Do you need a special real estate agent to find foreclosure properties?
No. You don’t need a special real estate agent to find foreclosure properties. You can do some marketing and find foreclosure properties yourself. However, there are 3 stages of foreclosure: 1. Preforeclosure which is before the auction sale 2. Foreclosure at the auction 3. Foreclosure after the sale assuming the lender takes ownership of the property and is selling it I advise you target buying the best foreclosure deals in stage 1. This involves you marketing and talking with sellers. Stage 2 is second best and involves having all cash available at auction. Stage 3 would require working with a real estate agent with the bank owned property. The easiest way would be to make low offers on bank owned properties.
All of the options are available from the prior answer that is true however I do not recommend buying homes in pre-Foreclosure. I do like purchasing bank owned properties. Save your 20,000 and do 100% financing on the home sounds like you more than qualify for that. Get a real estate agent to help you and do not get emotionally attached to the houses I had to put in 15 bids to get the home I bought. This is what I did for my 1st home purchase I to saved 20,000 I found this home put in a bid for 107,000 this got an accept and I bought it, 100% financed. Then I took the 20k and totally remodeled the house it is now valued at 175000 and I am in it for 127000 made instant equity refinanced at a lower loan to value and have a great house just the way I want it. I also made sure that this purchase, since it is my 1st and not the home of my dreams was in a good area for rentals so in a year when I have a mortgage history it will be a perfect rental. I believe you can use your home to secure y
Actually most foreclosures are bought at auction by the lender. Payment in full is usually required within a very few days and only the lender or a cash buyer can pick them up for all practical purposes. However, once the lender gets full title they usually list them with a real estate agent and sell them the usualy way. You can get free listings of current government-backed forclosures at http://www.hud.gov Pre-approval for a mortgage based on your credit record is only preliminary. It is NOT a committment to lend you any money at all. The property figures into the approval process and until you have tendered an offer that has been accepted the formal underwriting process doesn’t begin.
