Upcoming Foreclosures

What should I know about buying a foreclosed home?

I don't have much money but I live in Southeast Michigan where the market on homes is good for buyers and there are a lot of foreclosures. So how do I do it?

Public Comments

1. get prequalified by a mortgage company then contact a real estate agent.
2. You should go online to a few banks and find out what their REO's are. These are properties that have already been thru the foreclosure process and the bank now owns them. I would not go the short sale route because it can take months for the bank to approve the offer. I am in the process of buying a reo that belongs to countrywide. We got a great deal just remember not to low ball when making an offer because they may not even counter you back. Goodluck. For countrywide reo listings just go to their website under buying and on the left will be the link for reo's.
3. Why the emphasis on foreclosures? How about you find a lender and find out what you can afford? Then find a buyer’s agent, tell them what you want and your price range and see what’s out there, foreclosure or otherwise? My experience has been that you’re just as likely to get a great deal from a bank as from an individual seller, although I think buying a foreclosure can be more stressful because the bank always keeps you waiting.