Belt Auction

How do I buy a foreclosure property that I see listed on Yahoo real estate?

Public Comments

1. they usually go to auction,advertised in local classifieds...
2. Try to find out which bank foreclosed on it. They might be willing to make a deal.
3. Most of those properties end up listed for sale with real estate brokerage firms. As a caution, do NOT assume that the price listed is what you can buy the property for. Yahoo Real Estate lists the value of the outstanding mortgage. If the price of one of these pieces of real estate seems to good to be true, it IS too good to be true. The bank will list the property for what it considers to be current market value.
4. You should work with a Realtor. #1 lenders don't have time to deal with the public. #2 most of these listed like on Realty Trac haven't completed the foreclosure proceedings, let alone the redemption period, which means the property isn't available yet for sale to the public. #3 Realtors have been educated on how to handle these types of transactions and what advise to give buyers who may want to purchase these types of properties. If the listings says it is bank owned, you still need to work with a Realtor. Lenders have layed off their most experienced staff and the ones left don't know a thing about anything, let alone make a decision. Besides you need to be made aware of what you're getting. Also, I strongly urge you to have a full house inspection of any property you want to purchase, and write the contract "contingent upon inspection", it's your way out if something is seriously wrong and will cost alot to fix. I appreciate you wanting to buy something, we need more buyers in the market now. Best of Luck