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Replies (10)
- Michael Remacle, "lahomeconnection"
- Contributions:49
Almost all foreclosures are assigned to real estate agents whose fiduciary duty is to market them to the widest audience possible---this means placing them on the mls. Your agent will have access to the most up-to-date information thru the mls. Good luck.
- Richard Schulman, "RichardSchulman"
- Contributions:2108
Realtytrac will sell you information on defaulted properties...that will eventually be placed on the general mls. Any bank is going to expose their property to the most number of buyers. You or your agent need to develop some strategies to win multiple offers. I can help you if you need it.
Richard Schulman
Richard Schulman
- km9
- Contributions:127
so is what I understand correct? that the sites mentioned show you homes that are headed to foreclosure but not there yet? and that is the only advantage over free listings like listing book?
- Andy Dick, "Showcase Investments"
- Contributions:47
Buying once the house hits the bank's REO is what you've been trying. The good news: You can use financing for the purchase. The bad news: Many more buyers, as you've experienced. The alternative is to go to the sales sites and buy from the trustee, but that will require all-cash (in the form of a cashier's check). Bad news: Beneficiaries and trustees delay/potpone these sales constantly, often within the final minutes before the sale. If these folks only understood that there are plenty of willing and able buyers such as yourself who would attend a well-advertised sale without threat of a last-minute sale cancellation, they would be able to shed SO MANY of their troubled properties so much more quickly. Good luck!
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
km9
I have delt with those foreclosure site in the past. In some cases, the information is incomplete or old.
I am in lending, but believe your best source is to find a competant Realtor in your area.
Good Luck
I have delt with those foreclosure site in the past. In some cases, the information is incomplete or old.
I am in lending, but believe your best source is to find a competant Realtor in your area.
Good Luck
- Ria_chekuri
- Contributions:58
The key to buy properties in foreclosure is to buy before it gets listed in the MLS. Check out SilverHutOnline-latest foreclosure tool that allows you and your agent to to do that. I use it and provide it for my buyers who are interested in foreclosure. Buying foreclosure property is more complexed then regular sale and most buyer need agent at some point. It is free for buyers,but available through licensed agents. I do not service your area so talk to few agents in your area and find an expert who can provide access to this site and help you find and close great deal.
This is the latest tool on the market not every agent is aware of it so you may have to talk to few agents to find one.
Most experts using SilverHutOnline, will require the you sign buyer's representation agreement.
Good Luck,
Ria C.
This is the latest tool on the market not every agent is aware of it so you may have to talk to few agents to find one.
Most experts using SilverHutOnline, will require the you sign buyer's representation agreement.
Good Luck,
Ria C.
- Andrew Jones, "AJonesREALTOR"
- Contributions:127
Hi km,
No wonder consumers are confused about the forclosure process. Here's a simple guide to the types of information that these companies are offering.
Short Pay or Sale: The homeowners have negotiated with the lenders to sell the property at less than is required to pay off the original loan. The lenders agree to accept the net proceeds as full payment for the loan, but there is an approval process which can add several extra months to escrow. Many transactions are not approved.
NOD (Notice of Default): The lenders record this document with the county to officially start the forclosure process. Homes in this category can still be listed and sold by the owners until the foreclosure is final.
Bank and Investor Owned (REOs): The owner has defalted and the lenders or their assigns now hold title. There is usually a corporate approval process, but since California has no right of redemption after the foreclosure is final, the property is essentially listed for sale by the legal owners.
What's really happening is that the lenders and corporate owners are willing to sell at up to 20% less than market value to clear their books and generate cash flow. The result of all of this 'forclosure' activity is that the market is experiencing an artificially low valuation and is likely to stay that way until the excess inventory of properties is sold off.
With the exception of unlisted NODs, all of these other categories of properties are simply for sale. They shouldn't be considered a better deal than a house offered by an undistressed owner who is willing to sell at the prevailing rate.
As for those 'bagain' homes that you're seeing... the money never lies. These are typically corporate and short sellers who have listed a property so low that it creates an informal auction. There's an initial frenzy and then the remaining serious bidders duke it out. It's an obvious ploy that genrates a lot of interest quickly and often ends up selling the property for more than it might have. Also, the public ever sees the final result so it leaves a false impression, creating yet another drag on the market and frustrating a lot of buyers.
Here's a link to a good free tool called Market Snapshot that may be useful to you. It will give you this week's housing pricing and conditions including community reports for any neighborhood from L.A. & Orange County to San Bernardino.
http://www.homeinsight.com/Widget/default.asp?VE373T7NCA0G
Please feel free to contact me if you have more questions. Best of luck.
No wonder consumers are confused about the forclosure process. Here's a simple guide to the types of information that these companies are offering.
Short Pay or Sale: The homeowners have negotiated with the lenders to sell the property at less than is required to pay off the original loan. The lenders agree to accept the net proceeds as full payment for the loan, but there is an approval process which can add several extra months to escrow. Many transactions are not approved.
NOD (Notice of Default): The lenders record this document with the county to officially start the forclosure process. Homes in this category can still be listed and sold by the owners until the foreclosure is final.
Bank and Investor Owned (REOs): The owner has defalted and the lenders or their assigns now hold title. There is usually a corporate approval process, but since California has no right of redemption after the foreclosure is final, the property is essentially listed for sale by the legal owners.
What's really happening is that the lenders and corporate owners are willing to sell at up to 20% less than market value to clear their books and generate cash flow. The result of all of this 'forclosure' activity is that the market is experiencing an artificially low valuation and is likely to stay that way until the excess inventory of properties is sold off.
With the exception of unlisted NODs, all of these other categories of properties are simply for sale. They shouldn't be considered a better deal than a house offered by an undistressed owner who is willing to sell at the prevailing rate.
As for those 'bagain' homes that you're seeing... the money never lies. These are typically corporate and short sellers who have listed a property so low that it creates an informal auction. There's an initial frenzy and then the remaining serious bidders duke it out. It's an obvious ploy that genrates a lot of interest quickly and often ends up selling the property for more than it might have. Also, the public ever sees the final result so it leaves a false impression, creating yet another drag on the market and frustrating a lot of buyers.
Here's a link to a good free tool called Market Snapshot that may be useful to you. It will give you this week's housing pricing and conditions including community reports for any neighborhood from L.A. & Orange County to San Bernardino.
http://www.homeinsight.com/Widget/default.asp?VE373T7NCA0G
Please feel free to contact me if you have more questions. Best of luck.
- NTETS, "Mr Caveat"
- Contributions:6436
mls is actually most likely far more accurate than the data on any foreclosure site... they arent kept up as well. old listings, long gone, missing listings, completely false listings... go with the MLS. if you want to do it yourself, i think a supreme court ruling said that you can demand access(if you pay for it) even without an agent. of course odds are you will pay 500bucks for access and the listing agent will take 5-6% and you would need an attorney then, so most likely much cheaper to you to let an agent, any agent, just take the 3% fee out of the listing agent's pocket. in some circumstances RE attorneys have the ability to search mls listings, submit offers, take the 3% fee and then rebate back to you any portion that wasnt eaten up by their services. something else to think about.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Realtytrac.com is listing bank owned properties and I am seeing these properties sold WITHOUT ever being placed on the mls. If you have an agent that also subscribes to realtytrac, I think you may get one that isn't so heavily bid upon. Although I haven't known anyone personally yet to do this, (I think I should go to our neighbor who just bought and ask them how they did it) it is being done.
- Showcase Twins
- Contributions:69
when you find a home you want, it is important to beat out other buyers, good things come for those who wait and your home is waiting for you too. good luck
Are Foreclosure Sites a Better Option in this L.A. Buying Mess?
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