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How to Buy Foreclosed Homes in Simple Steps

By Jan Keller

Real Estate Agent with Coldwell Banker

November 15, 2011 03:11 AM

A foreclosed home in Florida can be a great buying opportunity for investors and new buyers. Financing becomes much simpler when the price of a house is listed below the market value. This is because a lender is aware that this property holds equity and offers more chances of recovering the amount of a loan. Investors can secure profits by investing in such foreclosed homes.
In order to buy foreclosed homes in Florida people can search through freely available resources or can go through private MLS listings. Besides this, there are some other steps, which can be followed by them.

• Investors can use their local courthouses, department, asset management and government listings in order to look for foreclosures to buy. These are the most updated resources, which can provide investors with current listings available.

• Finding real estate agents, who are familiar with foreclosure procedures and elements related to bidding, is essential. An agent must also be good enough to guide a potential buyer through all the steps involved.

• Securing a good loan setup is also required. If investors are in need of a mortgage or any other type of loan, then pre-qualification letters for bidding must be used. In case you have enough funds without using a lender, then make sure people at your bank can easily provide documents to substantiate that.

• Once your bid has been approved, then you need to line up inspections and a title company. This will help in detecting any and all problems, which could prevent ownership transfer. Inspections will also help investors to know any items that need fixing or repairing in the property.

• Once all the formalities have been fulfilled by the buyers as well as the sellers, then it is time to sign a purchase contract.
In order to actually take possession or occupy a foreclosure, it can take some months time to achieve the sale.

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Jan and Charlotte