Buying a home involves several factors, such as the location, type of house, and the size of the property. One decision that homebuyers need to make is to whether they want to purchase a short sale, foreclosure or a regular sale. Each type of sale has its advantages and disadvantages. For example, short sales and foreclosed homes are sold at very low prices but require more work in repairs.

If you’re considering a short sale, read our article “The Short Sale Process Explained in Simple Terms.” This article talks about the process of buying a short sale, as well as the advantages and disadvantages of this type of sale.

If you’re considering a foreclosed home, here’s some information about the steps of buying a foreclosure.

How to Buy A Foreclosure

  1. Find a home and do an inspection- Things that you have to decide are the location, the size, the type of home, etc. Websites such as Picketreport.com can help you find the perfect neighborhood by looking at factors such as schools, lifestyle, and safety. As you look for a home, keep in mind that when you buy a foreclosure, you’re buying it as-is. So, it’s very important that you inspect the property before you decide to move forward in the process.
  2. Get Pre-approved- By getting pre-approved, you can get an idea of how much house you can afford. It also lets sellers know that you are a serious prospective buyer.
  3. Find an experienced agent- Even though foreclosures are increasingly common, it is still important to find an agent that is familiar with the process. If the agent is familiar with the bank who owns the home that you’re interested in, even better! Each bank has a different process on how bank-owned homes are sold and having someone who is knowledgeable on this process is a big plus.
  4. Find out who owns the home and make an offer! – If the home is in pre-foreclosure (aka short sale) your real estate agent will need to present the offer to the individual who still owns the home. If you’re looking at a home that is about to be sold at an auction, you’ll need to contact the trustee/attorney to ask any questions about the house before the auction. If the house is bank-owned, your agent will present your offer directly to the bank.

Even though getting a response from the owner may take a while, foreclosures can be a great buy if you’re willing to put some elbow grease into it. If you’re purchasing a bank-owned property, it may take several weeks or even months before you hear a response from them. Fortunately, banks are getting better at making the foreclosure sale process more effective and even faster. This is great for the banks because they don’t want to keep empty homes on their balance sheets and it’s great for you because you may be able to find an amazing deal on a house!

Start the home buying process at Rocket Mortgage today!

Gabriela Islas is a contributor for the Quicken Loans Zing Blog.  Stay connected with us on our Facebook page and our Twitter page to find out all the ways we’re Engineered to Amaze.

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This Post Has 51 Comments

  1. Hi, I am interested in a property you are foreclosing on, can you please contact me about how I can buy it. Thank you, Heather Nussel

    1. Hi Heather:

      I’m going to get this to our team. If you could just give me the address, I can pass it on. I’m going to email you.

      Thanks,
      Kevin

    2. Hello, We are trying to buy a property that you are forclosing on in Stanardsville VA. How can we locate a contact to try and purchase this property. We are a repeat QLoans customer. THX

      1. Hi S:

        Thank you for being a repeat customer. We are very appreciative!

        We usually don’t control the sale of these properties, but instead, it’s handled by the investor in the mortgage (Fannie Mae, FHA, etc.). The county is usually also involved. However, I’m going to get this to our team to share as much as they can with you. I will reach out for the address. Thanks!

  2. Hi-
    I am interested in purchasing one of your foreclosed properties in Richmond, KY. I was wondering if you could put me in contact with the person that handles that area for you?

    Thank You.
    John

    1. Hi John:

      I’m going to reach out to you for the address of the property, and I can get it to our team from there.

      Thanks,
      Kevin

  3. Looking at talking with a person about an REO thru Quicken in Mansfield, OH. Please let me know who I need to talk to. Thanks

    1. Hi Adam:

      I’m going to reach out to you to get the address and from there I can get you to the right team who will respond soon. Thanks!

      Kevin Graham

      1. Hi Kevin;
        Very impressed with how fast you respond to people!

        I am looking at a property in Lindstrom, MN that is owned by Quicken – could you please have someone contact me or get me contact info for the right person??

        Thanks!
        Erik

        1. Thanks, Erik! I’m going to reach out to you for the address of the property and from there I can get this to the right team.

  4. I am interested in buying a home that Quicken recently bought back at Sheriff Sale. It had been foreclosed on. It is located in Bowling Green OH. Can someone from Quicken please contact me regarding this.

    Thank
    Dan Van Vorhis

    1. Hi Dan:

      I’m going to send you an email asking for some basic information. If you could respond to that, I can make sure we get it to the right team.

      Thanks,
      Kevin

    1. Hi Jeanne:

      I’m going to be sure to get this over to our team and I’ll be able to direct you to the right place. Thanks for reaching out!

      Thanks,
      Kevin Graham

  5. Hi Yes, I saw that Quicken Loans owns 8411 Cadys Mill Road in Hanover Va – could you connect me with the individuals in charge of selling this home?

    thanks!
    Crystal Lang

    1. Hi Crystal:

      I’m going to make sure this gets to the right team. Thanks for reaching out!

      Kevin Graham

  6. 3rd time I have placed this comment and it gets deleted, maybe. No reply from Quickenloans Still interested in the house at 4910 Flat Creek Road, Frankfort, KY. Quickenloans are showing as the owner at the PVA office and where the tax bill is sent.

  7. Trying to get information on 4910 Flat Creek Road, Frankfort, KY. PVA is still Quickenloans as the owner and where the tax bill is going. Still interested in buying it. 2nd comment left.

    1. Hi Joyce:

      Your comments aren’t being deleted. We have a caching system so that the blog loads faster. Basically, new comments show up on the front end once every 24 hours. As to your original comment, I have forwarded your request to our client relations team. They should be able to point you in the right direction. Look for a follow-up shortly.

      Thanks,
      Kevin Graham

  8. As a relative of a house owner whose house is shortly to be auctioned can I put in a bid to purchase it. I am a senior and retired.

    1. Hi Patricia:

      Unless the entity auctioning the property has a specific rule against that, it probably won’t be a problem. The only potential issue I could see is if you were bidding with a preapproval and your family member was the one doing the auction. If that was the case, it would be considered a non-arm’s-length transaction and you might have to come up with a higher down payment in certain cases. However, I’m assuming that’s not the case.

      Thanks,
      Kevin Graham

  9. Can I please get homes that Quicken Loans has foreclosed or short sales. I like my Loan Broker with Quicken, and though I put 50% down on Foreclosures or pay cash, if I finance, I would rather work with QL. Can you please have a Foreclosure/Short Sale Rep email me a list or how I can find them, thanks.

    1. Hi Cynthia:

      I’m going to start by getting this to our client relations team who should be able to direct you to the right place. Thanks!

      Kevin Graham

  10. Hi,
    I’m looking for any foreclosed homes available in Michigan. Can you please send me any information that’s available?

    Thanks.

    1. Hi Syretta:

      This page on the Housing and Urban Development website has links to the resell sites for homes owned by various departments of the government as well as Fannie Mae and Freddie Mac. Once you get to the sites, you should be able to filter by state. Hope this helps!

      Thanks,
      Kevin Graham

  11. Kevin,
    I was under contract for a house and just before closing the owner went into Chapter 7 resulting in the contract becoming “breached”. Quicken Loans is the primary mortgage holder and has been granted “Relief From Stay” however the trustee has not “Abandoned” the property. When the trustee gives up on selling the house for more than it’s worth and abandons the property, I’m sure Quicken will foreclose…at that point I would like to buy it from Quicken. Can you point me in the right direction to make that happen?
    Thanks,
    PJ Banks

  12. As my wife and I have been searching for a home to buy, we have realized how much money it costs to buy a brand new house. I have recently been looking into foreclosed homes and it has been much more relieving! If you want to save money, definitely buy a foreclosed home.

  13. I would like to find out about making a bid on property at 650 Hendricks St. Madison, In. 47250. It went up for sale at sheriff’s sale on 11/30/2016 and no one bid on it.

    Please let me know how I can make a bid. I am paying cash.
    Thanks, Gene Armel Cell Phone # *********** or send me an email

    1. Hi Gene:

      I’m going to remove your phone number for your privacy. However, my best advice to you would be to find out who’s in charge of the sale and then contact them and go from there.

      Thanks,
      Kevin Graham

  14. Kevin…from reading the comments you may be who can help me
    House in Midland, PA that has been foreclosed and going to auction
    Paperwork posted stated Quicken Loans held mortgage.
    We are interested in a cash purchase if possible before the sheriff’s sale.
    Would it be possible to have someone contact me asap to discuss?
    I would greatly appreciate any help
    Regards
    Sean McClain

    1. Hi Sean:

      I’m going to have someone reach out to you about this. Thanks for contacting us!

      Kevin Graham

  15. I called the tax office and they informed me that Quicken loans carries the mortgage on a home at 13312 Bunker Hill Rd. Willis Tx. 77318
    I believe the house is being foreclosed on and would like to know if it is being auctioned or sold and who could help me find out.
    thanks
    Shane

  16. There is a property that based on records that I found you are the Mortgage holder on. It appears you have forclosed on the property and it is Vacant. Whom to I inquire about this property to. There was a note on the door stating the property was vacant however the number on the note to contact is not in service

  17. I saw a house listed in the newspaper for foreclosure by Quicken Loans yesterday. Is there any way to jump the gun and talk to someone about buying this home? It is the perfect home for me in a town of about 50 people. It’s next to grandpas. I have looked at it and would be ready to start the process! 1211 Mulberry Neosho Falls Ks 66758

  18. Interested in a foreclosure owned by One Reverse Mortgage (Quicken Loans). It’s located at 209 Emerald Dr, Parrottsville, TN. Realtors cannot find info about it. Any contact info you could pass along?

  19. I would like to know where I may find the information on a home bought from an auction in Baldwin Co. Alabama. Zip code 36542. By quicken loans, I would be interested in buying it.

      1. Patrick,
        I am a Realtor with Real Estate Partners in Tennessee. We are a company that specializes in properties in East Tennessee. We belong to the MLS in both Chattanooga and Knoxville and use all the major internet search engines. Therefore, we can cover the major markets in East Tennessee with excellent exposure . I am a partner with the Grace Frank Group. Last year our group alone closed 48 million dollars worth of real estate. That is a typical annual number for us. Real Estate partners closed in excess of $100 million.
        I would like to speak with you about how to obtain the opportunity of listing your properties in our market area. Thank you in advance for your response.
        regards,
        Walt Bowman

        1. Hi Walt-

          I’m going to send your request to our team at In-House Realty who work with our real estate partners. They should be able to help you.

          Thanks,
          Kevin Graham

  20. I am interested in one of the homes you bought at auction. Its 312 high st in navarre ohio 44662. Please contact me asap about this property.

  21. I woke up this morning and saw a For Sale sign on my neighbors property. I called the Realtor and asked them how much they were asking for the house and I was told that she had a contract pending on the property. I asked her how that was possible if the sign was put up this morning, and she explained that the house was listed for two weeks. So I asked her my question again and she explained that it’s just the way things happen these days. My question to you is this. If real estate agents, working in your behalf, are not willing to advertise these properties and just go ahead and sell them to their friends or relatives. How can they be working in your behalf, and, is that legal?

  22. I am interested in purchasing one of your foreclosed properties, located at:
    849 NW 1911 Road, Lone Jack, Mo. 64070
    This foreclosure sale took place on Tuesday November 19th at Johnson County Courthouse in Warrensburg, Mo. by your agent South & Associates.
    Please advise me how to inspect and make a bid on the property.

    Douglas Ott

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