Are these sites a waste of my time and money? can you elly get ahold of these properties at such a cut rate?
2007-07-31 20:49:58 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Real estate agents are a very good and reliable source for these properties, as stated above most all lenders selling houses contract with real estate brokerages to sell the homes, so even if you see one on those sites, you will still need to deal with the seller's RE agent - who is also putting the same property in the multiple listing service, which can be accessed by your real estate agent.
However, you are somewhat at the mercy of your agent with regard to getting a list that includes all of the foreclosures in your area. Although, this will help you with obtaining comparable sales information.
To answer your other question, yes you can get these properties at a discount, but the competition is enormous making the % of the discount less than in previous years.
2007-08-01 02:26:42 · answer #1 · answered by LadyB!™ 4 · 0⤊ 0⤋
Many times the sites which list foreclosures do not tell the entire story. If a lender is foreclosing a $250K home because of non-payment on a $180K mortgage, you might see this 'listed' as $180K. In reality, there may be a second mortgage out there for $100K which has not yet been 'listed, but which still holds a lien on the property.
Once a home has been through the foreclosure process and becomes bank owned, it is normally listed with a real estate brokerage firm for disposition. These are listed for what the bank wants to sell it for, and are purchased 'as is', since the lenders do not invest in repairs needed. You are allowed, however, to place an offer contingent upon an inspection of the property so that you know what you are buying.
As usual, the late night TV infomercials make it seem far easier and lucrative than it really is.
2007-08-01 00:55:00 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Foreclosure sales are held by the courts. Check with the Clerk of the Court in the phone book or just walk in and ask. I know it's public information in FL and I THINK that it's true in all states.
2016-05-19 21:52:11 · answer #3 · answered by ? 3 · 0⤊ 0⤋