Buying a Foreclosure

Debby Roth, "ROTHD"
- (1 review)
Contributions:7

People always call me and want to know about foreclosures for sale and if I can get a list of them like they are a secret that only a few people have access to. The truth of the matter that all Bank Owned properties for sale here in our area are listed on the MLS like any other home for sale. They will state on the listing that they are bank owned. Basically, it doesn't matter if a property is bank owned or owned by an individual - the bottom line is whether the property meets your needs and if the price is a good value. A good agent can tell you if it is priced well or not and whether the property has issues you should be aware of. What are your questions about buying a foreclosure?

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May 03 2012 - Coos Bay

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Replies (2)

Maria Avellaneda, "MAvellaneda"
- Write a review
Contributions:510

In fact at least for an i itial period not all bank owned homes are listed. Home Path homes have "a first look period" when they are only listed on their web site. I believe HUd homes have a similar period. So to get all available properties you will have to check this two sites and the MLS.

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May 04 2012

Laurel Jaques, "LAUREL JAQUES"
- (8 reviews)
Contributions:309

Sometimes the public sees information (usually via the internet) that a house is in some phase of the foreclosure process. If they see on Realtytrac that it is in the pre-foreclosure phase, they mistakenly think that is has been foreclosed, when really it is in the first phases of default, usually the first notice of default was filed on the property. Often these properties are doing loan modifications and will never come to the market. I am asked about these properties all the time.