How Do I Purchase A Foreclosed Property ?

Question

My wife, and I are looking to purchase our first house. I was looking into Foreclosed Houses. I was wondering if anyone would know any information of how the process goes when purchasing a foreclosed home. What is the actual price that I will be paying for a house ? Below is an example, of what I need help understanding. Please help !!!!!

Thank You very much.
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Example: This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 1595 square foot property has 4 bedroom(s) and 3 bath(s). The estimated loan balance is $150000.

Answer 1

First of all, If you have no experience in buying a home you really need to use the services of a professional Real estate Agent.
An Agents job is to help you find the right property that will meet your needs, explain the process, explain all the paper work, make sure that your best interest are being looked out for during this transaction. The Agent orders inspections, makes sure the escrow is moving along according to the time frames, & negociates price and terms with the selling parties on your behalf, This cost you nothing... The Agent gets paid upon the closing of a deal buy the selling entity.

Answer 2

The first thing that’s important to understand is that “foreclosure” is not synonymous with “good deal.” It’s far better to enlist the aid of a buyer’s agent who can search out all of the homes for you in your price range than to focus solely on this type of property. Foreclosure homes often have condition issues (thus the price) and are often sold as-is so the seller is usually unwilling to make any repairs.

If you want to learn more about foreclosures, there’s a wealth of information available via Google. You’ll learn far more there then from the few responses you’ll get here.

Answer 3

see if it has any tax liens, or mechanic liens against it, could
the foundation be cracked? maybe have a good title company
researh this for you. good luck.