My husband and I have been trying to find a house and obviously been looking at foreclosed homes. How do I go about applying for them? Is it hard getting one? I am new to this and would like some information. Thanks guys.
You don’t ‘apply’ for a foreclosed home. You offer to purchase one, just as you offer to purchase any other type of real estate. You will need a mortgage, just as you would with any other real estate purchase (unless, of course, you happen to have the full amount of the sale price in ready cash). I suspect you’ve been listening to TV ads about ‘cheap foreclosed homes’. Understand that you get what you pay for. If you buy a ‘cheap foreclosure’, chances are that it has been trashed and/or stripped of many items of necessity. You get what you pay for. Talk to a lender to see what amount of money you qualify to borrow, and then to a real estate agent to get ideas of the prices of area foreclosed homes.
Talk to a real estate agent. You can also go to hud.gov and apply there and find hud real estate agents.
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If a real estate agent has been showing you the foreclosed homes, they will tell you what you need to do.
If you have been looking on your own, and you think there may be homes out there that you would like to buy then the first thing you need to do is…
speak to a banker, credit union or mortgage company and see if you can get preapproved for a mortgage.
They will run your credit, take all your financial info and then let you know if you can get a loan and for how much.
With this information, you will know what price homes to look at.
They will give you a preapproval letter, stating how much money you will be allowed to borrow. You will need this letter when you decide to make an offer on a home. The letter and a check for a minimum of 3-3.5% (of offer price) down payment will need to be presented with your offer.
There will also be closing costs due at closing (the fees charged for preparing the loan, the appraisal, title policy, etc).
Often these fees can be paid by the seller. A real estate agent will help you with this.
After you have the preapproval in order, visit a local real estate office. Any agent can help you find a home. They do not charge for their services. They are paid by the seller.
To get in on the home buyers credit you must have a signed deal by 4-30-2010 and your deal must close by 6-30-2010.
Good luck.
References :
RE Agent-MI
You don’t ‘apply’ for a foreclosed home. You offer to purchase one, just as you offer to purchase any other type of real estate. You will need a mortgage, just as you would with any other real estate purchase (unless, of course, you happen to have the full amount of the sale price in ready cash). I suspect you’ve been listening to TV ads about ‘cheap foreclosed homes’. Understand that you get what you pay for. If you buy a ‘cheap foreclosure’, chances are that it has been trashed and/or stripped of many items of necessity. You get what you pay for. Talk to a lender to see what amount of money you qualify to borrow, and then to a real estate agent to get ideas of the prices of area foreclosed homes.
References :
You don’t *apply* for one. You employ the services of a realtor after you have been to the bank and gotten your pre approval letter for a mortgage, and then you go look at foreclosed properties. If one is in your budget that you like, you work with the realtor to make an offer.
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