Has Anyone Ever Bought a Forclosed Home?

Hi, our current home was in foreclosure when we bought it. But there was a realtor sign up in the yard, so it wasn't that different than buying it from a person, we just bought it from a bank. My advice on how to get the ball rolling, is to talk to a realtor in the area, and see what they can find out about the house, whether it's already in foreclosure, or what. Also, talk to the sister of the owner again and see if she can get info from the owner about who the mortgage is with. Then you could maybe contact them directly about buying it, or for info on when it'll be in foreclosure. Hope this helps!

D.

Not much to add here, but my parents bought a VA foreclosure and it took awhile, but it eventually went up for auction and we submitted a bid to the VA office in Austin I believe. (We got it.)
Start by finding out who is holding the note.
Look up the property taxes online if you can. That might give you some info too.
Good Luck!
C. S.

I used to work with a real estate agent in Southlake. Her name is Chris Minteer. She has an awesome team that can help you. Give her a call, tell her J. Phelps sent you. Her number is ###-###-####. She works for Keller Williams. You can check her out at www.minteerteam.com

Hi K.,
I am a foreclosure inspector. The best way to buy a foreclosure is to contact the owner, make up the back payments and take it off the owners hands. At this point since she is in Africa you would need to get ahold of her there and try to make some arrangement BEFORE the bank gets it back. Once they have it back in their possesion you will not get the same great deal. Once she quit making the payments it is pretty safe to say that the foreclosure proceedings have already started. Depending on the bank(colonial,wells fargo,ames) foreclose very quickly. Usually within 2-3 months. Most other banks take anywhere from 9-15 months to actually remove residents from the home. From there it will go to the auction which is held on the 1st Tuesday of the month. At that point depending on how much equity is in the house the price can go up significantly. Remember if you do negotiations with this person(to make up back payments and have it put in your name) make sure everything is done through an attorney. Hope this helps.

You can contact a realtor and give her the address of the house. She will be able to get you information on the house. Also, you will need a realtor to place a bid on a foreclosed home. If you are not ready to contact a realtor then HUD may be another avenue for you. I believe you only need the address to contact HUD. Good Luck!