You can usually find lists of foreclosed homes at your county sheriffs dept., at the courthouses, or online through many different foreclosure listings websites. While buying foreclosed homes does have many benefits, there is also some risk involved.Foreclosed homes are normally purchased on an "as is" basis without any warranty of fitness. That means that you as the buyer assume all risk for any problems with the home, minor or major, and have no recourse against the lender who is selling the foreclosed property.
You can buy foreclosed homes through a realtor, through sheriff's auctions, directly through banks, among many other ways.
When buying a foreclosed home through a sheriff's auctions you are usually required to pay a minimum of 10% right after your bid is accepted either in the form of cash or a cashier's check. You then have 30 days to pay the remainder of the balance of the home. You can either pay this amount in cash or through obtaining a mortgage. Interest will generally begin to accrue each day beginning immediately after the auction.
Many investors buy foreclosures under value. Some of these homes are neglected but many require mere cosmetic repair. If you are intersted in purchasing a investment home be sure to ask your loan officer about their Non Owner Occupied programs. You can also ask for a referral to a real estate agent in your area that specialized in banked owned properties.
Though you may be qualified for 100% financing, the property might not be. The lender might not approve the condition of property where they want to invest their money on. Be sure to do home inspection and find the fair market value before you make the purchase decision.
