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Ask Dave

Buying Foreclosure House

Dave walks Margaret through steps to take when buying a foreclosure house.

QUESTION: Margaret and her husband are considering buying a foreclosure house.  What steps do they need to take to do that?

I would not buy a foreclosure house at the foreclosure.  Buy it from the owners before it is foreclosed on.  You can contact that person and make them an offer that will allow them to avoid foreclosure and that will get you a deal.  That’s a normal real estate transaction, but it just needs to happen quickly.  You’ll also want to make sure you get title insurance, which you should always buy anyway.

You can also buy a foreclosure house from the bank after the foreclosure has happened.