why is it so hard to buy a foreclosed home?
I am looking to buy a house in Delaware and want to purchase a place and fix it up. I figured a foreclosed home would provide me that opportunity and be inexpensive. However I cannot find any way to search foreclosed homes for free online. I would think it would be easier to buy a home that the bank, supposedly, desperately wants to sell.
The banks are not desperate to sell, they really don’t care if they sell or write it off, they are not out a huge amount of money if it sits vacant. They have to pay property tax, but that is a write off, so not that big of a deal.
Any local real estate agent can provide you a list of foreclosed homes for free. They are not harder to buy then any other home although they are "as is" so may not qualify for FHA.
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July 29th, 2010 at 2:23 am
Banks really don’t want to mess with individual buyers when dumping their foreclosure inventory. Too much bother.
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July 29th, 2010 at 3:09 am
you have to attend auctions. to gain access to that, you have to contact realtors or real estate brokers that’s in the areas of your possibilities. sit down with them, and discuss important matters. you have not to sign contracts – but you can get important information thorugh them – do it "as if".
oh and you have to bring cash because foreclosure houses are for cash only purchase. at least that is what i heard from people who bought foreclosed house before. they pay it in cash and as is.
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July 29th, 2010 at 3:37 am
"be inexpensive"
is the issue.
People equate foreclosed with almost free.
Not the way it works.
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July 29th, 2010 at 3:55 am
You find a realtor and ask about REO properties. When the banks foreclose, they relist the properties for sale through realtors – such properties are called "REO." Banks do NOT deal directly with buyers. The seller (bank) pays the realtor fees – not you.
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July 29th, 2010 at 4:32 am
The banks are not desperate to sell, they really don’t care if they sell or write it off, they are not out a huge amount of money if it sits vacant. They have to pay property tax, but that is a write off, so not that big of a deal.
Any local real estate agent can provide you a list of foreclosed homes for free. They are not harder to buy then any other home although they are "as is" so may not qualify for FHA.
References :
July 29th, 2010 at 5:02 am
Unfortunately, you won’t find any free services that will list homes for you.
I know of a site that’ll give you a free 7 day trail though…after that, it’s paid though.
References :
http://www.foreclosure.com