2007-02-20 05:22:33 · 6 answers · asked by jc 1 in Business & Finance ➔ Renting & Real Estate
look in to getting a membership on a foreclosure site.. it will direct you in everything u need
2007-02-20 05:27:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't even wait for the property to go to foreclosure. The key to investing in foreclosures is to make an offer while the property is in the Lis Pendens or Notice of Default stage. This is the pre-foreclosure stage or the process.
You will want to find out how much is owed on the property, the market value and finally how much profit you would like to make. This will all help you in making a decision as to what you would like to offer.
To get these pre-foreclosure listings you can check with your county clerk or recorder to see if they provide lists. If they don't and you have to go to an independent company stay away from the nation wide sites. They are poorly organized and often contain listings that have already been given to brokers. Look for sites that specialize in your area. I use Property Shark which cover, NY, NJ, Miami, Los Angeles and northern CA. All the info is organized and accurate and there is no question as to what phase in the foreclosure process the property is in.
Good luck out there and remember you wanna get those properties before everyone else gets there.
2007-02-20 16:56:57 · answer #2 · answered by Foreclosure Goddess 2 · 0⤊ 0⤋
At my city hall they have the local legal newspaper with all the listings.....
If you go to the county auction you will be outbid by the bank, unless the place needs a lot of work
I bought my current house from the bank, after they got it at the county auction, and no one wanted to buy it. The bank is in another state, and my house had a lot of cosmetic damage, but nothing major...it smelled really bad inside because there was human and animal feces throughout....after a year no one was interested in buying the place, and the realtor they had contracted to fix the place up wasn't doing anything....so they switched realtors and sold it as-is...i got it for about 30% off, and the place cleaned up ok after some paint and carpet. ...the best thing about buying it from a realtor after the bank bought it, is that the bank made sure are liens against the house were settled, and i was able to get a good title.....the title is the biggest concern if you do it yourself....if you run up against a lien, and you dont have title insurance, you are in a world of hurt...and if there are doubts about the title with a foreclosed house, the title can be clouded
2007-02-20 13:30:00 · answer #3 · answered by bubba 1 · 0⤊ 0⤋
On the courthouse steps. The county has a list of foreclosures you can obtain.
Be prepared to come with cash- find out how much you need to have and the terms of additional payments before you bid.
2007-02-20 13:34:19 · answer #4 · answered by Florida Girl 3 · 0⤊ 0⤋
Make an offer for the balance of the existing loan. Banks don't usually make money off of foreclosures, they are just looking to be rid of them.
2007-02-20 13:26:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the auction
2007-02-20 13:26:23 · answer #6 · answered by shesalily_daisy 1 · 0⤊ 0⤋