How to buy a home in foreclosure?


If you want a first class real estate property with a discount, you should know how to buy a home in foreclosure. Your best try will be with a real estate agent who deals with homes in foreclosure. If you are looking after FHA, or HUD owned homes, make sure your agent is properly certified.

You could sign for a foreclosure listing service online, or just run an internet search on foreclosure properties for your area and see what comes out. Select some homes in foreclosure and run a title and lien check on them.

After you have an idea what kind of properties you would like to buy, talk it over with your real estate agent. They will be able to help you with the foreclosure auction procedures, calculate any fix costs and your agent's commission.

Make sure you have the necessary cash to bring to the foreclosure home sale, and that your loan has been approved prior to the auction.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: