How to Purchase a Home in Foreclosure

Video Transcript

"Homes and foreclosure can provide a great opportunity to purchase a home at a great price. I'm Richard with the Richard Blake Home's Team in Clearwater Florida. I'm here to explain to you how you can purchase a home in foreclosure. The first thing that you are going to want to do is contact a mortgage broker or your local real estate agent that can point you in the right direction of a mortgage broker. You're going to want to go with them and find out what you can get pre-approved for as far as financing; how much money a lender will be willing to give you to purchase this home. Once you've got that information then you know what price point you'll be; what types of homes you'll be searching for and what price points. At that point in time you're going to go to your local real estate agent and ask them for a list of properties that are in foreclosure. Now, a lot of people they think of foreclosure in different ways, but really the REOs or the bank owned properties that have already foreclosed are really going to be your best deals. So, you're going to ask your real estate agent for a list of properties that are bank owned. Once you get that list of properties then you're going to narrow it down to your preferred location and the size of house that you would like. Submit the offer based on the current values in the neighborhood; again your real estate agent will be able to run an analysis on that neighborhood to see what the current market values are so you're sure not to pay too much for that home. OK. I'm Richard Blake. I hope that helps you a little bit on how to purchase a foreclosure. Again, I highly recommend that you contact your local real estate agent and get that list of properties from them. They'll be willing to help you out. Have a great day."