Zillow Advice: Buying Foreclosures - I saw that several of these homes that were sold as forclosures were sold for 561.00. Why??

And correct me if I'm wrong, ...

Thu, 14 May 2009 00:52:00 GMT

And correct me if I'm wrong, but transactions made at auction usually require all cash payments at the time of purchase so they aren't for everybody. But yes it would be a good idea to get not just any real estate agent but one that has additional specialized training in foreclosures/short sales because as stated before they are a whole different animal then regular real estate transactions.

You're right on both, if ...

Fri, 08 May 2009 16:51:00 GMT

You're right on both, if you're looking at a foreclosure listed by a bank (REO), they'll clear all of the liens first. At the auction, when it's not yet technically bank-owned, it's the Wild West and you'd better do your research.

Yea auctions are pretty tricky, ...

Fri, 08 May 2009 15:30:00 GMT

Yea auctions are pretty tricky, was at one the other day, you really have to do your research and make sure things like "toilets filled with cement", and enormous liens aren't on the property.

My mistake Sam.I missed the ...

Fri, 08 May 2009 15:07:00 GMT

My mistake Sam.

I missed the "auction" part of your statement. I don't know how the auctions work and maybe the banks are shoving out encumbered property.

Sam:Banks typically, (I'm ...

Fri, 08 May 2009 14:49:00 GMT

Sam:

Banks typically, (I'm tempted to say always), clear liens before listing.

Foreclosures sold at auction ...

Fri, 08 May 2009 14:40:00 GMT

Foreclosures sold at auction are tricky business. Make sure you have done your research - you'll probably want to have a real estate pro involved with you. There can be underlying liens still on the property from mortgages, taxes, mechanic's liens, etc. The auction price doesn't always show the full cost of buying the home.