Foreclosure in USA>Question Details

Frank Curtis, Home Buyer in Outside U.S.

Hi i live in perth australia but im an american citizen. I have seen some really cheap homes on the net that are foreclose but trying to get in

Asked by Frank Curtis, Outside U.S. Thu Feb 4, 2010

contact with a real estate agent is so hard. Im not getting anywhere. Is it worth just buying a block of land to sit on for while or a run down house thats under foreclosurer. Please somone help

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Hi Contact Real Estate Institute of Western Australia they will give you the nessessary advice needed or make contact direct to the banking & morgage entities
0 votes Thank Flag Link Thu May 12, 2011
Really, Audrey? How exactly are you avoiding the bidding war?? So, what I'm hearing is that you're saying, because I work with the REO listing agent, we're going to give inside access to you, and priority over other "Higher and Better" offers, because you're in a position to "double end" the commission - regardless of what may be best for the investor who owns the properties you represent?

Because that's what's wrong with this market. And the fact that you would come right out and say that on an online forum, and apparently not even recognize that by saying that you are falling down on your fiduciary duty to your client to fairly and evenhandedly seek the highest and best offer in your client's interest, even if it means you have to share the commission with your fellow agent...well, it kind of speaks for itself, doesn't it?


Sorry to be blunt - but really - greed is what got this industry in the mess it's in to begin with...
0 votes Thank Flag Link Mon Feb 8, 2010
Will you be staying in Australia? If so, there may be some tax implications involved in the transaction not just here in America but in Australia as well. I am a member of the International Real Estate Federation so if there is anything that I can do to assist you, please feel free to contact me at elizabeth@elizabethherbert.com
0 votes Thank Flag Link Mon Feb 8, 2010
Hi, Frank. This is Audrey Papworth of Keller Williams Realty Professional Partners. I am a licensed agent in Arizona and I can give you first priority on our bank-owned listings since I work with the listing agent directly so we can avoid any "bidding war" as much as possible. I can also search for a home for you in the Multiple Listing Service and so far I have had a very good track record of getting the homes that my clients want as long as they follow my recommendations during the offer process to make sure that we can get our offer seriously considered by the respective seller. Please let me know if you are interested in purchasing a home here in sunny AZ where a lot of people come to retire due to the nice weather especially during the cold months in other parts of the USA. 'Looking forward to helping you with your real estate needs.

Best regards, Audrey Papworth (623) 341-8750
0 votes Thank Flag Link Fri Feb 5, 2010
Frank,

That depends on the cost of the land and how the area has held up during the last couple of years of the recession. We have had about a 10% drop recently in RE and it is a buyer's market. Let me know if I may help you in your quest.
0 votes Thank Flag Link Fri Feb 5, 2010
Frank,

It may be helpful to know the location(s) in which you have interest. With this information, you can probably expect greater feedback from the Trulia Pros.

Good luck with your quest.

The Eckler Team
0 votes Thank Flag Link Fri Feb 5, 2010
They do foreclose on vacant land...but not often in the same way as homes, because bare land is not financed as often, and when it is, there is usually substanital down payment, like 50%. However, tax deed sales are a real possibility for someone looking for bargain priced land. Many auction houses will list quite a bit of unimproved land as well.

Many lots are available at a fraction of their former value throughout the South, Florida, Texas, Great Lakes areas...to name a few, primarily because many developers lost their shirts mid-development and there are planned communities where virtually hundreds of the unsold lots have been turned over to the counties for past due taxes. Buyer beware - there are, naturally, a number of "get rich quick" schemes and scams of worthless parcels being marketed by shady operators too. But real deals exist.

My best advice - first decide where you want to look - and know why. Is there an upside potential for growth? What is the historical pattern? How is the employment outlook? Is there some reason why baby-boomers are targeting the area, and likely to continue to do so after the recession lifts? Then find a good local agent who has land listings, and tends to deal in land. Most agents don't. You can find them on Trulia...Realtor.com...most of the sites, by looking at the "land" listings.
0 votes Thank Flag Link Thu Feb 4, 2010
basically im seeking to buy a "lot". I dont want to buy a run down house because it is to much stress trying to operate it from over here.The area of the block does not matter as long as its something that is not to expensive and thats basically it. Im really in need of some info.I am green to the market but seeking some assistance.Do they do foreclosure on vacant land.many thanks
0 votes Thank Flag Link Thu Feb 4, 2010
Shopping in earnest, for a foreclosure, or, really any property begins with finding a real estate agent who specializes in working with buyers in the area, or segment of the market that you are interested in. Going from listing to listing online, talking to each individual listing agent is going to eventually give you brain damage! LOL

The truth of the matter is, no matter how much data is available online, it's still vitally important to have an anchor in the marketplace, helping you sort through the raw listings - helping you to separate the "wheat from the chaff" so to speak. And it's good to build a relationship with someone who you connect with...someone who can finish your sentence and anticipate your next question because they have been listening to what your objectives, wants and needs are.


Fear not...there are bargains galore still to be had. You haven't missed the wave of foreclosures. Come on in - the water is fine!


Jeri Creson, Broker
TotalAccess Realty Advisors
(818) 448-1298
jericreson@yahoo.com
0 votes Thank Flag Link Thu Feb 4, 2010
It shouild not be a problem finding a real estate agent. What area are you thinking of?
Rich Lecinski
Long Realty Company
Tucson, Arizona
520-834-4663
http://rlecinski.longrealty.com
0 votes Thank Flag Link Thu Feb 4, 2010
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