Do you need a special real estate agent to find foreclosure properties?

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I’m 50,000 in debt with student loans, however, I have managed to save about 20,000 with a credit score of 820. I recently signed up for a foreclosure listing site but a lot of the homes were dated or no longer available. I was also pre-approved for a mortgage loan of 300,000. My other question is….Can I purchase a foreclosed home with the loan I was approved for or do I need “all cash” to do so?
Also if anyone can refer me to a great agent who deals with foreclosures in California would be awesome…:)

9 Comments
  1. Reply
    MikeD
    April 30, 2011 at 12:50 am

    Since most foreclosures are sold at auction a real estate agent won’t be of much help.

    Save yourself the fees.

  2. Reply
    Elaura
    April 30, 2011 at 1:23 am

    OK, don’t know about California but where I live they have Sheriff sales. Try calling your County Sheriff’s office (even if it is a city you are looking in) and ask if they handle the sales of the foreclosures. If so, they will schedule them on a certain day and then it is a bidding process. Ask them your mortgage question.

  3. Reply
    Superman P
    April 30, 2011 at 2:07 am

    No. You don’t need a special real estate agent to find foreclosure properties. You can do some marketing and find foreclosure properties yourself. However, there are 3 stages of foreclosure:

    1. Preforeclosure which is before the auction sale
    2. Foreclosure at the auction
    3. Foreclosure after the sale assuming the lender takes ownership of the property and is selling it

    I advise you target buying the best foreclosure deals in stage 1. This involves you marketing and talking with sellers. Stage 2 is second best and involves having all cash available at auction. Stage 3 would require working with a real estate agent with the bank owned property. The easiest way would be to make low offers on bank owned properties.

  4. Reply
    jen
    April 30, 2011 at 2:18 am

    All of the options are available from the prior answer that is true however I do not recommend buying homes in pre-Foreclosure. I do like purchasing bank owned properties. Save your 20,000 and do 100% financing on the home sounds like you more than qualify for that. Get a real estate agent to help you and do not get emotionally attached to the houses I had to put in 15 bids to get the home I bought. This is what I did for my 1st home purchase I to saved 20,000 I found this home put in a bid for 107,000 this got an accept and I bought it, 100% financed. Then I took the 20k and totally remodeled the house it is now valued at 175000 and I am in it for 127000 made instant equity refinanced at a lower loan to value and have a great house just the way I want it. I also made sure that this purchase, since it is my 1st and not the home of my dreams was in a good area for rentals so in a year when I have a mortgage history it will be a perfect rental. I believe you can use your home to secure your financial future.

  5. Reply
    titanbooboo
    April 30, 2011 at 3:13 am

    whew lot of questions one would comcern your financing it may only be good for resaidence check that out also normally the lienholder will bid enough on the property to protect the lien

    also watch the condition of property people tend to let them depteciate greatly.

  6. Reply
    bostonianinmo
    April 30, 2011 at 3:27 am

    Actually most foreclosures are bought at auction by the lender. Payment in full is usually required within a very few days and only the lender or a cash buyer can pick them up for all practical purposes. However, once the lender gets full title they usually list them with a real estate agent and sell them the usualy way.

    You can get free listings of current government-backed forclosures at http://www.hud.gov

    Pre-approval for a mortgage based on your credit record is only preliminary. It is NOT a committment to lend you any money at all. The property figures into the approval process and until you have tendered an offer that has been accepted the formal underwriting process doesn’t begin.

  7. Reply
    petsitterjoy
    April 30, 2011 at 3:54 am

    No, you can type in “foreclosures” in the search engine and add your town. It will direct you to local sites that list foreclosure properties. Also contact your local banks.

  8. Reply
    satarnag
    April 30, 2011 at 4:24 am

    You don’t need an agent to find foreclosures. You can do that on your own.

    I am a broker/Realtor in Southern California and I deal with foreclosures before the bank gets them. If you’re in Southern California, contact me and we’ll get the ball rolling on finding you a property. I’ll even see if I can get you into a home without qualifying for a loan.

    Regards

  9. Reply
    SOOTY CAT
    April 30, 2011 at 4:26 am

    There is no profit in it for them.

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