How to buy foreclosures
How to buy foreclosures is at the question at the top of the list for many home buyers these days. Here I will outline a few short points for you to follow in your search for buying foreclosures. In most of these cases you need to find an agent that specializes in foreclosures to have the best results. Going directly to the bank is a waist of time. You will be directed to find an agent. Beware of any list that are sold describing foreclosure details. Many of these listings are premature and can put you in an a unsavory situation if you go knocking on any doors and find the home owner still there.
Tax lien foreclosures can be purchased with cash at the court house steps. You must have a cashiers check to purchase a home that same day if you want to buy a home for cash (NO LOANS). Check with your local court house for procedures. Some Realtors may offer help for a fee in doing this. Be sure you know what you’re doing there could be additional taxes owed, condemnation of the property, additional liens and more.
HUD home foreclosures must be purchased through an agent/broker. You can search for HUD foreclosures at Bid select.com but you must have an agent/broker submit the bid for you.
Fannie Mae home foreclosures will be listed with a local broker in the area you are shopping. Any buyers agent with mls access can show you the home and submit Fannie Mae bids for you.
Bank Repo homes. This includes all banks, Bank of America, Wells Fargo, Chase etc. These listings will also be with a broker/agent.
Buying a foreclosures can be a complicated task. If you are serious about buying a foreclosed home do your home work on getting signed up with an agent that is trained in foreclosure sales. SFR stands for Short Sale and Foreclosure Resource. This means the agent has advanced training in dealing with foreclosures and short sales. Chances are even if you do not ultimately end up buying a foreclosure you will have an agent with experience.
Good Luck!
Krishna Perkins, ABR, SFR, New Home Certified
Covenant Partners
http://www.sahomelocator.com
