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You are here: Home / Blog / How to buy a Foreclosed Home

How to buy a Foreclosed Home

July 28, 2012 John Kynor Leave a Comment

forecloser driveForeclosures today: In today’s market, there are a lot of bank-owned properties available. However, trying to purchase one can cause buyers to turn the other way. Here are some steps towards purchasing a foreclosed home.

Most property listing websites charge a fee: Most foreclosure websites charge to display a listing of available foreclosure listings. However, you can get the same information free from your local agent. Banks often put their foreclosed homes up for bid at auctions or in most cases, they turn them over to a real estate broker. If the property has been on the market for less than 30 days, lenders usually request full-price offers. After 30 days, the lender may be more willing to accept lower offers. And, after 60 days, you can continue to lower your offer price.

Pay for a home inspection: A home inspection should always be on your checklist when buying any home, let alone a foreclosed home. You will need to know what repairs are necessary and a home inspection that costs you $200 – $400 can save you a lot of headache and money in the long term. In addition, the house may not have utilities running and you can try to negotiate with the lender to get those temporary turned on for the inspection.

Redemption Periods: Some states have a redemption period that allows for the foreclosed homeowner to “redeem” their property by satisfying their debt after the foreclosure.

Patience: The lender may often take more than 60 days to accept your offer on a foreclosed property.

Title Insurance:Title insurance is a safe precaution for you, “the buyer”, as protection against any liens that weren’t disclosed or discovered.

Robin Bartlett

 

 

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  • 325 LAGUAYRA Drive NE, Albuquerque, NM
    325 LAGUAYRA Drive NE
    Albuquerque, NM
    Photo of 325 LAGUAYRA Drive NE, Albuquerque, NM 87108 (MLS # 986751)
    $1,200
    • Lot Size
      6,099 sqft

    • Home Size
      1,253 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

  • 7416 Via Contenta NE, Albuquerque, NM
    7416 Via Contenta NE
    Albuquerque, NM
    Photo of 7416 Via Contenta NE, Albuquerque, NM 87113 (MLS # 986685)
    $1,850
    • Lot Size
      5,228 sqft

    • Home Size
      1,825 sqft

    • Beds
      3 Beds

    • Baths
      3 Baths

  • 3920 RAYADO Place NW, Albuquerque, NM
    3920 RAYADO Place NW
    Albuquerque, NM
    Photo of 3920 RAYADO Place NW, Albuquerque, NM 87114 (MLS # 986604)
    $1,595
    • Lot Size
      6,534 sqft

    • Home Size
      1,742 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

  • Chiricahua Street SE, Albuquerque, NM
    Chiricahua Street SE
    Albuquerque, NM
    Photo of Chiricahua Street SE, Albuquerque, NM 87123 (MLS # 986561)
    $1,800
    • Lot Size

    • Home Size
      1,734 sqft

    • Beds
      4 Beds

    • Baths
      2 Baths

  • 232 SAN PABLO Street NE, Albuquerque, NM
    232 SAN PABLO Street NE
    Albuquerque, NM
    Photo of 232 SAN PABLO Street NE, Albuquerque, NM 87108 (MLS # 986418)
    $550
    • Lot Size
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    • Home Size
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    • Beds
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    • Baths
      1 Bath

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(all data current as of 3/3/2021)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 
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Filed Under: Blog, Buying Your Home Tagged With: albuquerque real estate, distressed properties, foreclosure, q realty, rio rancho real estate

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

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