How do I purchase a foreclosure home that is owned by the bank?

by admin on August 28, 2010

Question:

I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?

Answer:

The best option when buying a foreclosed home would be to contact the bank who owns the house directly. The bank will put you in touch with the agent who has listed the property for sale, if there is one. If there is an MLS number, the agent will be able to provide it for you. If there is not agent, then you have to negotiate directly with the bank. Most of the time, the bank would be willing to grant you a loan if they learn that you have a good credit and are not planning to pay the sale amount through cash.

Before negotiating with the bank, search for the home’s address first. if you have found the listing of foreclosed homes through a website, then you should be aware of the right property sale price. A 10k price posted on the internet is usually not the sale price of the property. Most of the time, the price listed is the amount of the loan that has been defaulted on. This amount is not necessarily the price of the first loan which should have the priority in a foreclosure sale. You can check out the listing included in the Yahoo! Foreclosure site to learn more about this and widen your choices.

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