How to Buy Foreclosed Homes in West Virginia
- 1). Find listings of foreclosed homes in the communities of West Virginia that most interest you. These listings are available in several places, most notably at online foreclosure websites such as RealtyTrac.com and Foreclosure.com. These sites allow viewers to click on a map of West Virginia to find foreclosed homes in specific counties.
- 2). Check real estate listings in local West Virginia newspapers. Foreclosed or bank-owned properties that have recently been listed for sale will often appear here. Some newspapers have specific sections for such homes.
- 3). Investigate the homes offered in West Virginia through the U.S. Department of Housing and Urban Development. These foreclosed properties are often offered at deep discount. To find HUD homes available in West Virginia, log on to the HUD property listings page for the state (see References). Information on a variety of HUD-sponsored home-buying resources is available on the HUD in West Virginia home page (see References).
- 4). Find a HUD-approved real estate agent if you are interested in buying a HUD home in West Virginia. This is important; only agents approved by HUD can help you buy a HUD home. To buy a foreclosed property in the state not listed by HUD, it's best to work with a real estate agent who has experience in helping clients buy foreclosed properties.
- 5). Hire a home inspector to assess any foreclosed properties you are serious about buying. Keep in mind that the buyer is responsible for making necessary repairs, as most foreclosed homes are sold in "as is" condition. Make sure you are comfortable with the repair work needed and the associated costs before pursuing the property further.
- 6). Make an offer on the foreclosed homes you have decided to pursue. Your real estate agent will help you through this process. Remember that the banks selling foreclosed properties often won't have much room for negotiation with the price they are asking. Secure financing, if needed, to cover the purchase price and accompanying fees and any necessary repairs.
- 7). Set a closing date if your offer is accepted and have a final home inspection if needed to ensure that no further problems are present. At the closing table, you will sign the papers and pay the fees that will make you the new owner of the home.