Cole Rottweiler

XYZ Brokerage

Email: cole@xyzbrokerage.com

Phone: (206) 555-1234

Website: www.xyzbrokerage.com

Back to XYZ Brokerage

Back to Results

Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Foreclosures

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 1,038
US
State
Nearby States
- Alaska
- Alabama
- Arkansas
- American Samoa
- Arizona
- California
- Colorado
- Connecticut
- Washington D.C.
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Maine
- Michigan
- Minnesota
- Missouri
- Northern Mariana Islands
- Mississippi
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Virgin Islands
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Don't see it?

Find:

Foreclosures

sponsored by

Maxis
Contributions: 3

close

Contributions: 3

Q&A

:2
Disc

:1

View full profile

I have a question in regards to buying a foreclosed property. I recently went into a local Sheriff?s website and found a list of foreclosures. There was an option to see listing of sold properties in the past month. It lists the date, amount sold and the purchaser. Unless I was mistaken, most of the properties were sold for One hundred dollars ($100). How could this be? I know when you buy foreclosed properties, you as the buyer are responsible for all the liens; etc., but what am I missing? Can some please fill me in. Thank you!

Maxwell

July 26 2007 - US

RSS

Replies (14)

BayWind
Contributions: 465

close

Contributions: 465

Disc

:453
Photos

:12

View full profile

If they were bought for $100, that was the minimum bid. It usually isn't an individual buying the mortgage. It is more likely a secondary lien holder buying it to safe guard their investment in the property. If it doesn't sell at the Sheriff's sale, it goes back to the bank and the secondary liens are wiped out. If it is a really good deal it is usually settled prior to the sale.

My advice: Don't buy anything without a title search first.

July 29 2007

Pharos17
Contributions: 1

close

Contributions: 1

Disc

:1

View full profile

Does anyone have information or direction on where you can find phx foreclosure properties?

August 09 2007

ajsab01
Contributions: 17

close

Contributions: 17

Disc

:17

View full profile

Does anyone know a site that list foreclosure properties for free. I google a couple of them, but mostly they ask to join first to see in detail about the properties.

August 16 2007

Kary L. Krismer, "Krismer"
Contributions: 2411

close

Kary L. Krismer, "Krismer"

Real Estate Agent

View my 4 listings

Contributions: 2411

Q&A

:1
Disc

:2266
Photos

:144

View full profile

http://www.usa-foreclosure.com/
http://www.ctcres.com/
http://www.fidelityasap.com/login.aspx

These are sites one or more trustees use to post information. They are all free, but might require registration.

Be careful. Buying at a foreclosure is risky.

August 16 2007

Impala67
Contributions: 3

close

Contributions: 3

Disc

:3

View full profile

What about foreclosures in Cape Cod. Where do I go to get that list?

August 16 2007

lrryjrry
Contributions: 425

close

Contributions: 425

Q&A

:22
Disc

:402
Photos

:1

View full profile

I also got the same questions, how can we buy a foreclosure property for the affordable price?

August 16 2007

CUDude2
Contributions: 2

close

Contributions: 2

Disc

:2

View full profile

Krismer, could you enlighten me on the dangers of purchasing a foreclosure? We were actually looking at a foreclosed condo.

August 16 2007

Justyn Kearney, "Justyn Kearney"
Contributions: 1026

close

Justyn Kearney, "Justyn Kearney"

Real Estate Agent

Contributions: 1026

Q&A

:9
Disc

:738
Photos

:279

View full profile

If you want to buy foreclosures I would recommend doing it thru a wholesale seller. There are several companies that sells you foreclosures at a discounted price, although not nearly what the bargain would be if you could buy one outright at the sales. However buying a foreclosure from the auctions is a HUGE risk, I wish I could make those capital letters jumbo capital letters. Its THAT risky!. If you don't know what you are doing, chances are HUGE that you will buy a property that you just really don't want to own, or a title you don't want.

For starters the most common mistake done when newbies buys at sales is that they don't do their title search. So when they go to the auction they have the houses they want to buy listed and when they go up and noone else bids, they go ahead and buy the property for a dime on the dollar. Happy buyer, right? Well....there is a reason noone else bid on it, chances are you just bought yourself the second mortgage on that property and guess what...it's yours and YOU are responsible for paying it back. Secondaries can foreclose on house without the permission of the first mortgage, doesnt mean they will get their money back but they will try. So now instead of owning a home for a bargain price, you own no home but a mortgage that you need to pay off. Great deal?

Thats just a SMALL starter as to the problems buying them off the auction. Unless you are going to put huge amounts of time and energy into buying at auction, and REALLY do your homework, I would buy from a wholesale company or in the open market where there are deals to find every day.

August 16 2007

CUDude2
Contributions: 2

close

Contributions: 2

Disc

:2

View full profile

Thanks Justyn, great information. The one we're looking at is on the market, thank goodness. Do any of the wholesaler's have a website we could look through?

August 16 2007

Kary L. Krismer, "Krismer"
Contributions: 2411

close

Kary L. Krismer, "Krismer"

Real Estate Agent

View my 4 listings

Contributions: 2411

Q&A

:1
Disc

:2266
Photos

:144

View full profile

The main risks are the property may have structural or other defects, it may be dirty and full of trash, and the title might not be as clean as what you think.

Then there's the whole thing about buying the wrong type of property. For example, I wouldn't suggest buying a one bathroom house, because that will limit the upside potential of fixing it up.

August 16 2007

Daniel Nesemeier, "dnesemeier"
Contributions: 1379

close

Daniel Nesemeier, "dnesemeier"

Real Estate Agent

Contributions: 1379

Q&A

:2
Disc

:1339
Photos

:38

View full profile

Maxis, the $100 you see in the deed is part of "consideration". The actual dollar amount of the sale is almost never conveyed in a deed.

When you read a deed you will see language similar to this:

The grantor conveys the property to the grantee for the sum of $100 and other consideration....

Two definitions of consideration are in every deed:

1) a promise for a promise: The seller promises to sell the property to the buyer, and the buyer promises to buy the property from the seller.

2) Value: the dollar value, and other "consideration", which could be the actual amount of the sales price or other barter, i.e. land for land, is what is enclosed in the "other consideration" language in a deed. The $100 value, plus the "other consideration" term, makes the deed a legal binding document.

You need to look at the actual tax record to determine the sales price. It is akways available at the courthouse or most of the time available online (if your jurisdiction puts it there).

August 17 2007

FavoriteAgent
Contributions: 67

close

Real Estate Agent

Contributions: 67

Q&A

:13
Disc

:16
Photos

:38

View full profile

I found a pretty good place to search for foreclosures for free. Takes a little work but its good.

Foreclosures - Houseflow.com hope it helps.

February 27 2008

toddward33
Contributions: 3

close

Contributions: 3

Disc

:2
Photos

:1

View full profile

Please keep in mind that every state and county handle foreclosures differently. Getting answers here is dangerous because though the people who respond are giving correct answers for their locality. I would never pay for a title search because there is one available for free in the case files to be found online in my county for instance. You just need to learn what is available to you and if your going to bid at the auction I would suggest making your own list. If not and your going to buy after the auction then contact a Realtor who can show the bank owned homes. I've been buying for 16 years now and I think the best deals are in REO's.

April 07 2008

toddward33
Contributions: 3

close

Contributions: 3

Disc

:2
Photos

:1

View full profile

Let's try that link again for making your own list.

April 07 2008

Have a question? Ask it here.

Most Active Real Estate Agents

Conlon A Real Estate

435 listings

Local Expert
Teresa Young

302 listings

Local Expert
AdamShpritz

288 listings

Local Expert
DANIELLE HARRELL

179 listings

Local Expert
Michael Dukhovny

142 listings

Local Expert

See more real estate agents

Related Discussions

Discussion I want to buy a house but im very new to market..

Last reply by Linda Strasberg
12 minutes ago

In Buying New Homes
8 Replies - 142 Views

Discussion How buying an onvestment property will affect a college student financial aid?

Posted by krassib
18 minutes ago

In Investing
No Replies - 3 Views

Discussion waiting on short sale lender's written approval

Last reply by Gene Martin
35 minutes ago

In Buying Process
5 Replies - 276 Views

Discussion (Moved): Does FHA mean low standards?

Posted by Ice L.
38 minutes ago

In Buying Process
No Replies - 5 Views

Discussion reached 1 year trying to buy! NAR says 5 years left on short sales

Posted by arnie84
1 hour 35 minutes ago

In Home Buying
No Replies - 11 Views

See More

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide About First-Time Home Buyer Tax Credit

In Home Buying
Edited July 22

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Picking the Best Comps

In Using Zillow to buy
Edited May 04

See more articles about Home Buying

Current Mortgage Rates

Current Last Week

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:144px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" style="float:left;" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes

Loan type
Amount
ZIP code

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by Dennis Lane

Do you feel real estate professionals are being paid too much?

no, they work more than you think

maybe, my agent was not too sure of what he/she was saying

work nights, weekends, and holidays to put the deal together

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

© 2006-2008 Zillow.com, All Rights Reserved