Buying A Foreclosed House In Full, Alone, 22 yrs Old,First Time.

Buying & Selling Real Estate
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Buying A Foreclosed House In Full, Alone, 22 yrs Old,First Time.

Jack McClaren
Chester, PA · Member since 2017 · 3 posts · 0 votes

Hello, I'm looking at a foreclosed home for sale about $30k its a fixer upper and I'm looking to reside in it. A small house but sits on 0.33 acres of land so I see a lot of use. The only thing is I don't know the first thing about buying a house. I'm not into real estate and I am looking to buy it and spend just as much as I paid to get it fixed. Any advice on what I need to know, what I need to do prior to calling the real estate agent selling the home. Where do I stand here, should I take someone with me to go look at the house, etc. Am I to expect the seller to help me out in his situation, or do I need to already come prepared. I don't plan on paying mortgage, I'm looking to pay in full. What do you have for me "Biggerpockets".

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  • Brandon Battle
    Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
    9y
    First things first,get an experienced real estate agent(no first year rookies!!) with many years of dealing with foreclosures and investment properties.They should know everything and everyone else you need to pull this off.You need an excellent contractor with a good eye for spotting damage that can't be ignored or repaired later to go with you to the property.Good luck to you.
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  • Brandon L.
    Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    9y

    @Jack McClaren make sure you have professional representation of your own before you contact the listing agent.

    I have written a blog post that may help you out. Click on the link to read and share your thoughts in the comment section :)

    https://www.biggerpockets.com/blogs/5868/52724-im-...

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  • Jack McClaren
    OP
    Chester, PA · Member since 2017 · 3 posts · 0 votes
    9y

    So, what about the real estate agent selling the home? Wouldn't I just go to them oppose to getting a random real estate agent even if they are experienced? I know the question I just asked may sound dumb but I am interested in knowing your thoughts.

    Secondly, when I go see the property for the first time, do you recommend I have a contractor come with me and if so does this mean I need to get the contractor before calling about the home, or is the contractor supposed to come with me later down the line of agreement to purchase the home. Further more is there fees associated with having a contractor coming to look at a property before I decided to buy it, etc. I'm literally at beginner stage when it comes to buying or owning a house.

    I was under the impression that I call the seller, I go see the house, I pay cash, I get ownership, then I get a contractor along with whatever permits, inspections, etc needed to build. Am I off with this general assumption.

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  • Jack McClaren
    OP
    Chester, PA · Member since 2017 · 3 posts · 0 votes
    9y

    @Brandon L. What would a this professional representative be titled? Real Estate Agent, Realtor, Real Estate Broker, Etc? And what would the charge be for this representing service.

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  • Jonathan Carrillo
    Real Estate Agent · Little Elm, TX · Member since 2016 · 5 posts · 2 votes
    9y
    - Have an agent go with you to see the property and check out the foundation, comps, neighborhood, property usage, demographics, etc... - If the property had promise have your contractor take a look and if on the job - If it all makes sense write a contract! Tips: - GET MOVING AND DONT WAIT! - Do your homework - Get to know the market - Remember that everything is negotiable in RE Good luck!
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