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Why would you want a foreclosed home ?
How much down payment do i need on a $75,000 home. Can i set my on mortgage payments.
It depends. Is it a foreclosure or bank owned? If in foreclosure, the bank must put the property out to auction. If the bank doesn't receive the minimum bid then they purchase the property and often times put it in their portfolio and it can stay there for quite some time. If it is not on the market then it is likely not for sale and the banks have their reasons for keeping these properties on the books. It can be very difficult and nearly impossible to find the department or individual at the bank to submit your offer to or know if it will even be considered. If the property is bank owned and on the market for sale then your buyers agent will follow the rules of that lender in submitting your offer.
You find an agent and have them write up the offer. The procedure varies from on seller to another. It may also be on an auction and that gets even better.