How should I start ?
2007-08-26 09:58:24 · 8 answers · asked by klear 1 in Business & Finance ➔ Renting & Real Estate
You won't find out here! You need to research, read investor message boards and find a mentor of sorts to help you through it. It's a legal mess to be honest with you. There are so many scammers out there and new laws and regulations keep popping up; It makes doing honest business very hard. Don't jump in unless you know exactly what you are doing. if you know what you're doing you can do a great service to everyone, the banks that don't get properties back, the sellers that don't get foreclosed upon, the buyers that get a nice property at a great price and your bank account will love you to.
Contact me if you need a place to start researching.
And PS, don't waste your time on foreclosures, get them pre-foreclosure!
2007-08-26 10:31:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Most foreclosed homes can be purchased a the Sheriffs Sale, it is a bidding process and you have to have your money ready then if you win the bid. Most of these homes can be in rough shape and needs repairs. They aren't the "great deal" that everyone thinks. If you're looking to purchase I would use a Realtor knowledgeable in this area to help you. You won't save money by going direct, and in most cases the banks/lenders won't deal with an individual wanting to get an even more reduced price. Know what I mean?
So your first step is to find a Realtor who has handled these properties.
2007-08-26 10:13:05 · answer #2 · answered by Alterfemego 7 · 1⤊ 0⤋
get a list of foreclosures. you can ask banks for this or subscribe online.
the pro is you will pay a lot less for a house
the con is the house will almost always be in rough shape on the inside. no one likes being thrown out of their house / losing their equity position. many houses have broken mirrors / tiles/woodwork / glass broken . doors punched through / holes in walls. water damage / a c / heat problems .
you have to know what you are buying and able to estimate what it is going to take to fix it and get it turned over and sold in a slow market. every month you are sitting with a house / you are losing money.
if the house is for you / then you will not have as much pressure at selling it fast.
good luck.
2007-08-26 10:10:49 · answer #3 · answered by Mildred S 6 · 1⤊ 0⤋
Foreclosed homes tend to need lots of work. Even if the former owner didn't trash the place, vacant homes attract problems.
People with special contacts get those pristine houses at the really cheap prices. Folks starting out, get the nightmare dumps with the water damaged, rotting structural members.
2007-08-26 10:09:38 · answer #4 · answered by bdancer222 7 · 2⤊ 0⤋
Call several real estate companys who deal in foreclosures.
Check the Bankrate.com website and search for information regarding the purchase of foreclosures. Take your time, proceed with caution as you could end up getting 'burned'!
Ask the real estate agent plenty of questions, like how much
experience they have with foreclosures. If you get the fast hustle move on until you find a qualified agent.
2007-08-26 10:10:28 · answer #5 · answered by ? 6 · 0⤊ 0⤋
FIRST you find out what the redemption period for your state is as this can be rare but a real nightmare to find out 3 months later the people have found the funds to save their house. Happens VERY rarely but it can in states with a lenghty redemption period.
Then the advice given by bdancer is excellent.
2007-08-26 11:14:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Take your time and find a local R.E. expert on forclosures. Also you want to make sure that there is enough equity in the house especially because everyone is offering deals right now.
2007-08-26 10:07:34 · answer #7 · answered by Mike 2 · 0⤊ 0⤋
get a good lender, i have a great reference if you need it..!
2007-08-26 10:14:30 · answer #8 · answered by INDEPENDENT AGENT 1 · 0⤊ 1⤋