Things You'll Need:
- A Realtor
- Foreclosure listings
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Step 1
The first step is to find listings of foreclosed homes that you might be interested in seeing. Since many websites charge a substantial fee for this, it's best to contact a Realtor first. Realtor's have listings of foreclosures in the area accessible to them and they can help you find the right property to bid on.
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Step 2
Real estate agent involvement when buying a foreclosed home is mandatory per FHA and VA guidelines. The steps can be complicated and tedious, so it's best to have a seasoned professional by your side, representing you.
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Step 3
Foreclosures are typically posted once per month. If homes are purchased by investors on the courthouse steps, the bank will repossess the property and wait for the highest and best offer on that property.
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Step 4
Select and preview no more than 10 foreclosures. Good foreclosure listings do not last long so be prepared to write a purchase agreement if you find a home that you want to purchase almost immediately.
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Step 5
Once the purchase agreement is complete, you then have to wait to see if the bank will accept the offer. This can be a lengthy process, so be patient. If the bank accepts your Realtor will guide you through the escrow process to closing on the home.
