Yes, certainly, if you have the cash to do it. Better late than never.
yes
There is nothing wrong with buying foreclosed homes. A professional should be hired to inspect the home and find out what kind of repairs will be needed. There are pros and cons with purchasing a foreclosed home.
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
You can typically find discounted realestate that has been foreclosed upon. Deals vary by region.
One could find information on how to buy a foreclosed home online. Some of the useful websites are Bankrate, Zillow, Wells Fargo, Kiplinger and Money Crashers.
Not all cash. You have to pay some cash to buy any home (the down payment). Therefore you buy it the same way you would buy any house.
See, when you talk about foreclosed home, then let me tell you that there are 3 categories in which foreclosed homeprocess generally falls 1.Pre-foreclosure 2.Auction 3.Bank OwnedHence, it certainly depends upon the category in which the foreclosed home process is falling, that how much amount you have to pay.In Auction process, you have to bid for the home and if you place the highest bid then home is yours.In Bank or NBFC owned, the Bank like IDBI, ICICI / NBFC like Bajaj Finserv list the home with a real estate agent in the local MLS and you have to contact that person if you want to buy the home. Here you can negotiate on the price of home.
You could buy foreclosed home below market value, ranging from 10%-50%. With this you could save a lot of money and if you decide to sell your newly purchased property you will have huge returns from your investment.
It is often easier to buy a foreclosed home directly from the bank than a new home if you are willing to put up with the possible problems caused by an older, empty house sitting on the lot without maintenance for months. However, the bank will have less incentive to hold out for a better offer and will be more willing to part with the property without hassle. Foreclosed homes are easier to buy but may be more difficult to deal with after the sale.
I mean, can anyone with cash basically look them up and make an offer?There are a few ways that one can purchase a foreclosed home. Some of these would include getting preapproved for a mortgage, finding an agent that specializes in foreclosures as well as knowing that the home is sold as is.
kenny brewer
Yes you can