8 Steps To Buy A Foreclosure

Dated: 02/29/2016

Views: 124

Number one is the KEY, agents with Bank Owned Experience.


See below for some options already on the market.



  1. Find an experienced agent.

    The best agent will have experience negotiating with banks and helping people buy foreclosures. Find an agent that can help you buy a foreclosure in your area.

  2. Weigh the pros and cons.

    Not every bank-owned home is a good deal. Do you have any concerns about the home’s condition? Will the home need costly renovations? Is the bank willing to negotiate the price?

  3. Protect your offer.

    Your agent may recommend contingencies that will allow you to back out of the sale after the inspection and appraisal.

  4. Make your offer.

    Banks typically price foreclosures at market value, which means you can expect to pay the asking price when you buy a bank-owned home.

  5. Inspect the home.

    Get the home inspected to identify any structural, electrical, or plumbing issues. If you have an inspection contingency, you can request repairs or back out of the sale.

  6. Bring in a specialist (if you need one).

    Bank-owned homes may come with problems. If your inspector recommends it, bring in a specialist to evaluate the home’s foundation or plumbing.

  7. Appraise the home’s value.

    Home appraisals evaluate the value of the home to ensure you don’t pay more than it’s worth. You may be able to negotiate a lower price if the home appraises low.

  8. Close & get the keys.

    Foreclosures can involve a lot of back and forth with the bank. Your agent should keep you informed while you wait it out. You’ll get the keys as soon as the sale is final.


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Jim Hewitt

I get things done for people, and I enjoy the journey that is necessary to accomplish this. Every real estate transaction is different, yet they all have some common milestones that must be met in ord....

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