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Answers (13)
Best Answer
- Darrell Self, "Darrell Self"
- Contributions:349
If you are looking for a quick close a short sale is not the route you want to take as they can take 6 to 9 months from offer to close. A foreclosure typically can close in 30 to 60 days depending on the bank. You should contact a Realtor here on Zillow you can search for agents in your zip code as that is the quickest and most accurate way to obtain listings. I hope that helps!
- Eleana Burroughs - Century 21 Crest, "RealtorNotary4SFV"
- Contributions:19
A local Realtor can provide you MLS listings for properties that are currently active for short sales, forclosures, and regular sales in your area. Depending on the type of financing you are getting, it may be harder to purchase bank owned forclosures as most banks want to sell the property "AS-IS" and your Lender may require certain repairs be completed in order to fund the loan.
- Arpad Racz, "aracz"
- Contributions:206
Hi,
You may also search for HUD and other homes here:
http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale
- Sam Shueh
- Contributions:379
The title companies provide such infor by paid subscription only.
MV only 0.12% total households are defaulting and many borrowers can pay off their debt making them caught up. PA is 0.15%.
Many transactions are paid by cash at over asked price.
MV only 0.12% total households are defaulting and many borrowers can pay off their debt making them caught up. PA is 0.15%.
Many transactions are paid by cash at over asked price.
- Adam B. Manville, "CapstoneBroker"
- Contributions:53
You can track pre-foreclosures and foreclosures through 3rd party servicers that gather the information from the County Recorder's officers. Foreclosure Radar provides that type of service. There are other vendors that do the same thing but I am less familiar with them. If you do that, you need to keep in mind that not all pre-foreclosures and/or foreclosures are offered for sale. The current owner would need to participate in a short sale (pre-foreclosure) or you need to wait for the property to come on the market as a bank owned property (after the foreclosure is completed). I would recommend having a Realtor represent you on the negotiations and purchase.
- Best Miami Beach
- Contributions:20
Definitely the foreclosure is fastest, and be sure to have a qualified realtor assist you in the acquisition. Seek out a Realtor who also specializes in distressed properties. Hope this helps!
- MiamiCondosandHomes
- Contributions:21
Wonderful Answers. In our experience, foreclosures are much faster since they are bank owned. If you do go the route of foreclosure, have the property inspected if possible. Good Luck!
- Brian Hopper, "Brian Hopper"
- Contributions:136
Both are great buys for todays buyer. Really comes down to your time frame on when you want to close by.....
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
vast majority of banks list their inventory of homes with realtors. rarely can you purchase them directly.
- Karen Hubbard, "Karen Hubbard"
- Contributions:6
The best advice I have is to contact a Realtor that works in the area you are looking in. They would have the best knowledge of homes for sale in that given area be it bank owned, short sales or regular traditional sale.
If you want to buy now so you can move right away, a short sale would not make sense for you. They can take 3-12 months and are known to blow up at the last minute.
Bank owned properties are likely the best "Deal" but can offer other challenges. The physical condition on a lot of these homes can range from acceptable to down right terrible. As the condition declines, so do your chances of getting a good loan. Many of these homes have been sitting for over a year empty and were neglected before that. A lot of them have mold issues and roof leaks. Most need new flooring, plumbing fixtures and appliances. A lot of which can make the home difficult or impossible to finance.
So, if you need something quick and in good condition, stay away from short sales, look at the bank owned and traditional sales. Look through the home for basic good condition that the bank will loan on.
FYI - You say you are looking for a foreclosure but... these days you can get a great deal on traditional sales too... and the condition will likely be much better than bank owned. So, don't limit yourself to bank owned or you may miss the best house out there!
Good Luck!
- Holly VanCourt, "HollyVanCourt"
- Contributions:11
Foreclosures are fuly bank owned and the banks will never say no to closing early, I've had some close in less than two weeks, especially for my cash investors. All you need to close is your loan package and clean title. Short sales can take much longer, I tell my clients that the closing date will most likely not be the date that we close, it could be a minimum of 30 days past that.
If you have a local agent who specializes in REOs/Foreclosures who lists homes for different banks, that is a great place to start. They will have a 'shadow' inventory and know what will be coming available in the future.
HUD, Fannie (homepath) and Freddie (homesteps), all publish their active properties. Most do not show you what is coming because of redemption periods or evictions.
If you have a local agent who specializes in REOs/Foreclosures who lists homes for different banks, that is a great place to start. They will have a 'shadow' inventory and know what will be coming available in the future.
HUD, Fannie (homepath) and Freddie (homesteps), all publish their active properties. Most do not show you what is coming because of redemption periods or evictions.
- Le Green Schubert, "Le Green Schubert"
- Contributions:8
The "short" in the phrase "short sale" means the bank in getting paid short of what they are owed. Banks are not pleased by this, and they do have to approve the sale. They can change their mind about the sale at any time, and send you back to square one. The foreclosure can be done by the bank while you are dealing with the same bank on the short sale.
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:573
Banks do publis their REO inventory on their websites, but the information is typically delayed, so you are not going to get the most up to date status. Short-Sales are not advertised by banks since the transactions are still with the owner of the property although the banks make the final decisions.
As mentioned below, it's best to contact an agent knowledgable in the field who can provide you access to these properties.
Beware, short-sales and foreclosures are not always the best deals. Your agent should look at everything that meets your criteria and budget.
A short-sale that needs $20,000 in repairs, may not be a steal when a property in perfect condition, move in ready might be $25k more. Well worth the additional expense.
All the best!
As mentioned below, it's best to contact an agent knowledgable in the field who can provide you access to these properties.
Beware, short-sales and foreclosures are not always the best deals. Your agent should look at everything that meets your criteria and budget.
A short-sale that needs $20,000 in repairs, may not be a steal when a property in perfect condition, move in ready might be $25k more. Well worth the additional expense.
All the best!
short sale or foreclosure property
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