Comments on: I am really interested in buying a foreclosure but do not know which way to go. How do I get started? http://taxlieninvestingnews.com/questions-and-answers/i-am-really-interested-in-buying-a-foreclosure-but-do-not-know-which-way-to-go-how-do-i-get-started/ Current news on Tax Lien Investing Tue, 22 May 2012 06:51:27 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: teran_realtor http://taxlieninvestingnews.com/questions-and-answers/i-am-really-interested-in-buying-a-foreclosure-but-do-not-know-which-way-to-go-how-do-i-get-started/comment-page-1/#comment-296 teran_realtor Sat, 27 Feb 2010 08:52:53 +0000 http://taxlieninvestingnews.com/questions-and-answers/i-am-really-interested-in-buying-a-foreclosure-but-do-not-know-which-way-to-go-how-do-i-get-started/#comment-296 Step one is to get approved for your loan. Without that, you don't buy anything, and on some types you cannot even enter a bid. Find a Realtor who knows how to sell VA, HUD and REO houses. VA - The original owners had a VA loan and couldn't make the payments. Now the Veteran's Administration owns it. HUD - Loan was FHA. Now Housing and Urban Development owns it. (these are my favorite for a variety of reasons - one is I believe the best deals are here for my buyers) REO - "Real Estate Owned" (by a bank). Was a conventional loan - now a bank/lender owns the property. All the HUD and Va and probably 99% of the REO properties are listed with a real estate company and put in the MLS. You need a Realtor to bid or offer on these. Appraisals and inspections will be done after acceptance of your offer, but before closing on the house. On most, the house is sold "as-is". This does NOT mean the house needs repairs, it means that IF there are repairs needed, the seller won't do them. I once sold a brand new, never-lived-in HUD house. And the HUD house that my family and I live in only needed a bit of cleaning to the bathrooms and kitchen. Get a Realtor who knows what he's doing. I see many HUD bids get won, only to go back on the market because the buyer wasn't prepared correctly or the Realtor missed some steps. Good luck - and I agree with your evaluation of courthouse steps auctions - they are for the experienced. Step one is to get approved for your loan. Without that, you don’t buy anything, and on some types you cannot even enter a bid.

Find a Realtor who knows how to sell VA, HUD and REO houses.

VA - The original owners had a VA loan and couldn’t make the payments. Now the Veteran’s Administration owns it.

HUD - Loan was FHA. Now Housing and Urban Development owns it. (these are my favorite for a variety of reasons - one is I believe the best deals are here for my buyers)

REO - "Real Estate Owned" (by a bank). Was a conventional loan - now a bank/lender owns the property.

All the HUD and Va and probably 99% of the REO properties are listed with a real estate company and put in the MLS. You need a Realtor to bid or offer on these.

Appraisals and inspections will be done after acceptance of your offer, but before closing on the house. On most, the house is sold "as-is". This does NOT mean the house needs repairs, it means that IF there are repairs needed, the seller won’t do them. I once sold a brand new, never-lived-in HUD house. And the HUD house that my family and I live in only needed a bit of cleaning to the bathrooms and kitchen.

Get a Realtor who knows what he’s doing. I see many HUD bids get won, only to go back on the market because the buyer wasn’t prepared correctly or the Realtor missed some steps.

Good luck - and I agree with your evaluation of courthouse steps auctions - they are for the experienced.

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