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Answers (4)
- Pacita Dimacali
- Contributions:1254
WHERE TO LOOK
Many places to find foreclosures ---- but sometimes, you get erroneous information, or you misinterpret the information. For example, just because a property is listed or shown on REALTYTRAC doesn't mean the property is for sale. If the homeowner was delinquent on his payments, a notice of default is recorded --- and his property gets listed on that site. That owner has several option to salvage his home, and the house may not go to foreclosure
Your REALTOR is your best resource --- your realtor can also find out how much the banks foreclosed on the house, how much it last sold for, what are the comps in the area to determine market value.
FORECLOSURES get listed
Banks are not staffed nor do they want to handle the work involved in maketing a foreclosure for sale. So they will turn to their list of REALTORs to list the property, and these realtors will post it on the
MLS where it will get the maximum exposure to the largest pool of buyers (including you)
AUCTIONS
Typical of auctions, you will have more competitors bidding (up). In many cases, you may not have an opportunity to check out the place before you bid. Worse, you may not be able to get title insurance for the property for at least a year.
DOWNPAYMENT
Depends on where you're buying a foreclosure. The banks typically set the price for listing a property on the MLS, and it's almost always already very low --- so underbidding is probably the worst thing you can do, and especially since we are in multiple offer situations already.
Some REOS are so badly trashed and stripped, that many of them will not qualify for loans. For example, if you're going with an FHA loan, and the propertydoes not have a stove/oven (which is required to consider the kitchen as functional), or there are broken windows/doors, or there is no heat, it may not qualify for any kind of loan unless you go with a 203K loan. See: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Pick a good REALTOR who is experienced in REO sales to help you.
Good luck!
- Bob Georgiou, "Bob2Sell"
- Contributions:97
1) Sounds like you are getting good advice on sources. So you do know them. The question you ahve to ask yourself is do you want to buy a deal or a home. Deals in this market do not come easy. You can get one but the question remains, do you have the stomach for it.
2) Foreclosures go through a process. Either a trustee sale or judicial foreclosure. The list of sites will will provide the trustee sales. The courthouse will have judicial foreclosures. All have a publishing and notification process which is public record. You can buy homes at acution but you must pay cash on the date of sale. No loans. Most of those homes atriculate on to the MLS. Some remain in the hands of investors and a small number head back to court.
3) The auction is held by the trustee (hence the name trustee sale) or by a clerk in judicial foreclosure.
4) Only on the MLS or FSBO see number 2 above.
2) Foreclosures go through a process. Either a trustee sale or judicial foreclosure. The list of sites will will provide the trustee sales. The courthouse will have judicial foreclosures. All have a publishing and notification process which is public record. You can buy homes at acution but you must pay cash on the date of sale. No loans. Most of those homes atriculate on to the MLS. Some remain in the hands of investors and a small number head back to court.
3) The auction is held by the trustee (hence the name trustee sale) or by a clerk in judicial foreclosure.
4) Only on the MLS or FSBO see number 2 above.
- Tristan Celayeta, "Tristan Celayeta"
- Contributions:400
Luke,
Here's a primer about real estate that will answer your questions and be an ongoing information resource - bookmark it.
Here's a link to public access to MLSs throughout the U.S. After you read more you'll see the use.
Here's a primer about real estate that will answer your questions and be an ongoing information resource - bookmark it.
Here's a link to public access to MLSs throughout the U.S. After you read more you'll see the use.
- Craig Lawler, "Craig Lawler"
- Contributions:238
1) Best source is through a Realtor. No need to spend money by subscribing to services.
2) They are listed on the MLS once they have reverted back to the bank and are ready to be put on the market.
3) Auctions are generally referred to as "courthouse steps" sales, however you must pay 100% cash and you generally can only view the outside of the property before buying it. Also, you're going to spend more by doing this (which is why trustee sales revert back to the bank).
4) Yes. You may be competing against all cash buyers, but you'll be in a stronger position then say an FHA buyer who may be putting 3.5% down.
Craig Lawler
Realtor, Security Pacific Real Estate Services
2) They are listed on the MLS once they have reverted back to the bank and are ready to be put on the market.
3) Auctions are generally referred to as "courthouse steps" sales, however you must pay 100% cash and you generally can only view the outside of the property before buying it. Also, you're going to spend more by doing this (which is why trustee sales revert back to the bank).
4) Yes. You may be competing against all cash buyers, but you'll be in a stronger position then say an FHA buyer who may be putting 3.5% down.
Craig Lawler
Realtor, Security Pacific Real Estate Services
Interested in learning more (eventually buying) a foreclosure in 94523
1.) Best place to find recent foreclosures? I've heard everything from country courthouse, to Sheriff's office, to sites like foreclosureradar.com
2.) Do foreclosures typically get listed on MLS, or go straight to auction?
3.) Are auctions typically held by the county, or does an independent auctioning agency hold these auctions for the bank?
4.) Can I expect to purchase a foreclosure with 20% down and a prequalification?
etc etc etc
Thank you in advance!
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