Hubby and I are interested in maybe getting a for closure (or shortsale).
I want to understand what the process is. When u look online it doesn’t tell you a price, but the loan amount. I don’t get it.
Could someone explain this to me? Khatti??? 
Re: What is the process of buying a (pre)forclosure property?
A short sale or foreclosure will be listed in your state's multiple listing service by whatever broker is hired to sell the house for the seller/bank.
Banks usually offer their liquidation properties at the county courthouse the first Tuesday of the month, you can check the county website for details.
Only accurate way you're going to get real time information is to a)contact the broker of the listing or b)have your own agent that can do the leg work for you
There are various websites out there promoting foreclosure listings but those are mainly to reel you into the brokers lap..they want you to call them!
My advice, find a trusted Realtor to help you and answer your questions...don't try to go it alone, you'll drive yourself up the wall.
A transaction with a foreclosed property is MUCH easier to navigate than a transaction dealing with a short sale, those are usually nightmares.
Re: What is the process of buying a (pre)forclosure property?
Thanks for the quick reply :D
In your experience up to how long can this process take?
Re: What is the process of buying a (pre)forclosure property?
Once you find the home you like, whole process from offer, inspections to closing generally takes about 40-45 days. That's why I said short sales can be a nightmare...you're negotiating with the seller and the bank at the same time...I've dealt with short sales that have lasted for months...longest one was 1 1/2 years!
Re: What is the process of buying a (pre)forclosure property?
We found a home. The loan amount on it was 415k. Homes on the same street, same size and similar style, were going for 600-700k.
What would be a realistic offer on this home? I think that's what's confusing me the most. How to to bid.
This is a forclosure.
Re: What is the process of buying a (pre)forclosure property?
You need to first determine the offer method...is it a auction/bid type listing? Is it listed for sale by a broker? Are you dealing directly with the bank itself?
Have you been provided with a starting bid price? What state are you in? These things vary in accordance state to state. If you want to PM me a link to what you're looking at, I can try to decipher some of the info for you.
As far as how much to offer, I can't really advise, not knowing your market conditions, but keep in mind the bank wants to recoup the following on top of the delinquent loan amount: attorneys fees, escrow deficincies and any other amount they've put in (it's becoming more and more common for the bigger banks to go in and do cosmetic repairs to move
stuff off their books.
Re: What is the process of buying a (pre)forclosure property?
Thanks so much! You are so knowledgeable 
I just contacted our realtor and will be meeting with her this weekend. Hopefully she’ll be able to answer all our questions.