Posted by Tim (Atlanta) on January 17, 1999 at 20:47:25:
You will need to call the broker listed on the house. He will be glad to show you the house. These houses are most often listed by real estate agents just like any other house. You can make offers, but most often you will need to get your own financing. I recently bought a house that was listed with an agent. It was bank owned (pre Fannie Mae I think). Believe me, these are the best properties to find, the owners (banks) are often very motivated. I have that house under contract at 64% of the listing price, and 70% of FMV.
That having been said, if you are looking at HUD homes, they work differently. These homes can only be bought by investors after they have been on the HUD list for 2 weeks. The lowest HUD will accept is normally 80% of the listing price. HUD also includes its appraised price on the list, but this is often not in touch with reality. I have watched the HUD list religiously for 2 years now, and have noticed only a handfull of bargains in my area.
Hope this helps.