i want to thank everyone for posting great info for me to read. I do have a questions when it comes to foreclosures. I am new to all of this and have been using Redfin and some other sites. I know that most of you are either RE agents or have agents that you work with. I am just not at that point yet and need to know if there are any trusted sites out there to view. also when looking on Redfin i see foreclosure prices for anything between $10k and 30K how likely is it that the bank will take my offer?
Thanks again for everything.
Foreclosures also involves land for sale, homes etc. and many individuals look forward to buy homes in the procedure. In foreclosures investing, finding the right property is the most important consideration and it is important to make decision after a proper guidance of the expertise.
Hope this can help you.
Yes it is true that properties are also involved in foreclosure for sale and it is very necessary for us to make a right decision as some time foreclosed property or bungalows are restricted so, invest it with all the legal formalities that are required.
I deal with Foreclosure Properties and I don’t use an Agent I close at a Title company, or escrow company. You need to get the listings of the people in foreclosure and talk directly to them. if you use an agent you are adding 6% right off the bat that is your profit. you make your money when you buy you get the money when you sell.
It’s mho but we are buying bank owned (after forclosure) and the banks are so overloaded with them right now that they are almost giving them away to get them off the books, stop losing $ in taxes, utilities, insuranse and payments to those who look after these properties. They are a huge expense for banks to maintain.
Our last property was listed at 14,000. 3 bdroom, nice basement, garage, fenced back yard. We offered $7500. They came back at $11,000. we came back at 9,000. Done deal.
It is in a blue collar area, had renter lined up before closing. Took two weeks to paint, rip out carpet and re finish wood floors, replace two cracked windows. It is rented out for $675.00.
The house two doors down just sold for $49,900. (move in condition).
My point is not to brag but to advise you that is beneficial to work with an agent. My agent gets up checks her computor for the areas we are interested in and gives us a call.
We are in michigan so our market is a little more damaged than the rest of the country, but a good agent can be your eyes and ears! Good luck!
Foreclosures can be difficult when the property more than one person claims the property. The lender must notify all owners of the intention to exclude all shareholders to provide an equal opportunity to pay the amounts due before the seizure or sale of the property. Most states have laws specifying how long before shareholders receive the property can be seized or sold.
If you have bought a home using a home loan, your lender will have taken a security interest in the property. If you find that you cannot keep up with mortgage repayments on your home, the security interest gives the lender the right to proceed with a foreclosure.
Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption.