Methods for Purchasing Forclosure Homes

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	Methods for Purchasing Forclosure Homes

brandycherry

10-23-2007 1:54 PM

575 views

tags:

forclosure homes, bank forclosures, forclosure investing

brandycherry says:

A few quick rules for investors interesting in purchasing forclosure homes.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/13547827-6497-4dc6-b82c-b4f8d66e2f4c/A570A096-059F-482F-A9AD-68E66DE715EB/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://ezinearticles.com/?Methods-for-Purchasing-Forclosure-Homes&id=775126" href="http://ezinearticles.com/?Methods-for-Purchasing-Forclosure-Homes&id=775126" style="font-size: 11px;">ezinearticles.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://ezinearticles.com/?Methods-for-Purchasing-Forclosure-Homes&id=775126"><P>Rules for Bidding on Forclosure Homes:</P><P>If the home you have chosen to look at is a bank forclosure, the bidding rules are pretty easy.  You will want to get in touch with your real estate agent or the listing agent and let them know that you are interested in the forclosure home.  After that, you will want to do a couple of other things.</P><P>1.	You will need a pre approval letter from your mortgage loan officer.  The letter need only be the amount you plan to offer and no more.</P><P>2.	You can then ask your real estate agent to forward the letter to the listing agent expressing intent to purchase the forclosure home.  This letter is different than a contract because the only things it includes are general topics such as the price, suggested closing date and financing.</P><P>3.	When the letter is received by the listing agent, it will from there be forwarded to the bank that is holding the forclosure property.  This process will take around 7 to 10 days, as banks proceed cautiously and very slowly.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A570A096-059F-482F-A9AD-68E66DE715EB/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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