Foreclosures. How do they work?
June 26th, 2010
I’m looking to buy a foreclosure, since real estate is expensive here, I can’t afford a nice home in a decent area. A foreclosure would be perfect, however I don’t know how to find one and once I do, I don’t know what to do after that. Does anybody know how the process works?
Find a Realtor who knows how to sell HUD houses. Do not call the listing company – their contract with HUD does not allow them to represent the buyer. They are required to do the best they can for the seller (HUD).
On most houses, there is a live person on the other side, evaluating your offer. At this time of year, on bank owned and VA owned houses, if no offers come in high enough to please them, they’ll wait until the market picks up a bit – or the buyers are done with the visiting relatives, and come back out to place higher offers.
On HUD houses, there is only a computer on the other side. It goes simply by the numbers, and there are deals to be had. Best weeks are holiday weeks with bad weather that keeps the other buyers cozy at home, enjoying the egg nog… while you’re out stealing a deal!!!
June 26th, 2010 at 2:47 pm
Foreclosures typically sell for as much as or only slightly less than normal sales of similar property. Unless you’re planning to bid for cash at a foreclosure auction you buy it from a bank or broker like any other property.
References :
June 26th, 2010 at 3:29 pm
Find a Realtor who knows how to sell HUD houses. Do not call the listing company – their contract with HUD does not allow them to represent the buyer. They are required to do the best they can for the seller (HUD).
On most houses, there is a live person on the other side, evaluating your offer. At this time of year, on bank owned and VA owned houses, if no offers come in high enough to please them, they’ll wait until the market picks up a bit – or the buyers are done with the visiting relatives, and come back out to place higher offers.
On HUD houses, there is only a computer on the other side. It goes simply by the numbers, and there are deals to be had. Best weeks are holiday weeks with bad weather that keeps the other buyers cozy at home, enjoying the egg nog… while you’re out stealing a deal!!!
References :
June 26th, 2010 at 4:01 pm
Foreclosures are not usually a bargain. They are usually trashed. Just consult any real estate agent and tell him the type of house you want.
You make an offer in the usual way. It may take a long time to get an answer to your offer.
References :