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I saw that several of these homes that were sold as forclosures were sold for 561.00. Why??

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Is there a way one can get one of these homes?? What is the procedure for buying one of these homes?

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May 08 - Spokane

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Stephen Kim, "StephenKimRE"
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Stephen Kim, "StephenKimRE"

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And correct me if I'm wrong, but transactions made at auction usually require all cash payments at the time of purchase so they aren't for everybody. But yes it would be a good idea to get not just any real estate agent but one that has additional specialized training in foreclosures/short sales because as stated before they are a whole different animal then regular real estate transactions.

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May 13

Sam DeBord, "SeattleHome.com"
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You're right on both, if you're looking at a foreclosure listed by a bank (REO), they'll clear all of the liens first. At the auction, when it's not yet technically bank-owned, it's the Wild West and you'd better do your research.

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May 08

ROBOT5
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ROBOT5

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Yea auctions are pretty tricky, was at one the other day, you really have to do your research and make sure things like "toilets filled with cement", and enormous liens aren't on the property.

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May 08

nvchaz
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My mistake Sam.

I missed the "auction" part of your statement. I don't know how the auctions work and maybe the banks are shoving out encumbered property.

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nvchaz
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Sam:

Banks typically, (I'm tempted to say always), clear liens before listing.

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Sam DeBord, "SeattleHome.com"
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Foreclosures sold at auction are tricky business. Make sure you have done your research - you'll probably want to have a real estate pro involved with you. There can be underlying liens still on the property from mortgages, taxes, mechanic's liens, etc. The auction price doesn't always show the full cost of buying the home.

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May 08

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Question I saw that several of these homes that were sold as forclosures were sold for 561.00. Why??

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May 13

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I saw that several of these homes that were sold as forclosures were sold for 561.00. Why??

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Question I saw that several of these homes that were sold as forclosures were sold for 561.00. Why??

Question Am interested in receiving notices of real property auctions in Spokane and Kootenai counties.

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