Profile picture for jessika0610

how do I find out more information on a foreclosed house that I am interested in?

I found a house here on zillow that I want to look further into, but all the websites ive looked on want me to give them my credit card information and charge me. It doesn't even give me a broker or a bank to contact. Any advice?
  • September 30 2010 - Town of Ware
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Answers (8)

It's my understanding that preforeclosures wlll occassionally find their way onto the zillow website.  Meaning, they aren't actually officially foreclosed on and are not yet available.   I haven't confirmed that myself.  But if it's true, it Would be frustrating.   You may be better off call me or another Realtor to look in the MLS to see if it's actually for sale.  And if it is, you'll be glad you had some help with getting inside and getting professional information and guidance.   Good luck!   :-)
  • October 10 2012
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Profile picture for sunnyview
Talking with an agent or getting listings emailed to you from an agent is free. Your boyfriend will not have to pay a dime to anyone if you look. My advice would be to do some of the preliminary steps that you can to make sure that you are looking in the right price range and that you will be able to qualify for a specific amount before you look seriously.

You can try this mortgage calculator here to run some numbers. Also consider your credit score before you buy so you can make any adjustments before you apply for pre qualification. When you look or talk to an agent, you need to be clear about your goals and please remember than a complete rehab with a toddler is a terrible thing :p It may make financial sense, but you will want to die before it's over. I would recommend choosing something in a good area, with good schools, a standard, but maybe ugly 3/2 that you can grow with for a few years while you build some equity and wait for a better market.

Don't count on the quick flip or buy something that is cheap that you hate. Sweat equity is a smart way to go as long as the work is manageable and you like the house well enough to do it. Call several agent in your area, but don't lock into one until your boyfriend meets them and feels ok about them. In the meantime, do some scouting, collect information, ask questions and take time to look for an agent who will listen and knows their market.
  • September 30 2010
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Profile picture for Praful Thakkar
Some agents do subscribe to foreclosure services - (I have subscribed to one such service and provide this information to MY clients.)

House you find on Zillow may not have the updated status all the time, as they show millions of home on their website. Working with a local agent would help you a lot even to identify weather it's worth going for a specific home - foreclosure or not.

About the mortgage and getting home equity out of it, please consult the lenders - the rules are lot different that they used to be in early 2000.

Zillow is a good source - if you see on right side bar, there are some agents who can help you.

Good Luck.
  • September 30 2010
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Profile picture for jessika0610
thank you, ladies, for your help! my boyfriend will ultimately be the one purchasing the home, as I do not want to go anywhere near a mortage for my own personal reasons haha..we have a one year old and was just told we need to be out by december first. we dont want to rent, adn its hard because we have a 65 pound boxer so not a lot of apartments will let him in! I would like to speak with someone regarding forclosed homes. My boyfriend works almost 80 hours a week so I've been doing most of the looking. If i speak with a real estate agent does he have to pay them money? I would just like a list of foreclosed homes in the western massachusetts area, and how i go about scheduling appointments to see the ones we are interested in. We would like something that is on the cheaper side, that needs work so we can take out an immediate home equity loan after the home has been purchased to do the repairs. Simply saying, a dump that we can flip and make our own :) thank you ladies again for so much help, its awesome!!
  • September 30 2010
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Usually the seller pays commission and in a foreclosed home the seller is usually a bank, so it would benefit you to ask a real estate agent for some help. The service is free to you so why not get the help of a professional and save yourself the aggrevation. If I can be of any assistance please let me know.
All the best,
Amy

  • September 30 2010
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Hi Jessika0610
I live in Ware and do the majority of my real estate business in town.  I do know how frustrating the whole arena of foreclosure business can be!  I will tell you that there are houses posted as "pre-foreclosure" that entice people to a website that will ask for a fee.  Once you pay the fee, you find that the information you get is really not helpful since the home is not for sale anyway, and may never be!  There are a number of foreclosed properties that are actually on the market.  Is that type of purchase something you're focusing on?  If you'd like to connect, I can explain the process of looking at homes that are bank-owned and on the market.   hope this helps.  thanks for submitting the question!
  • September 30 2010
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Profile picture for sunnyview
My advice is don't pay for foreclosure information. Most of the sites that post information on Zillow like foreclosure.com and others have dated or incomplete information that they sell. Your better bet is to contact a local agent and ask them to send you a current list of bank owned listings. They will do it for free and the ones that a local agent sends you are currently available and not just a tease.
  • September 30 2010
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A good agent in your town should know the status and contact info, or can find out quickly. Are you working with an agent yet? If not, do you want a recommendation?
  • September 30 2010
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