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Foreclosure Home Buying Formulas
You've found the foreclosure home you're looking for and are ready to purchase. He are formulas to help you as prepare to move forward with the purchase of your foreclosure home: Foreclosure Home Bidding Rules If you are looking at a bank foreclosure, then the rules of bidding are fairly simple. Contact your real estate agent or the listing agent and express your interest in the foreclosure home. Then: 1. Have your mortgage loan officer draw up a preapproval letter for no more than the price you plan to offer on the subject foreclosure home. 2. Have your real estate agent send the listing agent a letter of intent for the foreclosure home. The letter of intent differs from a full-blown contract in that it covers only the generalities of the transfer of the foreclosure home (i.e., price, financing, proposed closing date, etc.). 3. Once the listing agent receives the letter of intent for the foreclosure home from your real estate agent, the listing agent will send the letter of intent to the bank holding the foreclosure property. Be prepared to wait at least a week from this point, as banks work slowly and cautiously. How Much To Bid For the ... more

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