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How can I buy a pre-foreclosure home?

asked by lizzie (15)

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Tags:  home improvement  legal

answers

Get a letter of credit from your financial institution. Inspect the pre-foreclosure home. Find out what the amount of property taxes will be. Complete a purchase and sales agreement.

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posted by aks (215)
7 votes

Your best bet would be to contact mortgage companies and realtors. I would personally contact a realtor because sometimes banks will assign them the homes before they are in forclosure. The realtor will then "put it on the market" to get a feel for what kind of interest the home is getting before the bank actually has taken legal possession.

5 votes

First step is locating a property of interest. There are several websites out there but I like realtytrac. com it allows you to search by state and county. After you have located a property of interest contact the owner and make a offer. Once you have agreed to a price it is no different than a regular purchase.

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posted by tryderjr (20)
4 votes

I have been buying and selling pre-foreclosure homes in Texas for the past 12 years, so my knowledge doesn't include any other areas of the US. In Texas, you simply contact the current owner, have them sign a deed to you, and make-up the back payments.

4 votes

In order to do this you should contact a real estate agent. Normally real estate agents will be the first to receive information regarding homes about to go into foreclosure. Once you find one you like, the real estate agent can guide you through the purchasing process.

4 votes

The best way to purchase a home in pre-foreclosure is to first check your local paper for homes that are scheduled for foreclosure. Once you find homes scheduled for foreclosure you can then approach the current owner to see if they are willing to have the deed signed over to you and you would then pay off their mortgage.

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posted by Jeff43 (9)
4 votes

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