Buying a Foreclosed House

Q: How would I go about buying a foreclosed house for a remodel?

A: First make sure that you have the resources in place to purchase the property. Get pre-qualified for a loan if you haven’t already and enlist the help of a buyer’s agent if you’re not comfortable contacting the bank or listing agent and negotiating on your own. Determine if this property represents a good bargain or investment opportunity. Compare the list price to the house’s estimated market value. If the list price is lower than the market value, the property could represent a bargain purchase. If the house is listed for sale on the MLS (Multiple Listing Service, www.mls.com), you or your buyer’s agent can simply contact the listing agent. If the home is not listed, you will need to contact the lender that now owns the property to express your interest. The lender’s REO (real estate owned) or asset management department will let you know how you can view the inside of the house and how to submit an offer.

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