. also forclosures are a matter of public record. check with the clerk of the court at your local court house.

Answer 7

you can buy a foreclosure home the same way you buy any other home, i would get a realtor and there are even some realtors that specialize in foreclosures.. here are some good buying tips that will help.. good luck
http://www.obxrubert.com
http://www.obxrubert.com/RealEstateTips/HomeBuying/Default.aspx

Answer 8

First, knowingly set yourself to betray your nation. Then betray your Nation.

It's simple really. The majority of seizures are for "conservative aggression". Treasons such as seizure of all money for child support of fictitious children, or seizures of health care rights from whole unions or trusts set up for retirees are the principle reasons for "foreclosures".

So, help your courts betray; pay them real money to kill your neighbor, they'll thank you for it, perhaps by killing you and yours! (If there is a God! Karma, or any decency, anywhere.)

Thank God for traitors like yourself. Where would treason be if not for you!