My wife and I are first time home buyers. We have heard that you can get some good deals buying foreclosed properties. I found one website that deals with this but all of the properties listed are already sold. Are there any legitimate sites where you can find up to date listings? Bargain Homes is not open for consideration.
I would apreciate some help on this.
Thank you.
2007-07-21 14:16:41 · 6 answers · asked by 52donnie 1 in Business & Finance ➔ Renting & Real Estate
By pass the Agents and the Lists and go directly to the banks in your area. The banks have foreclosure lists that are on their books. They want them gone because they are a drain on their cash reserves. They will be happy to give you their foreclosure list and will probably help you with financing as well. Why pay other people when you can do it yourself?
2007-07-21 14:52:20 · answer #1 · answered by Traveler 7 · 1⤊ 0⤋
A lot of people skip those sites by logging into the county websites to get names and parcel numbers for foreclosure notices. They then send a card or note offering to buy the home so the owner can avoid a foreclosure. Since it usually against the rules of the county site to use the information in this way, I suppose I would stick to sending to only those names that are found in the public phone directory or other public listing that doesn't restrict the use of the information. Most banks have a foreclosure dept. You can visit the banks and ask for either info on their foreclosures for sale, or the phone number to their department. They may have a deal or contract with a local agency and in that case they may refer you to an agent. Go ahead and contact the agent, they will have contacts in the market and will be able to give you specialized help. Not all agents have these contacts.
Don't forget, buy the worst house in the best neighborhood for best future value.
2007-07-21 14:30:41 · answer #2 · answered by Morgan M 5 · 1⤊ 0⤋
don't use a service. Best sources for foreclosures are real estate agents with relationships with banks, the banks themselves, and finally the sheriff sales at each county.
this angle has been promoted so much that the sheriff sales no longer have the kind of deals you are looking for in most counties. Too many people are into this now. But you can get good deals from the bank and the real estate agent the bank uses. Just make a lot of calls and look at a lot of properties before you jump into something you don't feel certain is a good deal. and get real estimates on repairs unless you are experienced yourself with that work.
2007-07-21 14:21:07 · answer #3 · answered by John M 7 · 1⤊ 0⤋
i use RealtyTrac.com
they will email forclosures to you free for any area you want daily---sometimes (because the market is so volitale---) i get listings twice a day.
i have also included a website that has the laws of foreclosure and the timelines for each state...just click on the state to view the laws and timelime
http://www.foreclosures.com/pages/state_laws.asp
lastly...use these and any websites simply as tools and make sure you do not fall for any internet schemes....get yourself a good LICENSED Real Estate Agent (and also a real estate attorney).
good luck to you
2007-07-21 15:06:18 · answer #4 · answered by Blue October 6 · 1⤊ 0⤋
Once you find a foreclosed home you are interested feel free to visit www.restructureyourmortgage.com they are currently offering financing specials specifically for previously foreclosed home you can also gett free rate quotes, and speak to a trained mortgage consultant. Best of luck.
2007-07-21 16:22:34 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Try contacting an REO agent in your area, they will have bank owned listings, or you can also look for Short Sale homes.
2007-07-21 14:40:39 · answer #6 · answered by Anonymous · 0⤊ 1⤋