2006-06-22 09:36:54 · 4 answers · asked by hpnotix 1 in Business & Finance ➔ Renting & Real Estate
It isn't easy. Contrary to what others have suggested you need to have the cash (read cashiers check) prior to bidding. In the states I work (OR, WA, CA) require "qualified" bidders, this means that prior to bidding you must present evidence of funds on hand. This doesn't include a pre-qualification letter which would require that the property appraises out, or even a letter of credit from your bank - cashiers checks. Unless you have excess funds you would want to have cashiers checks in the minimum amount plus 5 $1,000, 3 $5,000, 1 $20,000. This would allow you to bid up to $40,000 over the minimum bid amount. Of course if you are going to bid higher, you'll need more.
2006-06-22 17:37:41 · answer #1 · answered by GaryODS 3 · 0⤊ 0⤋
Actual scheduling/frequency of foreclosures depend on the state and county, but most are going to take place on the county courthouse steps. Plus you're going to need to know what you're bidding on before you get there, because nobody's going to be sitting there telling you how many bedrooms and the color of the carpeting in the living room. Oh yeah, and be able to get a cashiers check within half an hour.
If yuo want to go after homes "in foreclosure" but not yet foreclosed, you can check the local newspaper, which lists pending foreclosures in the county. It will list the name and address of the owner. You could always contact them, but be aware that they are going to be getting all sorts of contact from people and companies, most of which are scams, so they will probably not want to bother dealing with you unless you are making a solid offer.
Don't think that buying foreclosures is easy, and don't think you'll be able to make a killing on a house. There is plenty of competition for the homes, and often times the owners leave the homes in very poor condition, often taking doorknobs, light fixtures, you name it, with them.
2006-06-22 09:42:17 · answer #2 · answered by monger187 4 · 0⤊ 0⤋
Realty Estate dealer will help you
2006-06-22 09:40:46 · answer #3 · answered by Linda 7 · 0⤊ 0⤋
Find out who owns them and get a loan to buy it. You can search foreclosed homes here- http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=4470560307&rd=1&sspagename=STRK%3AMEWN%3AIT&rd=1
2006-06-22 09:40:10 · answer #4 · answered by Rebecca 4 · 0⤊ 0⤋