How can I purchase a home that has gone into foreclosure?

I would like to start looking at homes to buy. My hope is that foreclosures start to saturate the market and I can get them at a cheap rate. After I obtain pre-approval from the bank, what do I do next in order to find such a home?

By | 2013-08-26T15:19:24+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. foreclosureexpress August 26, 2013 at 6:17 PM - Reply

    Good, you already made the first step which it was to get pre-approved for a loan. Now is time to search for properties to buy, you can do so by using foreclosure listings.Foreclosure listings can cover all kinds of foreclosed property announcements such as foreclosure auctions, pre-foreclosures, and bank home sales. These types of properties provide a unique opportunity to home buyers and/or investors by offering them a chance to purchase property for far less than its normal market value. ForeclosureListings.com gives you access to thousands of foreclosure listings from all around the country. After you pick a property, all you have to do is start the negotiation process as you would regularly do when buying a for sale by owner.

  2. buyhawkeye.com August 26, 2013 at 5:23 PM - Reply

    If you are asking the question, then I assume you have little experience. No worries. You need to start somewhere. I would suggest you get in touch with an expert. Someone to guide you through the process.

    Seek out a Realtor who specializes in investment properties. They will know the best resources to look for bargain properties. Learn from that agent during every step of the process. Contracts can be tricky and you must know what you are getting into.

    After you become comfortable buying houses, you can start creating your own deals. Again, don’t kid yourself into thinking that anyone can do this. If that were true, everyone would be. Learn as much as you can and it will be a rewarding experience.

  3. Mustbe August 26, 2013 at 4:28 PM - Reply

    Where I live you can call the banks and ask if they have any homes up for foreclosures….also you can watch for unpaid tax sales also…

  4. Jacque w August 26, 2013 at 4:01 PM - Reply

    Investors with lots of exerience and big banks accounts are going to scoop up any real deals.

    Here is a good link about a regular person who tried to beat the pros, and what she learned.

    http://www.rojo.com/story/ur05LAg16S8FDB2l-An-Auction-Opportunity-In-California

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