How do you buy a foreclosed home?

**metalgod1232** · 01-13-2009, 02:58 AM

Hey,

There's all this talk around about buying foreclosed houses for pretty cheap. How do you go about getting a foreclosed house?

**Codythebest** · 01-13-2009, 06:12 AM

Hire a buyer's agent for free who knows to deal with foreclosures...

**metalgod1232** · 01-13-2009, 07:44 PM

Ok, not very specific but I can work with that. Thank you Cody. My name's Cody too haha.

Anyways, how much will this "buyer agent" cost me? Will I be able to leanr how to do this on my own by watching him? I like to be self-sufficient.

-Cody

**Greg** · 01-14-2009, 06:47 AM

Almost all the foreclosures are listed for sale with an agent so the way to buy them is with an agent. Get an agent. Most buyer agents will work for the commission the seller pays so it does not cost you anything.

You can not do it on your own unless you go to the court house and buy them in pre-foreclosure.

**Codythebest** · 01-14-2009, 07:03 AM

Originally Posted by metalgod1232

Ok, not very specific but I can work with that. Thank you Cody. My name's Cody too haha.

Anyways, how much will this "buyer agent" cost me? Will I be able to leanr how to do this on my own by watching him? I like to be self-sufficient.

-Cody

As Greg says above, a foreclosure is a foreclosed property, therefore, owned by a bank. Banks will list with an agent, always. You have a buyer's agent or not will cost you nothing here. The only difference is the buyer's agent will do the work for you, and will be paid by the listing agent.

**metalgod1232** · 01-14-2009, 11:03 PM

Hey, good deal. I like people who work for me for free haha.

My mom's ex husband buys foreclosed homes for sometimes 500 dollars. No lie. I'm sure some of you heard about this an possibly dismissed it as a lie? Maybe you do it too? I've seen the houses he's bought. All he had was 5,000 dollars and somehow he bought like 8 houses! He wasn't just pulling my leg either.

How the hell does he do this?!!?!

If someone knows and you don't want to tell me, I don't blame you. An easy way to make money that fast would be a secret to try and keep hidden for as long as possible.

-Cody

**jamesww** · 01-14-2009, 11:11 PM

Ok, instead of writting a book on here I am posting a link to an article that will help you get the basic understanding you need to start your hunt. The property purchases that you have spoke od are just a handful and usually need lots of work. But it is possible and the link below are the first steps to work through.

http://houstonhousingmarket.org/2008...ousing-market/