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Foreclosures are generally listed for sale with a Realtor. The seller is represented by an Asset Manager, who negotiates for the bank when an offer is presented by the listing Realtor.
The first step to take in making an offer on a foreclosure is finding a good Realtor that you trust. It is best that you meet with a lender and obtain pre-qualification for a loan, if you will require a loan to make a purchase. The seller usually requires a pre-approval letter from a lender before accepting an offer. I have observed that many people think that the bank readily accepts low offers. Quite the contrary. There often is little, if any, room for negotiation. The bank usually establishes a good marketable price to move the property prior to listing it for sale. You can find B,B,&T foreclosures, Wells Fargo foreclosures, and Bank of America foreclosures via Google online. These banks post foreclosures online that you can search for free. There are also websites where you pay a fee to search for foreclosures. Your Realtor can provide you with information about the Bank Owned, Foreclosed, and Short-Sale properties in his/her MLS.
Generally the average sell price is approximately 30% less than non-distressed property, according to Lender Processing Services. The home comes as is, and it's usually up to the buyer to pay for repairs. With this awareness, it is wise to check out the property thoroughly before making an offer. You should conduct due diligence that includes a home inspection by a licensed professional, septic and well inspections, wood destroying insect inspections, and appropriate systems inspections as recommended by your Realtor. Some of these homes have been neglected and unoccupied for a year or more. Be prepared to take responsibility for deferred maintenance. Usually foreclosure properties offer fantastic pricing but it may take going through a lot of properties and making several offers before you buy the foreclosed property that's right for you.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoThere are multiple steps one should take when buying a foreclosed house. One should get pre-approved for a mortgage, compare sale prices of similar homes, find an agent that specializes in foreclosed homes, and inspect that house before purchasing.
Wiki User
∙ 16y agoContact mortgage companies
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