Cash is King: Buying a Foreclosure or Short Sale Great deals on foreclosures and short sales are definitely out there, but you may run into financing roadblocks when it comes time to buy. Here’s how to get the most for your money.

How to Buy a Foreclosure Home or Property From a Bank – 5 Questions to Ask. Don’t expect these houses to stay on the market for more than 30 days. However, if you’re buying a house in sub-par condition or in an area that has been hit hard by the mortgage crisis, a longer market time is expected.

First order of business: know market values. A foreclosed property has two values-the purchase price you’re likely to buy the house at, and the market value that the finished property is likely to sell for. The difference between the two will determine how much money you should spend on rehabilitating the property,

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Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased.

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Foreclosure Numbers. Other cities in the top five, according to RealtyTrac, are Trenton, NJ, with 2.14% of its housing stock having foreclosure filings; the Tampa Bay-St. Petersburg-Clearwater metropolitan area of Florida with a foreclosure rate of 2.03%; Jacksonville, FL, at 2.02%; and Miami, FL, at 1.98%.

How to Make a Cash Offer on a Home in Foreclosure Research the Legal Owner. Track down the legal owner of the house. Evaluate the Property. Research the value of the foreclosed house by asking a real estate agent. Make Your Offer. Determine the price you want to pay based on the market.

I’m wondering how foreclosures work, do you need cash to buy or can you finance? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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