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09-16-2009, 11:24 AM
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what's the best way to buy a house? foreclosure/auction
or through a real estate agent? my mom wants to buy a house, i've found some that were in foreclosure, but they said she would have to bid on the house and the highest bidder wins, we can't afford that we have a limit,so would dealing with a real estate agent be better? need some advice.
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09-16-2009, 09:36 PM
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Yes, a Realtor will be able to negotiate on your behalf to make sure that you stay within your budget. They will also be able to direct you to homes that just came on the market. If you act quickly enough, you can avoid the multiple bidder, auction, buyer wars.
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09-16-2009, 11:18 PM
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It is possible to get a great deal on a foreclosure, but you have to have all cash, I think. There are "short sales" where people are behind but the bank does not foreclose. In short sales, the bank can approve a low price or not. Some people are getting great buys on these short sale houses and it keeps the failed buyers from going through foreclosure. I would try a realtor. You don't need to sign with just one realtor until you have a house that you make an offer on. I have heard that FHA loans for first time buyers are the best now. All mortgages seem to drag the process on for months though.I hope you and your Mom find a wonderful place that you can afford!
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09-17-2009, 02:30 PM
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Re: what's the best way to buy a house? foreclosure/auction
The only reason to buy cash is if a property is not insurable. A bank will not lend on a property without the required insurances. Foreclosures are great if you are ready and able to buy ASAP. Trying to purchase a short sale can take as long as three months to a year and even longer in some cases. Every market is local and only a Realtor can give you the best advice for your area. Good luck with your search!
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