FC Community
Discussion Boards => Off-Topic => Topic started by: zenlife2000 on February 28, 2014, 10:04:48 am
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How to buy foreclosed real estate ? :thumbsup: :male: :peace:
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The bank usually sells it. Or whomever if holding the title. Sometimes they just put it up for sale and sometimes they auction it off.
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I think, personally and professionally, the best way to buy foreclosed real estate is to go to the Government's HUD foreclosure site. I have purchased five homes off of this site. They are typically thirty percent under market value, generally are in questionable neighborhoods, and need a lot of fix up. Before doing anything I would hook up with a mortgage broker and get prequalified so that you know what you can afford and won't have any surprises when it comes down to making an offer. HUD homes need to close within thirty days of making an offer and every step of the way seems to run into a governmental obstacle but well worth it in the long run.
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You have to deal with the bank and it can be a lengthy process!
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I think buying foreclosed real estate takes a real long time especially when dealing with a bank. Plus you definitely need some kind of expertise or know someone who can tell you what to look for.
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I recommend the bank.
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mmm im not sure maybe u culd talk to a realtor
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check newspaper ads for bank sales, about all i can tell you