Bank foreclosure houses are designed to be profit makers in many ways. VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met. Go online and query “recent foreclosures your city or geographic area” and “real estate agents selling foreclosure properties your city or geographic area.” Phone them and offer your services.
The properties which are foreclosed are put on auction sale and in open market on sale for recovering the debt. The biggest caveat when buying a foreclosed home is that it is typically sold as is , which means the bank is not going to fix any problems. For information regarding the sale at auction, please contact the law firm that is assigned to the specific properties you are interested in.
Buying a foreclosure carries a unique risk not usually prevalent in other real estate transactions: unwanted tenants. The process is similar for government-owned listings: Your real estate agent will again present your offer directly to the government agency listing the home.
Renters who lose their homes to foreclosures don’t fit a single profile. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. Well, the listings companies believe that it takes a lot of expertise and time to find and to build accurate national or state-based foreclosure lists.
When you get your meeting, make sure the homeowner has all of his loan, mortgage and insurance documents available, as well as the foreclosure notices. When searching for foreclosures for sale, you can narrow down your search by property type, year of construction, square footage, and price.