Foreclosure in Salem>Question Details

Jp, Home Buyer in Salem, OR

Foreclosures... Worth it for First timers? How do we find them?

Asked by Jp, Salem, OR Thu Sep 24, 2009

As I posted earlier, we are first-timers. Are Foreclosures worth it? How do we go about finding them? DO we have to purchase an online membership from those foreclosure companies? Can we really save a lot? Is it like purchasing a car from an auction: they need a lot of work, only dealers get the best deals, and it can be a waste of time? how can we get a good deal for under $120,000? The more money we save the better. We are happy with small 2 bd 1 bth (safe neighborhood, and back yard more important than amenities).

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JP most foreclosures go through agents. You can even go to some of the big banks websites and they tell you they won't accept offers directly.

Honestly, find an agent. All agents in the WVMLS can search for homes based on many criteria including REO/short sales. They can be emailed to you within 15 minutes of hitting the MLS. This is the way to go for you guys.
2 votes Thank Flag Link Thu Sep 24, 2009
Your question are foreclosures worth it? Here is a free website that will give you information about foreclosures, http://www.usa-foreclosure.com/ This web site is totally FREE. If your looking for an inexpensive property it might be a good idea to contact a Real Esate Broker who can do the research for you. When you buy this property usually you must purchase the property in as is condition. It's very important to have an inspector look at the property before you purchase it.

Have a great day!

http://www.buysellsalem.com

Are you curious about the Salem Real Estate Market? Get your free Mls report at http://www.newsalempropertyvalues.com/
Web Reference: http://www.buysellsalem.com
1 vote Thank Flag Link Sat Dec 5, 2009
Are many of today's buyers may be missing the boat?

There is the misunderstanding that the best buys in today's real estate market are associated with "short sales" and "foreclosures." There are without a doubt many wonderful opportunities to save by persuing these types of sales.

It may be however and injustice to yourself as the buyer, by limiting the scope of your search to only these homes.

Many of todays traditional sale homes can compete with the savings that short sales and foreclosures offer. Unfortunately, many buyers are overlooking these options by only focusing their attention on this availability.

We recommend that our customers not limit their search but leave it open to all options and negotiate well. Buyers may just find that the "non short sale & foreclosure" sellers may just be able to display greated flexibility in pricing.

Good luck
The Eckler Team
1 vote Thank Flag Link Fri Sep 25, 2009
If you know what office to call in your city or county then pick up the phone. If you have an agent you know and trust then call them. If you don't have either then some of those memberships start to look a little more appealing. It takes time and experience to know the foreclosure market and to find out who is in control of what/which listings. The membership sites are just a time saver. It isn't information you can't get elsewhere, but if you're schedule doesn't allow you call county offices and agents every week, then you could try one of the sites out for a bit. Some of the best agents are here on Trulia (and maybe even replying to your thread), however, keep in mind that they want your business and they want to be the ones to show the foreclosure listings. Just keep it in mind. Good luck JP!
1 vote Thank Flag Link Thu Sep 24, 2009
I agree with Stephen, do not pay a membership. This information is accessible by the public from a title company or the county (or your realtor). There are tons to sift through, so you really need to know the market to decipher which houses are good deals. I work with investors that sift through these full time and can end up tracking homes for up to a year before they go to the auction block. I suggest looking at bank owned (REO) listings as they have already gone through the foreclosure process AND the title has been cleaned up and have no hidden liens. Your price range is very hot right now so they don't stick around for long.
1 vote Thank Flag Link Thu Sep 24, 2009
Don't buy an online membership! You may not have access to foreclosures, but Realtors do. I can send you any foreclosure lists you are interested in. Yes, you can save up to 30% or more, but even with that much off there is not a lot out there under 120K, but there are a few...
1 vote Thank Flag Link Thu Sep 24, 2009
There are lots of lists from banks, real estate agents and brokers and people who buy and sell homes. Lots of them are foreclosures. Get yourselves on the lists and Good luck!
0 votes Thank Flag Link Fri May 25, 2012
Jp

All the properties on the Bank/Gov sites are listed with Agents and most do require you to have an Agent when you make an offer so when that time comes or you decide it is time for you to get an Agent by all means do so.

There are Good Agents and there are Bad Agents so be sure to interview as many Agents as possible to learn what services they offer, what Commission they expect and to see how comfortable you are in trusting them with assisting you in attaining your goals.

They are selling Services and YOU are hiring services to work for YOU to achieve something, so shop around as it is an extremely important decision and it is YOUR DECISION.

That being said you do not need an Agent to browse the Bank/Gov sites or even the WVMLS.....
http://www.wvmls.com/

Take the time and take advantage of the opportunity to use these sites to become familiar with the Market area you are interested in, what's available, prices,the different methods of purchase ect, all of this will assist you when the time comes to interview and choose an Agent whose Services and Commission best fit your goals..

The answer to every question or the first step to take is not always get an Agent but the First Step in any large Financial Decision making process is always to become as informed as possible so the rest of the decisions you make are wise ones..Like choosing an Agent

Dunes
0 votes Thank Flag Link Thu Sep 24, 2009
To be clear, an REO is a property already taken back by the bank, Real Estate Owned, banker.s term, Properties in some stage of Foreclosure, could be listed as a short sale, or on market if not upside down on what is owned and what it's worth in today's market. These are listed on several sites noted below. These still in some stage of foreclosure may have other liens and might not be so easy to purchase. Find a local agent that knows what they are doing in the this market. They are not all the same.

Best to you.
0 votes Thank Flag Link Thu Sep 24, 2009
JP,

Right now, foreclosed properties thorughout Marion County are a great deal. You can pay for the membership web sites, but unless you have cash and the knowledge to complete all the right due diligence, you won't be able to buy at auction any property you find at one of those sites. Instead, nearly all foreclosed homes in Oregon end up back in the hands of one of the lien holders, who then uses a local broker to sell the property through the local multiple listing service. Virtually all REALTOR brokers in Salem have access to complete information on those properties. So.... Your best bet is to find a local broker who has experience representing buyers and who is familiar with the process of dealing with banks and asset managers.

Between foreclosures (called REOs by brokers) and short sales, buyers in Salem can save as much as 20-30 percent off of what they might pay for the same property through a typical transaction with an owner-seller.

If you want help with any of the concepts or language of the foreclosure industry, feel free to call or e-mail me.

Best Wishes,

Craig Loughridge
Bryson Realty
Web Reference: http://www.bybryson.com
0 votes Thank Flag Link Thu Sep 24, 2009
Jp

Browse the Gov. and Bank sites created for the Public to view Properties available (Listed) and explain the financing options, various Purchase options and for some the Bidding process, it's Free and updated constantly...Sites like..
.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ...

The links to these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

For information on Tax sales this will lead you to the Public Sites and Public Records..
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

Good hunting, Dunes
0 votes Thank Flag Link Thu Sep 24, 2009
Check this site out USA-Foreclosure.com, it will show you area foreclosures that are in process. But REO are the best, as said before they are clean of all other liens and some need little done to them. Tose you will need to check out best with a realtor or there a public sites that will show you those as well, but in the end get an agent to help you thru the process or what you might gain with what you think is a deal, may not be in the end.

Best to you.
0 votes Thank Flag Link Thu Sep 24, 2009
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