How to Buy My Neighbors Foreclosure???

[Chad Johnson]

Okay guys, literally my next door neighbor went into foreclosure and lost their house three weeks ago. I would like to purchase the property ASAP. How do I go about this procedure?  I know the bank already through looking at tax records.  The house was purchased by them four years ago for 86k, I was wondering also what type of discount I could get, if any, for purchasing soon and with cash if I choose to.

Thanks,

Chad

[Gerald Harris]

1.   find out what stage of foreclosure its in?  pre-foreclosure or foreclosure?

2.  What is owed on the property?

3.  What is the property worth?  

4.   How much is default amount?

5.  any liens?  

6.  If its worth it and their is enough equity contact the homeowners and offer to buy it.  

Before you buy it

get prequalified & secure financing

do you have cash reserves on hand?  

will it be owner occupied or an investment property?  this will make a difference in financing.