My wife and I live in Southern California and have been renting for 6 years now. Our twin daughters are graduating from college this year and my wife finally received a settlement from a car accident she was is. In our area most newer homes are out of our price range, but need a tax write off for IRS taxes next year. We heard you can go to the courthouse and make minimum bids on forclosed homes. If any one knows how the process works and the best way of laying the foundation first to purchase a home - it would be greatly appreciated!
2007-05-03 16:25:35 · 7 answers · asked by Henry H 6 in Business & Finance ➔ Renting & Real Estate
I am a broker/Realtor who specializes in foreclosures and undervalued property in Southern California. The court house is the worse place to purchase a home. I suggest you either buy them in pre-foreclosure or after the bank owns them. Also, just because the home is a foreclosure (or is in foreclosure), doesn't mean it's a great deal. I suggest you work with a real estate agent who is well educated and knowledgable in foreclosures and undervalued property. Also, you can learn more about how to purchase them by visiting the real estate investing section of your local bookstore. There is too much detail to state in an e-mail or on a meduim like this.
Good luck on your search.
Regards,
Satar Naghshineh
2007-05-04 03:37:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Many places have the once a month foreclosure ritual on the courthouse steps .
Go down to your counties property tax office and get the specifics , then start attending the auctions .
There is lots of homework to do because the property may have been trashed or other issues .
Just start going and talking to others that are bidding .
You could also start asking your bank if they have any property as sometimes the lenders end up with the property after the auction .
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2007-05-03 16:38:39 · answer #2 · answered by kate 7 · 0⤊ 0⤋
Which County? Yes you can do this in any county. They are required to place an ad in a local paper. (example LA Times) These are usually listed under the legal section in classifieds. This only lists the date of the auction and the property legal description. Most do not give price. You can go and not bid to find out how it works. Chat with others around you before it begins. It's really fun after you know the game
Bob Laibach
www.gogreedy.com
2007-05-03 16:35:22 · answer #3 · answered by Robert L www.gogreedy.com 2 · 0⤊ 0⤋
You might want to go and look at the housing and Urban Development website www.hud.gov . They have lots of information. They even have homes for sale that for whatever reason they have taken possession of. Alot of these homes may need work, But you get them usually far below the market value, and since you would definately be living as the primary owner/occupant you would have a good shot at it. It's worth a shot to see what they have available. They might also have information for you on how to buy foreclosed homes, im not sure.
2007-05-03 16:40:35 · answer #4 · answered by Chris 4 · 0⤊ 0⤋
It wouldnt be any diverse then determining to purchase the different homestead or different type of loan. Your unfavorable credit ratings will damage you. Perpahs the quantity of money you'll keep through having a superior cost on the foreclorsure will allow you to get the homestead. yet that financial ruin is going to sting alot.
2016-12-05 07:57:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Contact an agent who specialized in foreclosures.
2007-05-03 18:59:39 · answer #6 · answered by ? 3 · 0⤊ 0⤋
get a professional. youll get an education and some protection from stupid people who believe they know everything. i dont know anything about foreclosure but i recommend a profession. would you ask me to do surgery on you or some licensed doctor. its just practical advice.
2007-05-03 16:44:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋