Profile picture for albertjosef423

how to buy foreclosure

  • October 15 2013 - Alameda
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Answers (7)

Profile picture for user6304604
Stay away from Auctions ...contract does not give you a way out. Contract protect seller and they can back out whenever they like.  I won high Bid , they countered... I declined, they accepted. took my money, I spent thousands on closing cost.   Before closing they put it back on the market and then they told me they had problems with title.  Title became cleared and they still are trying to sell it and a higher price and refusing to sell to me.

Total scam...
  • November 18 2013
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Have you been pre-qualified yet? One of the first-steps to the home-buying process is to get pre-qualified whether it be a foreclosure or not. This is important because it gives use a realistic range of how much you can afford. Also, offers from potential buyers with pre-approvals are taken much more seriously then offers with buyers that don't. To start getting pre-qualified I recommend you speak with a lender like myself. Us lenders would be more than happy to speak with you to help you get the loan that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
  • October 16 2013
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Profile picture for RealEstateCrew
Send the note holder an offer for the note and then complete the foreclosure process.  
  • October 16 2013
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Profile picture for Massoud Balbas
In California, once an owner becomes delinquent for 3 months the lender will sends a notice letter known as Notice Of Default or NOD. From that point on, the owner has 21 days to cure the loan (bring the loan current) and unable to do, a second notice known as Notice of Trustee Sale is mailed to the owner. Now if anyone wants to purchase a foreclosure home can go the the court house where this home is going to be auctioned and bid on the property. This type of sale are all cash and there is no financing.
Good Luck.
  • October 16 2013
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Profile picture for Dunes ..
You got some pretty good outlines here so here are a few places you can learn more about several of the things mentioned......

Public Records are a great tool and not really all that difficult to navigate with the help of a Public Records Directory..all the sites and info is provided by your State/County/City in most places
&
California happens to be one of the best in providing easy access to information/public records

For Example
Tax Defaulted Land Sales
View Alameda County tax defaulted land sales information and auction results.
City of Oakland Property for Sale
View the City of Oakland city-owned property for sale or lease.

Foreclosures and Tax Lien Sales resources in California

Public Records Directory

Check these also if you want info on REO's or Gov. Foreclosures
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, Programs
Sites Like..Bank of America...Wells Fargo...CitiMortgage

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale/Info on programs/loans
HUD Homes...HomePath.com (Fannie Mae)...HomeSteps (Freddie Mac)

You can find the links to Gov sites here...Link

For more info/learning
You can also look at Auction Sites (Check-read carefully/Due Diligence) 
Williams & Williams

Bid4Assets

Auction.com

Good Hunting
  • October 15 2013
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A confusing topic for most people.  You can buy a "forclosed" property a couple of different ways.
One way is to buy a property a bank or other lending institution is selling through a real estate broker.   This kind of sale is similar to buying a home from a private owner but the seller is the bank.  When you do this you have usually have your normal loan, appraisal and inspection periods. 

The other type of sale is a "foreclosure" sale or trustee sale which is when you buy a property that is being foreclosed on and the trustee or bank is selling the property sight unseen usually on the court house steps in the county the property is located in.   These sales are cash sales with no inspections, no title insurance and the buyer is responsible for any back taxes and has to evict the old owners.  These are high risk transactions that some people have made a lot of money on.  The rules of this kind of sale vary from state to state and are not something most people have the knowledge or cash to do. 

I hope this helps a little bit.

  • October 15 2013
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Profile picture for Pacita Dimacali
Several ways....but you should know what to expect, what the risks are, and be prepared with funds if you decide to bid.

You can go to online --- look in Auction.com, for example.

You can go to auctions (there are always some advertised), attend one, and observe how people do it.

You can go to the county courthouse and bid on foreclosures --- and you also should observe, learn. Watch this video to give you an idea of what to expect.  See: Foreclosure Auction Guide

During auctions, most bidders bid in cash, and raise their bid in increments. Just know that getting title insurance on properties purchased in cash could be difficult if not impossible.

Or you can work with a realtor who can find foreclosed properties for you to write an offer on. Generally, when banks foreclose on properties, they take care of few things first (like getting clear title, paying unpaid taxes, etc). Then they assign realtors to list the properties for sale. Banks don't deal directly with buyers, and prefer that the sale is handled by other professionals (realtors).

Since you mentioned Alameda, there is one residential property for sale that is bank-owned. It's been on the market for quite a while. The bank may be more receptive to a lower offer. Otherwise, they'll turn it over to be auctioned.
  • October 15 2013
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