Purchase a Foreclosure Home

When you are ready to purchase a foreclosure home in Orlando, there are certain step that will take place to ensure a smooth process.

1. Get pre-qualified for you home loan - This is the first step to home ownership as it will direct you to the right price range of home that you can obtain a loan for.
2. Search for Homes that meet your price range and needs.
3. Visit Orlando Foreclosure Homes with the McKinley Team and find the one that's right for you.
4. Once you find the right home, we will write up an offer on the bank owned home.
5. If the offer is accepted, home inspections will be scheduled with local professionals to determine the condition of the property before you close on the home.
6. Reports will be prepared detailing findings of the inspections and any deficiencies encountered. Since Foreclosed homes are sold AS-IS, it is important to know if there are serious issues with the property.
7. If the home meets your standards, you can proceed to closing. If not, we look for another foreclosure property.
8. You will need to obtain Home Owners Insurance prior to closing. A great resource for 12 ways to save on Home Owners Insurance is available from the Federal Citizen Information Center. Click here to download the pamphlet.
9. DO NOT MAKE ANY LARGE PURCHASES BEFORE YOU CLOSE ON THE LOAN. This is the most important rule of all. Lenders will often check your credit again right before closing. It is common to have a loan denied because of a large purchase prior to closing. Wait to make purchases until the loan has closed. This includes automobiles, furniture, credit card purchases and any other purchases that involve credit.

Calculators

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• Rent vs Buy