How to Buy a Foreclosed Home

Video Transcript

"You can really get some great deals when you purchase a foreclosure home. I'm Richard Blake in Tampa, Florida. And I'm here to explain to you how you can buy a foreclosed home. First thing you want to do is get a list of foreclosure homes in your area. You can do this on line through the Internet. Many websites offer these lists. Generally there's a small fee involved or you can contact your local real estate agent and they will get the list of foreclosures to to you fairly easily without obligation. And there's no cost to you either. The first thing that you're going to want to do is make sure that you're pre-approved for financing, if you don't have a stack of cash laying around. If you are going to make an, a cash offer, it's going to be a much stronger offer to the banks. So if you don't have cash then you're going to want to make sure that you get pre-approved. Because you're going to need to submit a pre-approval letter with your offer to the banks, whenever you find the home that is that you're most interested in. And again, ask your local real estate agent to put you in touch with the mortgage broker that can get the deal done for you. Once you've located the property, and put an offer on the property, just be patient. You're actually negotiating with the banks rather than with individuals. So the process is a little bit more lengthy than a regular resale. OK? I'm Richard Blake. I hope that explains a little bit the first steps on how to purchase a foreclosure property. You guys have a great day."