How do you buy a foreclosure?

I saw one on Zillow.

Re: How do you buy a foreclosure?

I think it depends on how far into foreclosure they are. Sometimes they are in foreclosure, but the owner still has a chance to take action- whether it be refinance, come up with the remaining cost of the mortgage, put the home up for short sale, or what not.

How do you buy a foreclosure?

If it's bank owned, you can contact the bank or the real estate agent the bank has hired. If it's just a house in foreclosure, the owner might be staying put as long as possible, filing BK, trying to sell, etc.

How do you buy a foreclosure?

I find that Zillow isn't accurate with its foreclosure listings.

There is a house in our neighborhood that was supposed to be foreclosed upon last April. Zillow has it listed as foreclosed but - it never actually was foreclosed upon.

Re: How do you buy a foreclosure?

Honestly, you know someone. Sometimes houses listed as a preforclosure, the family will work something out to stay in the house. I find in better neighborhoods you really need to be BFF with the top realtor in your area.

Re: How do you buy a foreclosure?

I am currently looking into this for work. Foreclosures or Zombie properties. Seems like you need immediate cash on hand to be able to be aggressive enough to get in there.

How do you buy a foreclosure?

our home was a forclosure - it was empty, we went to look at it, liked it and put in a bid for asking price. we got the house and it's great!!

Message edited 1/29/2016 4:28:57 PM.

How do you buy a foreclosure?

We bought our current house as a foreclosure in2009, and are moving next week and bought another one. They were both bank owned.

Re: How do you buy a foreclosure?

We buy short sales and bank owned properties as investments in Suffolk county. Zillow and trulia are usually not correct. Redfin is better but the foreclosure process is painfully long. We have three properties now that we've been watching for a year. They are vacant, nessecary repairs and clean up was done by the bank and it's 100% official that the bank has possession yet they are not for sale and the bank will not discuss selling them. So they sit empty when there are people willing to buy them.
The system is really broken and the banks are crooks.

How do you buy a foreclosure?

So many homes are in foreclosure but not being sold by the banks. Basically it has to be great timing, a house is in foreclosure and the bank wants it sold and you happen along this information.

We bought a foreclosure, which was in foreclosure for 2+ years, just so happen we saw a sign in front of the house, kept calling (it was over the weekend and I just had a feeling that I needed to act) and finally reached someone, saw it the next day and was told I needed to make my offer on the home that same day and would hear back if I got it. Basically the wheels were turning to get the home sold and we found it at the perfect time.

Re: How do you buy a foreclosure?

If you're a first time buyer, there's grants you can get for foreclosures ontop of first time grants.