 |
Buying a Foreclosure |
| |
 |
I have spoken to three different realtors about buying a forecloser.Everyone of them tried talking me out and didn't want to help me with whatever questions i had about the whole process. A friend of mine then told me that realtors don't make much buy selling forclosers. If thats true, then how can i find someone that wants to help? |
| |
| |
 |
Property being foreclosed is sold at public auction. Bidding is a complicated affair, you usually have to put down a large cash deposit and come up with the rest in cash within a short time--those who do it as a business might have a line of credit all set up. You usually have to buy sight unseen -- the homeowners losing their property don't have to let you in ahead of time. You should have guidance through the whole process from a real estate lawyer in that area.
If you're talking about buying property that's already been through an auction or a short sale and is now owned by a bank, that's a bit different. It's known as REO ("Real Estate Owned") property. Agents can sometimes help with that but it's often a frustrating process and requires a lot of patience. And banks aren't allowed to just give the property away -- they are responsible for getting fairly good prices.
If you still want to try this, I'd suggest going to the library and reading up on the whole thing. |
| |
|
Edith
Originally published on August 9, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
