Does anyone know much about purchasing a Foreclosure home?
I’m looking into foreclosure homes in Florida. I am a first time home buyer and am still researching the in’s and out’s of foreclosures. Any information you have would be helpful. Thank you
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Your best move:
Go to the court house and talk with the sheriff’s department. Rules and regs vary from county to county and state to state.
Before going to any foreclosure and bidding on something you don’t have a clue about, do your homework:
1] Ask about 1st-time Buyer programs in the area you’re thinking about moving to.
2] about yourself:
Get pre-qualified by a bank, savings and loan or credit union.
3] about any property you’re thinking about buying or bidding on.
4] Ask someone about title insurance. In my opinion, this is an extremely important investment – for any property.
I barely scratched the surface.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes that is my real last name!
The hard part with researching foreclosures is actually finding the actual listings. A lot of places I looked myself don’t advertise the actual foreclosures available in the MLS. Or, if they do i got stuck on some freakin email list becuase they required me to send them my email address. Only to find out they had no listings at all. Total bait and switch!
Anyway…i was able to “hack” together this query to search for real properties on this Miami property site i found. Now i can just search properties based on keywords that i can create myself. There is no other way (that i can find) on this site to do a keyword or foreclosure specific search.
Here’s what i use: http://www.miamipalaces.idxco.com/idx/2218/results.php?kw_remarksConcat=foreclosure
See the term “foreclosure” at the end of that link? You can swap that out with any keyword you want to search for and it will return those results with those comments in the description. Thy it with “short sale”, “bank owned”, etc…
Hope this helps!
First, Foreclosure homes come in many different flavors.
There are Pre-Foreclosure Homes, Foreclosures (which are sold at auction), and REOs (Real Estate Owned by the lender – foreclosed homes that didn’t get sold at auction that are owned by the Lender).
Each type of foreclosure has their own set of pros, and cons, and their own rules of engagement. I would recommend you research each. The REO’s are probably the easiest to start out with – there are a bunch of websites, like reotrans.com, which list REOs in your area. The REOs are normally listed like normal homes, with a realtor. The only difference, is they are normally sold at a discount because they are almost always in rough shape. You can find great deals if you do enough searching, and are willing to negotiate for better prices.
I suggest you hookup with a local Realtor, they can act as your Buyer’s agent and help you especially since this is your first purchase. It won’t cost you anything, their commissions are paid by the seller. Good Luck!