Buying a Memphis Foreclosure Home
A home foreclosure is a process that allows a lender to recover the amount owned on a defaulted loan either by selling or taking ownership of that property to secure the loan. There’s an incredible amount of foreclosures nationwide these days following the real estate bust. Many homeowners can’t afford their mortgage payments anymore, their property is devalued and they’re forced to move out of their home.
The flip side to that is that the market became a buyer’s market. Many people who couldn’t afford to buy a home a few years ago, can now purchase property and become a homeowner instead of renting. The process to buying a foreclosure isn’t too different than buying a not foreclosed home.
First you have to find the property that’s foreclosed. You can search online, by city or by zip code if there are specific neighborhoods you’re interested in. The friendly Memphis movers at All My Sons suggest you start with a generic and broad search to get the most listings as possible. You can always narrow the search later when you have more of an idea about what you want and you’ve had time to compare areas. You can search online for different status of the foreclosure. You can verify for pre-foreclosure or auctions or bank owned homes. On most sites, you’ll also have the chance to be more specific such as with the number of bedrooms or bathrooms and even get details about bids for the home or an estimated unpaid loan balance.
Next, just like with a regular home, you’ll have to get financing. You have to know how much home you can actually afford, considering your income, credit and other factors. With secured financing on your end, you will be taken more seriously when you are ready to put an offer on a foreclosed home. Shop around when it comes to lenders, make sure you have all the documentation they need and negotiate the best rate for yourself. Before you visit some banks, you can also research their offerings online and talk to representatives over the phone.
Contacting an agent that understands foreclosures is a great idea. The local San Antonio moving specialists suggest you interview a few to see which one you have more confidence in. Check for their credentials, ask for reference, and ask them to talk about foreclosure deals they have managed in the past and so on. Someone that’s professional and has foreclosure experience can really make a difference.
Then it’s time to make an offer on your dream foreclosure home with the help of your experienced realtor who will walk you through the process. After the foreclosed property becomes your home and you’re ready to move in, call All My Sons of Memphis to help you with your moving services. We have four generations of moving experience, with moving offices across the U.S. Moving with the Memphis movers is efficient, practical and affordable!