Foreclosure help please

Ok, I know what a foreclosure is (been close to one in my past :smiley: ), but I have never messed with foreclosure props.

Tonight I tried a trial for a site and found this info:

3 bd 2 bath 1754 sq ft home. I know area and what not.

List Price: $90,000
Last Sold for: $140, 932
Listed: 4 days ago
Seller: Bank Owned
Date Received: 6-3-2005
Listing Agent: Mr. Blow Hard
Listing Agent Phone Number: 555-1212
Taxes: $982

Does this mean that I could buy this property for $90,000? If I drove by and liked it, what is my new move? This property right now, unless burnt to the ground, is worth about 200k most likely.

Any help or pointing me to proper threads appreciated.

Oh, is this an all cash thing or can I get regular financing?


Howdy Evergreen:

This is an REO property. The bank has already foreclosed. They own it and have it listed for sale. The question is who is the bank. Is it a HUD or VA owned property. These go thru a bid process where the house may actually sell for more than the asking price. If it is a conventional lender buyers may still offer more than the asking price if it is worth more like you say. It is hard to say what is going on in your market. When you have a slow market them yes you could write an offer and probably get it for the $90,000 or even less. Also the condition of the property has a lot to do with how fast it may sell and what it will sell for.

Hope this helps LOL

Ok thanks. It was not a Hud or VA.

So I should call up the contact and just ask about the process of submitting an offer on the prop?

Howdy Evergreen:



Howdy Ted


Not sure I really want to spend the energy on trying to get a foreclosure home, but good to know in case I spot a deal too good to pass up.

Does the house look to need some work? Is it vacent with windows you can peek in? I’d offer less then 90k, maybe around 80 just to see what happens, maybe nothing, maybe a counter offer. If nothing, you can always make another offer, of course theres also the risk it will be bought in the mean time.

Also, it may already be sold!!

I was checking out a trial of and found a great property to rehab, AT THE END OF MY STREET!!! What a deal!

So I walk down there, and I see a truck, with a trailer, 2 hispanic guys in the trees cutting things and loading up the trailer.

As I get closer to the door, I see a red sticker on the window “this property found abandoned, please call city of allen”

One guy asks me from the tree can I help you? and said I was just checking out the house and if he knew who owned it, his reply was that they did. To this day I still see them working on the house (been a month or 2 only).

Moral of the story -

  • Just because its listed on that site, doesn’t mean its still for sale

If you read through the info, properties can stay there months after sales, because unlike MLS, no one notifies them when it gets sold.