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Every day I am working with clients who are truly in the market to purchase a foreclosed home.  The market is flooded with them so, for many people, it is something to certainly look at.  The tremendous values the homes can be bought at makes it hard to look the other way sometimes.  Homes that someone may not ordinarily consider now become serious options simply because that $150,000 home is now selling for $65,000....kind of hard to look the other way on those types of deals.

Everyone has heard about someone buying a home at a ridiculous price and it was made out to seem as if this home just fell into their lap and they couldn't pass it up.  Maybe that is the case, but the odds are stacked against that scenario ever truly playing out.  Do they happen? YES.  Do they happen like that often? NO WAY. 

Foreclosed homes all go through a certain process.  Certain banks and lenders make much more of their information public than other institutions do.  Which means that there could be 100 homes in foreclosure all held by 10 different banks, BUT only half of them report to the databases and therefore only 50 of the homes may show up readily with basic information for a potential buyer to consider.

The other homes are often handed off to a real estate company that is responsible for liquidating the "asset" the bank is now left holding the mortgage on.  They are foreclosed homes that NEED to be sold, but they are not marketed through a national database, but rather through a real estate company.  Maybe that lender has a better track record of selling those homes than an online database has of selling them.  Knowing that this route is more often than not, the chosen path, makes a solid argument for knowing who these real estate companies are.

Some companies do both.....register the property status on public record and provide the real estate company the listing to sell the property.

Considering that the majority of homes are NOT found and sold through these online databases you see everywhere, now you know how they are slipping through the crack of the "system" and passing you right on by.  Maybe you would've bought one of them had you KNOWN about them, but you were only looking at a national database and making an assumption that it was THE place to look.

The hard part as a consumer wanting to buy a foreclosed home is simply that you need both.  Finding the agents who sell JUST these properties is very difficult.  They are extremely busy working with the lenders they are selling properties for and definitely do not need to advertise they do so in order to sell these homes.  Of course, they are trying to get top dollar for the lender to minimize the banks losses, but if you KNEW who the agents were, then you would KNOW that they have a lot more room to play on selling the house than Mr. Smith down the street does who is selling HIS home.

Then, there are asset managers at banks.  ALL banks have them and they have a huge part to play in all of this too.  There are laws with foreclosures.  How long someone can live in the home after the sheriff's sale varies from State to State and county to county, but generally it is 6 to 12 months, depending upon acreage.  If an asset manager KNOWS of a mortgage in default and that they are going to need to get rid of it as soon as possible, they are more likely to cut a deal for YOU, the end buyer who gets the property off from their financial books.

You would never know about those properties or many others, but the point to all of this is very simple.  If you want to go it alone and try and search for that next great deal, and your only "experience" in real estate is that you own a home or someone you know does, then you don't stand much of a chance compared to the network of professionals that I work with that eat, sleep, and breathe the current real estate market. 

These professionals make daily calls and emails to every contact they have to see what is GOING to hit the market soon and when it will be available to sell.  Knowing who these agents are will give you the advantage that you need when attempting to purchase a home....and not just a foreclosure, but a great deal on ANY home.

I take a lot of pride in knowing these agents, bank managers, and numerous other resources that allow me to help my clients find what they are looking for.  They have the homes and all you need is the cash.  If you literally have cash, that is great!  But if you are like most of my clients, then you need to get pre-approved and be ready for that deal when it comes along.  All banks in this market will not even consider taking an offer from someone who cannot prove the ARE pre-approved.  That is another area where we stand out.  We can get you pre-qualified in minutes and show you what you can purchase.  Taking the first step to buying a foreclosure should always be asking yourself "How am I going to pay for this" and then "How do I go about doing that"........

How you're paying is up to you, but if you need help with the financing end and are not certain how you go about doing that, then we can help.  It IS what we do and it is actually quite amazing on how simple it really is when you work with the right staff of professionals like us.

Shop with the right resources at your disposal and shop with confidence when we have you pre-approved. HAPPY SHOPPING!!