TIPS ON BUYING A FORECLOSURE

Cameron Real Estate is a certified HUD/Foreclosure office.  We have been able to place many families in homes and satisfy many real estate investors with our experience in bidding and submitting contracts on foreclosure properties. 

If you are interested in purchasing a foreclosure home, there are some steps you must take first.  All bank and government foreclosed homes require a prequalification letter or proof of funds before considering any offers on foreclosed listings.  This means you must contact a mortgage officer or bank and have them run your credit and advise you on an amount that you would be able to qualify for a loan.  Make sure they realize you are interested in bidding on foreclosures and some of these houses may not be up to guidelines of certain types of loans.  Once you have established an amount that you can qualify for, tell them that when you find something you want to offer on you will need them to supply you with a prequalification letter for the amount of the offer, asap.  If you plan on purchasing a foreclosure home with cash, you will need to have the institution you have the cash deposited with supply you with proof of funds in the amount you wish to offer.  The step is very important because sometimes in buying a foreclosure time is of the essence and may make a difference on whether your bid will get looked at or not.

Once you have established a prequalification amount, we can start searching for you.  You can also click on our tab listed "SEARCH FOR A FORECLOSURE" and see what is available in the Greater Houston area.  As always, we advise you get a home inspection as the foreclosure company does not guarantee the condition of the home as they have not lived in it.  Also note that foreclosure homes are sold "as is".  Let us start searching the foreclosure market for you today and help you through the process of purchasing one!