How to Buy a Foreclosed House

Video Transcript

"Buying a foreclosed home can often be a great real estate investment. I'm Richard Blake in Clearwater, Florida, and I'm here to explain to you how you can buy a foreclosed home. First thing that you're going to do is get a list of properties of foreclosures in the area that you're looking at. You can do this online. Many internet websites have these lists of properties readily available. Generally, there's going to be a small fee associated with these websites. The easiest thing to do is contact your local real estate agent and ask them for a list of properties that are available, and at this point in time, you can also ask the real estate agent to, or for a comparative market analysis on which ever neighborhoods or communities that you're most interested in, this way you know what a good offer is to make to the bank based on the current market values, or how good of a deal you're getting to begin with, because generally the bank's going to price these properties much lower than what the current market value is to begin with. Ask the real estate agent to submit the offer to, for you to the bank. And at that point in time, it may be a very slow, tedious process. Generally, dealing with the bank is, is a much longer process than dealing with an individual owner, so just be patient and know that you're really getting a phenomenal deal, and things will go smoothly, OK. I'm Richard Blake, I hope that helps you on how to buy a foreclosed home. You guys have a great day."