2007-03-18 01:01:04 · 6 answers · asked by duckmayo 1 in Business & Finance ➔ Renting & Real Estate
check out this website if you live in the US.
www.hud.gov
You may have to do some navigating but there is a link to virtually every kind of repo'd home from this page and also information on the steps to plan for your purchase.
We went through this site to purchase our home and on closing day it was worth twice what we paid for it.
Good Luck to you !
2007-03-18 01:06:04 · answer #1 · answered by ? 6 · 0⤊ 0⤋
1. The advice that signs must say foreclosure is bogus. More correctly that 'requirement' does not apply to all states, etc.
2. Finding foreclosed property takes some work. All foreclosures are listed in the public records as doing so it is step in the process. The Notice Of Default is listed there. You said 'foreclosed' so maybe you only care about properties after the foreclosure auction is over. If that is not the case then understand there are different strategies depending on where in the process the property is at the present time.
NOD filed. The owner is still the owner but the lender is demanding the situation be cured. What that means varies by state. Subject-to, short sales, an outright purchase where the existing loan is paid off in full and other strategies work at this stage.
Auction - You need all cash and you bid against others. Knowing the exact state of the title matters a great deal. Yes, you need all cash and you can not arrange a loan on the property. You also might have problems trying to inspect the property prior to the auction.
Post auction - Depends on the state. There might be specific rights of redemption so the prior owner still has a claim. If the property did not sell at auction then the bank will consider it an REO (Real Estate Owned) so they will want to get it sold. Normally they list with a broker. They might, just might, be able to provide some financing. Normally they expect to be cashed out.
Getting a property cheap depends on luck and really doing your homework. A property that is not a good deal at one stage in the process can become a much better deal later in some cases.
It is a big topic so expect to study up on the process and the investment strategies. I can recommend some further steps if you are serious about learning more.
2007-03-18 08:25:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can start with hud.gov, you can also look in your phone book for mortgage companies in your areas and call them. HUD will only give the FHA and Fannie may type foreclosures. The mortgage companies will give you commercial foreclosures.
2007-03-18 11:42:06 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
if you see one for sale the sign must read forclosure
you can also look in local gov your county web pages for homes for sale on back taxes
yes they can kick you out if you do not pay your taxes and sell the house
also you can look in your paper for forclosure notices and call the banks they are under it is in the public notice secion of your local paper
the bank can tell you if they have any houses for sale
make sure you ask for the mortage dept
2007-03-18 08:09:02 · answer #4 · answered by elite_women_rule_the_rock 6 · 0⤊ 0⤋
HUD, fanny may, Freddy mac, these are all us government agencies that offer forclosed homes owned by them for resale.
2007-03-18 08:06:46 · answer #5 · answered by seadog 1 · 0⤊ 0⤋
If you go to the county sherriffs website in the county you are interested in, they will have a list of property and foreclosure sales. If they don't have it on the website, call them and they will give you one.
2007-03-18 16:59:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋