Looking To Buy My First Home Through Foreclosure
Hello,
I am looking to buy my first home through foreclosure. My reason being is that I want a good deal (below FMV). I realize that I can get a good deal by buying a fixer upper, but really I want a house that is nice and ready to move into, so my best bet is a foreclosure. Anyway, my question is: Is it easier to just contact a real estate agent and let him/her know that I am mainly interested in locating a foreclosed home? Or is it best for me to locate foreclosed homes myself and then try to buy?
As you can see I am clueless. Also, how much can you typically save on a foreclosed home? :-?
why is it that everyone relates a "foreclosure" house to a great deal. just because its in foreclosure doesnt mean your going to get it any cheaper.
In my area alot of foreclosures are in need of work. some cosmetic some major. not many in move in condition. i had a buyer contact me in the same situation as you, looking for a huge discount on a house because they dont want to pay top dollar. theres nothing wrong with that, but the type of deal she was explaining to me was the type of deal that i rarely come across. she wanted 50 -100k discount and offered to give me a couple grand for finding it for her. i almost pissed myself. because if i do come across those deals i would certainly buy it myself as would any other investor. especially since we are the ones out in the trenches every day trying to find them. why would i give her a house that she can turn around and flip and make 50k, which any sensable person certainly would. she told me she was subscribed to realty trac but couldnt find anything good. i said no kidding.
i have to laugh sometimes. im not saying this is you, but its the typical american stereotype trying to find something for nothing. [ Edited by ZinOrganization on Date 02/08/2005 ]