Profile picture for kayomarz_s

I want to buy for foreclosure home

Where do I start,like do I find the mortage company who has the property in their possesion.

  • May 29 2011 - Highlands Ranch
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Answers (16)

I have found that in the past year, foreclosures have NOT been a good deal. As an investor with 5 properties, I can estimate the cost of needed repairs. The short sales and foreclosures I've seen recently in Highlands Ranch have been over priced. I could just buy a regular house, not spend the time and money, and be ready to move in or rent out immediately.
The foreclosure would cost more, take longer and cause more frustrations.
The ONLY exception is of it's a magic location - gotta have location. Then, price is not the main factor.
  • October 26 2013
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Profile picture for Dunes....
You could use a FREE Public Records Search for Foreclosures like this one..http://publicrecords.onlinesearches.com/

You'll find info like this...
Douglas County Co.
List of Properties/Addresses...https://apps.douglas.co.us/apps/publictrustee/propertySearchFormAction.do

Bid Process/Auction Dates ect...http://www.douglas.co.us/publictrustee/Foreclosure_Information.html

All from the Douglas County Web Site

You can also make use of  the Fed Gov and Banks Sites they have created to allow the Public to view their Properties For Sale/Foreclosure/REO..Get a feel for Prices, look at the Listings, Property Info, Addresses and different Options
ALL FREE

Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link

Good Luck

  • June 02 2011
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There are some key questions to be answered.
Is it to live in vs  an investment?
 What area?
What style of property?

Once you have a good idea of what you are seeking have an agent look them up for you. There are no advantages to not using professional helps...

The search can be made easy. You can even get signed up for any new listings that fit your parameters.

Talk to an agent that has dealt with the   foreclosure properties and don't ruke out short sales , they can be a great deal as well.

All the best,
'Ken Anderson
ApexOne Realty, Inc
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  • June 02 2011
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There are a couple of subscription based foreclosure reporting services that give you all the legal documentation from default, to auction, to REO. Included is the name of the mortgage company, the address, and the account number of the mortgage. 

David Cooper - Las Vegas

  • June 02 2011
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Foreclosures are quite a different animal than "traditional" sales.  

If the owners' loan was an FHA loan - then you will see it pop back on the market as a HUD owned home, HUDHomeStore would be a good resource.

If the loan was a conventional loan, backed by Fannie try HomePath to find reposessions.  HomeSteps is the Freddie Mac counterpart.

If the loan was not backed by the giants, then you would have to find the properties on each lenders website. 

Sometimes they bundle multiple properties together and wholesale them, sometimes they give them to auction companies for disposal.

A good local broker with experience in foreclosure properties will be an asset for your goals.

  • May 31 2011
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Profile picture for derrekpatrick
I am happy to help.  There are a lot of good deals out there.  I can help find the ones on the MLS.  You can find the HUD ones on hudhomestore.com  Let me know how I can help!

Derrek S Patrick
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  • May 31 2011
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I just read all the replies to your question.  I bet you are still a little confused.  I recommend that you interview for a real agent who specializes in bank owned properties (REO's) and HUD homes.  HUD requires that you have a real estate agent.  Most bank owned properties are listed with real estate agents, too.  So you will need buyer representation.  I also recommend that you find an agent who will "consult" with you and guide you through the process.  By this I mean they will meet with you to go through the steps for getting a loan, buying a home, and closing the transaction.  The right real estate agent will provide you with the information for you to make up your own mind.  The right real estate agent will recommend more than one lender, more than one home inspector and/or other types of vendors that you may need.  This initial consultation should be your very first step.  Don't even think about looking at a home until you have gone through a buyer's consultation and gotten pre-qualified for a loan.  That way you have full knowledge of what you can offer and you are in control of your decision making.
Best of luck to you.
  • May 30 2011
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...don't forget about homepath.com ....technically a lender with the property in their possession (to your exact question).
  • May 30 2011
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Profile picture for sunnyview
"The most common mistake I see both buyers and seller make is not listening to their Realtor."

I don't agree. I think the most common mistake is choosing the wrong agent followed closely by failing to get the appropriate inspections. Buyers who trust their agent to make every decision on their behalf including letting their agent choose the lender are asking for trouble.

Enlisting the services of an agent does not mean that buyers should stop thinking for themselves and follow them blindly. In the last few years, buyers have had a chance to see where failing to think independently and failing to get their own information has gotten people.
  • May 30 2011
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Find a good Realtor and then follow their advice.  The most common mistake I see both buyers and seller make is not listening to their Realtor.  I have been involved in thousands of transactions and witnessed several thousand more, no other mistake comes even close.  So step one is to find a Realtor you trust then have them refer you to the loan officer they trust the most.  Even the simplest transactions require teamwork today so use the lender on your Realtor's short list.  Pass on the give me three names, use the one they trust the most.
  • May 30 2011
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Profile picture for Carole Tyne

Best to find an agent.   The agent will refer you to a reputable lender to get prequalified with.  Once you are prequalified you will know your buying power.   This helps to know where you stand.   Your agent will then help you find the best properties that fit your needs.

  • May 29 2011
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Hey kayomarz_s: There have been excellent responses and we would agree. When buying a home the best place to start is to speak with a reputable mortgage person and get pre-qualified. To go out shopping before you know how much you can afford can lead to heartache. Next you need to select a Realtor you feel comfortable working with. One who understands your needs and can help you achieve your goal of home ownership. We are currently working with two families who were interested in bank owned properties, foreclosures, like you. The first family will be closing in early June. With the second we are still negotiating with the bank, trying to get our sellers the best price possible for their home. We wish you the very best of luck and offer our services if you have any other questions or need help finding that dream home.

Carrie Sampron
SampronSisters of Home Real Estate
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  • May 29 2011
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Hi
I have all the contacts you will need whether you are doing a home ownership loan or buying as an investment property.  I specialize as a Buyers agent and handle a lot of investment / foreclosure properties.

I also live and cover the Highlands Ranch area!  So please contact me and we can get you started!
Julie
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  • May 29 2011
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Thanks for your question "kayomarz_s".  By reading your question, I can tell you are in need of  a lot of assitance by a quality, experienced Realtor in foreclosures.

I recommend searching Zillow for a Realtor in your area then reading their client reviews of them to pick a good one.  If this does not work for you, feel free to contact me and I will refer you to one in your area and tell you why they are good.  I have a big referral network I am in touch with.

Good luck, hope this helps.
  • May 29 2011
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Profile picture for Jeff Kinkade

No, you need to get pre-qualifed with a lender first to make sure you are going to be able to obtain the financing and that you understand what your costs and obligations are going to be. 

Good luck on your home purchase!

  • May 29 2011
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You will have to start with a realtor in your area, if you need assistance.


Devi
Keller Williams
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  • May 29 2011
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