Interested in buying a foreclosure? Are you looking to get a great deal on a home? In today’s video, I share the 3 best ways to buy a foreclosed home, the pros and cons as well as the steps needed before you begin your search.

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Foreclosure homes how to buy: There are 3 main ways to buy them:

#1. Is buying a pre-foreclosure as a short sale. In a short sale, the homeowner is often behind on their mortgage payments (typically 90 days or more past due) and they apply with their lender to sell their house as a “short sale” due to a financial hardship.

#2. A more traditional yet risky way to buy foreclosure homes is through an foreclosure auction. Homes are typically sold to cash buyers. They often don’t allow buyers to use loans.

#3. Another way to buy a REO or Real Estate Owned property. These are often listed by real estate agents. One major pro is the homebuyer may be able to get inspections done but the downside is these homes are sold “as is” so the owner (the lender) normally will not do any repairs.

The first step in buying a foreclosure is to find a great real estate agent.

The second step is to get pre-approved for a loan and then you can start your search! My advice is to include non-foreclosures in order to broaden your search parameters. Perhaps you will be able to find a fixer upper that is not a distressed home sale.

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty ONE Group Complete in California under DRE 01923240.

#realestateinvesting #REO #foreclosure

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