Smart Tips for Buying a Foreclosed Home

If you are planning to buy a foreclosed home then here are some smart moves that you can do to end up with a good deal:

1. Buy repossessed homes through a real estate agent – When the home goes to auction and no one bids, or no one bids enough to cover the outstanding mortgage, the bank that holds the loan gets title to the home.

These become what are known as real-estate owned (REO) properties.

The bank will usually repair the worst damage and hire a real estate agent who specializes in foreclosures to market the home.

That selling agent will allow you to see what’s inside so that you know exactly what you’re buying. Source: Interest

2. Don’t lowball just-listed properties – It’s useless to make lowball offers on bank-owned houses that have been on the market for only a few days, says John Thompson, a Realtor at Samson Realty in Chantilly, Va.

“When you haven’t had opportunity to expose your property to the marketplace long enough, you would be reluctant to take a lowball offer,” Thompson says. “Most of the banks are aggressive with their pricing, but they are not going to give the properties away.”

Asset management companies handle sales for banks. These companies price the foreclosed homes close to what they think the properties are worth. And they are given guidelines that stipulate how much of a reduction — if any — they are allowed to give during a specific period. Source: Bank Rate

3. Visit your county’s offices – Foreclosure information is filed with county offices, some of which post it online. In Boulder County, Colo., for example, current foreclosure listings, as well as weekly sales, are published on the county website, where users can search by ZIP code or street address. Sheryl Del Rosario, a deputy public trustee in the office, says interested buyers can search from home or come into the office to use the public computers. They can then bid on available properties every Wednesday morning. Source: U.S. News

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