You need to be preapproved but many foreclosures are cash sale depends on their condition but you can find some gems out there and still finance.
Once you find a home, an offer is submitted, the Bank takes approx a week to return their response on a Foreclosure, (negotiations), offer acceptance, ensure Title is clear,?you could and should have?an inspection but the bank may not pay for repairs (depends on severity of repair need usually), Appraisal, maybe more negotiations, close.? There are other pieces that go with the home buying but this would be it in a nut shell.
If you need assistance, I am happy to help.
Melani Taillon
Better Homes and Gardens/The Masiello Group
[contact information deleted by Zillow moderator. Please see our Good Neighbor policy for posting guidelines]
Source: http://www.zillow.com/advice-thread/what-is-the-process-of-buying-a-forclosure-property/484399/
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