Linda - I am a Realtor and Investor in the area. If you want to work with someone who is actually buying foreclosures and other investments, email me. chris@clarkhometeam.com. Thanks!

Fri May 2 2008, 10:09

Linda,

I would love to help you find a "deal" in Geneva!

Sun Apr 27 2008, 11:59

how do i go about buyng a forclosed home?

Sat Apr 26 2008, 09:00

Linda:

What if your post had read: "I want to buy a home only from blondes because I figure I'll get the best deal that way." Or "I want to buy a house only from people who didn't go to college." Kind of silly, huh? So you want to buy a foreclosed home because...well, because a bank owns it and you figure banks are the most motivated sellers out there?

If you only look at foreclosed homes, you're eliminating a huge segment of the market. It's like saying to an agent: "I only want to look at homes whose house numbers end in '6.'" Maybe your perfect home has a house number that ends in "5," but with the "6" requirement you'll never see it.

Yes, sometimes you can get good deals on foreclosures. On the other hand, read Perry's post. Why would you deliberately, automatically rule out 90% (or more) of the available homes out there? There are plenty of motivated sellers who aren't banks. People who've relocated, or have to relocate. People who've lost their jobs. Estates of people who've moved into assisting living facilities. People who are getting divorced. People who've had a number of children and outgrown their present house. People who've bought a new house, but haven't been able to sell their old one. People who'd been renting out a house, but have gotten tired of having to deal with tenants. There are lots and lots of motivated sellers out there. And most don't have "Bank" or "Savings & Loan" in their name.

Linda: You're absolutely correct that not all Realtors are familiar with foreclosures, and you're correct again in wanting to work with one who is. But, when you find one, don't restrict your search to foreclosures.

Hope that helps.

Mon Jan 21 2008, 20:26

Linda, There is alot of gloom and doom about foreclosures in these responses. I am a personal investor in foreclosures through the bank owned process to the sheriffs auction. I also help clients obtain them. I just closed on a home in St. Charles in the Charlemagne subdivison. They picked up this home for $337,500 and after spending $50,000 to make this house their own with a brand new kitchen, baths and hardwood floors it is worth around $450,000-$475,000. Don't get me wrong, there is a certain process and you need to be qualified appropriately but this is a great market for foreclosures. I am going out with a client this weekend showing them 12 foreclosures each with instant equity of at least $40,000. This may not be the best market for flips but it is great for buying a home to live in or for first time homebuyers. Also, if your looking to accumulate property there is no better way to do this with no money down and still have a positive cash flow. Also, the financing of these homes is unique because the bank will not always accept these homes. I can help you through that hurdle because I also own a mortgage company and sometimes I use my own money to obtain these for you. The next step with me is to have a sit down and find out if you are a good candidate for purchasing these. Call me at 630-578-3011

Mon Jan 21 2008, 18:44

FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.

Sun Jan 20 2008, 21:42

Hi Linda,

I totally agree will Bill Snyder and the timing could not be better.
If Las Vegas is on your list of cities, contact me via my website.

Regards
Bill Johnson
www.JohnsonVegasHomes.com

Sun Jan 20 2008, 10:47

Hello LInda ,
Forclosures (Repo's) are on the rise and bank want to get rid of them Quick! They are no longer just Sold (AS IS )
#1 Banks are willing to PAY Buyers closing costs,
#2 Home Warranty
#3 Carpet and painting allowance
#4 Appliance allowance
#5 $1,000 Lowes gift card at closing for what ever .
#6 Repair allowances or Pay for work to be done before close of escrow .

Banks keep reducing the prices till it sells the best time to buy is at the 90 day on the market. at that time it would have had 3 price reductions and the will look at offers !

Sun Jan 20 2008, 05:58

If you would care to e-mail me, I can fill you in on foreclosures in Kane Cty., IL. There are many factors that come in to play in that type of purchase that you should be aware of. You are buying the property strictly "as is" which can become very costly. In addition to foreclosures, I would also take a look on other types of homes on the market where you may find as good or better deal.

Sat Jan 19 2008, 07:22