I'm interested in buying foreclosures and was wondering how i go about getting started and what i need and

Question

where i can get a list of properties foreclosures. Do I need a licsence or a relastate agent.

Answer 1

realize you have half the world in competition with you. Unless you have a tremendous income to qualify for a second house loan ( very hard to do right now ) you would need all cash.

the deals are not great because the homeowner owed more than it was worth and did not want to give up his home so there will be extensive repairs necessary which added to what the mortgage company wants for it, you can usually find better deals from private sellers who cared for their home.

if the buys were so great you would see large investor pools buying everything up even before you knew about it...think about that..

Answer 2

1. Buying real estate foreclosures do not require a license.

2. It does require some knowledge on how to do your due diligence and research.

3. There's ways to gain this knowledge, go through an expensive seminar, have someone teach it to you, get instructions online, or buy a book like Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days by Don Sausa.

4. There's also web sites available like realytrac (for pay) or investingwithoutlosing (free) that shows you foreclosed properties.

Answer 3

Most properties which have gone through foreclosure are listed for disposition with real estate brokerage firms. You can contact a qualified agent to assist you in your search.

Don't expect to get super hot deals all the time. Many times, these properties sell for what they are worth. If a sale price appears to be unduly low, it may well be due to the condition of the property, which may require thousands of dollars invested to bring it back to proper condition.

Answer 4

I found a website with a list of discounted foreclosures. You don't just want to work with any real estate agent, but one that can find a good discounted foreclosure for you

Answer 5

Heres a website that will link you to banks foreclosure websites: http://www.biggerpockets.com/bank-reo.html
you can submit your own offer or get an agent to do it for you.

You can find a good deal if your looking for a home for yourself, maybe make between 5-8k equity. Most investors shy away from bank foreclosures because the deals arent there, the bank will normally sell homes for close to their FMV.

Answer 6

contact a realtor - especially an ABR accredited Buyer's representative

You won't have to pay any commission.

Find one here:

http://www.rebac.net/MembershipDirectorySearch.aspx