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These are steps from people I have been asking around for a year to get a house for cheap but I really don’t know if it’s legal it just more of a consolidation of notes when looking and buying a house/land.

Step 1: Credit Report

Go to annualcreditreport.com get your credit report for free to see what kind of loan you can get.

Step 2: How Much Money Can You Afford?

Go to the bank and see how much you can get. Also checkout this site for first time home buyers http://www.hud.gov/buying/index.cfm Alto of the time you need some kind of down payment.

Step 3: Find Foreclosed Property

Find a government runs foreclosed auctions such as here in Oklahoma (http://www.tcso.org/)  You may have to go to the court house in your town/city.

Step 4: Check Value of Surrounding Property

You need to know how much the surrounding property is to see what your maximum offer should be. Example The owner my owe more money then what the  property is worth

Check the Zillow.com site for the Real Estate value of surrounding property.

 

Step 5: Offer to Pay Off Owner's Loan From the Bank for the House/land.


this is what saves you money since the people living at the house are losing it anyway. Talk to the person living at the house to see if they would be willing to sell for what's left on there loan(house loan).

(Optional) Offer them extra for them personally at the closing date. This is what saves you money since the people living at the house are losing it anyway
Talk to the person living at the house to see if they would be willing to sell for what they left on there loan(house loan).

(Optional) Offer them extra for them personally at the closing date.

Step 6: Get A, "Quick Claim Deed"

Get a, “Quiet title Deed” (can be found officeDepot)

Step 7: Home Owner Sign The, "Quick Claim Deed"

Have the owner of the house/land sign the “Quiet title Deed


A quitclaim deed, sometimes erroneously referred to as a "quick claim deed" or "quit claim deed," is one type of deed. There are also warranty deeds — both a special warranty deed and a general warranty deed. The quitclaim deed transfers whatever interest the grantor has in the property to the grantee.

Step 8: Fax The, "Quick Title Deed" to the Bank of the Load of the Owner

Fax the “Quiet Title Deed” to the Bank of the load of the Owner of the house (not the new owner if has already been auction off)

This will stop the foreclosure process.

Step 9: Get an Abstract and Title Search

Go to a mortgage broker. To get an abstract and title search. (Will get a time frame for this from the mortgage broker “Closing Date”)

Step 10: Closing Date!

Closing Date bring Check for total

Owner of the House will need to be there to sign.

Paying for House, Land, Extra, Taxes, closing cost, and back taxes

Step 11: After Buying a House.

Walk out with deed to the house.

Step 11 When you are filing taxes look for the incentive for buying a house such as:

  • 8,000 for buying Tax Incentive
  • Back Taxes owned by pervasive owner
  • Closing cost
  • Look for tax brakes for medications to the house.
<p>Very rightly said. Research before buying home. Location, budget, EMI, property valuation, amenities etc are all important factors one must check. Nice points. </p>
<p>That was what I did when I had my property up for sale. I looked in the papers and on the online platforms for properties within the vicinity of my neighbourhood and take a look at the range of prices which the other owners had put their houses up in the market. This is to give me a rough guide as to how much my own house is worth and derive with a value accordingly. It is good not to over-price or under-estimate your own property value. What you want is for a fair trade for yourself and for the new owner.</p>
So it seems you are buying the house direct from the seller at the cost of the remainder of the mortgage. However, no one in the right mind would sell you a positive equity house. They are being foreclosed on because they stopped making payments, in this economy many of the people who stopped making payments are upside down on their mortgage, what they owe is more than the current value of the home. So in this case you would be paying more than the value of the house and the lender would be very satisfied to see that you paid it off.<br>If you are referring to purchasing the house at a lower cost that would be what they call a short sale and the lender has to agree to that.
What a smooth house!.............nice photo.
... In the USA.<br />
I&nbsp;wouldn't mess with a quitclaim deed, those are dangerous as you could pay the owner only to find out that they have no right to the house or there are liens on the property. I would only use those if you're transferring to family or something.<br /> The best advice I could give is to talk to a Realtor. Chances are that you don't have to pay your realtor a dime if you're the buyer since commissions usually come from the seller.<br /> If it's a short sale, paying the owner may not do you any good since it's the bank that has to approve the sale. I'm not even sure on the legality of that, again, talk to a Realtor and remember that laws may vary by state.<br /> If you're looking to sell one investment property to buy another, read up on &quot;1031 Tax Differed Exchanges&quot;<br />
The quitclaim deed is only to stop the foreclosure of the property.<br />
Also the closing date is the only time you give up the big amount money<br />
Have you closed on a new house?<br /> I'd be interested in hearing your personal feelings and thoughts on the whole process! <br />
When we bought our first house, it was full of the same stress and hurry that we experienced when we were preparing for our wedding, except that buying a house stretched out over several weeks, whereas the wedding took much less time.&nbsp; Owning a home is good, but each year we had what I call an $800 surprise: replace water line, replace main electrical panel, new septic tank field lines. etc.<br />

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