View Full Version : Buying Foreclosed Homes-Help
Jdmalibu
04-06-2008, 04:19 PM
Has anyone had any experience on where to get information on buying a foreclosed home?
The Web is crawling with for Fee websites.
I am looking for a free website that has a user group or community that has this sort of information.
bbills03
04-06-2008, 04:40 PM
foreclosure.com is the best but you have to pay, free 7 day trial and its got great house info
heavylee
04-07-2008, 06:14 AM
This info is available on your local county's website, as well. But of course it could be difficult to find or interpret.
Your county clerk office will have this information, sometimes listed as "list pending". However, it is illegal to contact them (the home owners) directly in many states so you better check your laws. There is a way around this, by "bulk" mailing a block or so around the home with a generic mailing.
Anyway, this is irrelevant. The truth is buying foreclosures is so competitive that even most people in real estate don't bother with it. If you don't have in-depth knowledge of how the system works, especially where the holes are, you're wasting your time and you'll never compete with the wolves.
heavylee
04-07-2008, 08:41 AM
xupz, do you know this from personal experience?
xupz, do you know this from personal experience?
Yes. I "looked" into it myself for a time. I'd really say it depends on the market. The larger the market, just forget about it. It's not worth the hassle.
RHCCapri
04-07-2008, 07:25 PM
http://www.countrywide.com/purchase/f_reo.asp
goulash_w
04-08-2008, 06:32 PM
I think you really need to know your market. I just bought a foreclosed house with no issues. My bet with the package if it passes the $7000 credit you talked about is probably only going to be available if you live in the house. Like HUD houses there are a lot of great incentives but you can't get them if you are on the investing side. In my area the HUD listings go up Friday & many of the foreclosed houses are listed with 1 broker. They also have a tax lien auctions 4x a year but those can be really tough & prices can get high My best advice is don't listen to any one until you know the market you live in because it is so different every where
saspring69
04-08-2008, 07:04 PM
Has anyone had any experience on where to get information on buying a foreclosed home?
The Web is crawling with for Fee websites.
I am looking for a free website that has a user group or community that has this sort of information.
http://realtor.com
SDRebel
04-08-2008, 07:09 PM
OP,
post this in the lounge, you'll find very different people respond. It's useful to get more ideas.
illinicellular
04-08-2008, 07:10 PM
On average what do you save when buying a foreclosure?
larry123
04-08-2008, 07:13 PM
Wow the downturn has just got rolling any you guys want to catch a falling knife. I was amazed that people are flocking to seminars to learn how to buy foreclosures.
If you want to make money with foreclosures, learn how to run a seminar on how to buy them.
Jdmalibu
04-08-2008, 07:50 PM
Wow the downturn has just got rolling any you guys want to catch a falling knife. I was amazed that people are flocking to seminars to learn how to buy foreclosures.
If you want to make money with foreclosures, learn how to run a seminar on how to buy them.
Damn right........want to get rich quick. Write a get rich quick book.
STLUCIELADY
04-08-2008, 07:54 PM
Wow the downturn has just got rolling any you guys want to catch a falling knife. I was amazed that people are flocking to seminars to learn how to buy foreclosures.
If you want to make money with foreclosures, learn how to run a seminar on how to buy them.
Wow, the downturn had been going for 33 months here. It just started where you are? In Vegas? That was one of the hardest hit areas wasn't it?
GitanoBlanco
04-08-2008, 08:41 PM
Most of the big banks have reo / forclosures sites. For instance, google bank of america reo and viola...
http://bankofamerica.reo.com/search/
Whattalife:)
04-08-2008, 09:05 PM
I buy and hold properties as a landlord in Phila. I've bought at sheriff sales, DA sales of drug dealer's houses, and on the retail market.
The problem with buying at foreclosure is you are competing with everyone else. That means you're paying today's retail price. Yes, the price is lower than it was 3 years ago. But you're buying a house that needs fixing up, and next year it MAY be worth even less than today. Or it may be the same. Those adj rates will continue to dump vacant property on the market for the next 12 months. That should continue to depress prices. No quick turn around for you, the buyer. If you are willing to buy and hold, it may work for you in the longer run.
You'll probably need 10% down, and you'll need good credit and verifiable income. If you're buying and you tell the bank its for a rental, you'll need 25% or 30% down, depending on the banks loan criteria. Cash is king: if you can be prequalified by your mortgage company, you can probably negotiate a good deal in today's market. Back East here, the best deals are on new contstruction. The building companies are hurting. The owners of existing properties here are not yet lowering their prices...well, maybe, 6% to 8% down in Phila.
Just remember: Cash is king. Get a realtor who'll work for you. Don't use the listing agent. Get an agent to negotiate only for you, the buyer. And good luck!!
boourns84
04-09-2008, 10:28 AM
I signed up for the 7 day free trial just now on foreclosure.com, it seems pretty pointless to me. 95% of the listings don't have pictures of the houses. Most of the ones listed are also listed in my local homes magazine for free and show pictures. I'm definitely canceling the free trial before it renews in 7 days.
JohnnyCakes
12-31-2008, 11:08 AM
BUMP for info and everything is cheaper now.
Liquidhellz
12-31-2008, 11:49 AM
Might also want to look into auctions. I bought a 155k condo in florida for 70k at an auction. Only a few months before the same unit I bought was selling for 200+. Need cash deposit to get a paddle though.
JohnnyCakes
12-31-2008, 05:59 PM
Might also want to look into auctions. I bought a 155k condo in florida for 70k at an auction. Only a few months before the same unit I bought was selling for 200+. Need cash deposit to get a paddle though.
how much for down payment?
Liquidhellz
01-01-2009, 08:14 PM
Whatever I wanted really because it was my primary residence. Would have been around 30% for rental unit.
JohnnyCakes
01-03-2009, 09:27 AM
Whatever I wanted really because it was my primary residence. Would have been around 30% for rental unit.
I wonder if I could find something for that price to live in for Massachusetts? I lived in Florida and loved it but my wife wants to stay in Ma. because all her family lives here.
Liquidhellz
01-03-2009, 11:54 AM
Just have to find auctioneers. They will have all of their upcoming auctions posted in the local paper or on their website. Look for absolute auctions, that means that MUST auction no matter the price what ever they are advertising.
JohnnyCakes
01-03-2009, 01:25 PM
Just have to find auctioneers. They will have all of their upcoming auctions posted in the local paper or on their website. Look for absolute auctions, that means that MUST auction no matter the price what ever they are advertising.
repped