How to Buy Foreclosed Homes

Video Transcript

"Buying foreclosed homes can be a great investment. I'm Richard Blake in Clearwater Florida. I'm here to explain to you how you can buy foreclosed homes. First thing you are going to want to do is get a list of these properties available in the area. You can find these properties on web sites. Many of the web sites do require small fees or you can go to your local real estate agent and ask them for a list of properties as well. Most people are referring to REOs or bank owned properties actually when they're discussing foreclosure properties. Dealing with the banks are; is a little bit different than dealing with an individual owner. Generally the banks are going to price the properties much lower than what the current market value is simply because they want to get rid of the properties as soon as they possibly can. It costs them money to carry these properties, so every month, you know, extra that they have to carry this property; it's money out of their pocket. That's why you're getting such a great day. Ask your local real estate agent to submit the offer for you. It's going to be a much easier smoother process if you have someone representing you during this transaction, just because dealing with the banks is a little big more tedious and a longer process than with a typical resale. You want to make sure that the paperwork is correct and that it's submitted in a timely manner. OK So, again I recommend that you contact your local real estate agent to get that list of properties and then move forward from there. It's a fairly great experience to have and it represents a good value and a good investment. You guys have a great day."