Foreclosure in Portland>Question Details

Jerry Stangl…, Home Buyer in Portland, OR

I would like more information on forclosed homes, auctions, but do not want to pay fees to realtytrack. is there anyone else who has the answers?

Asked by Jerry Stangland, Portland, OR Thu Mar 3, 2011

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25
Jerry, I am unsure just how much you know about foreclosures so I will provide you with a few things to keep in mind when looking at foreclosures. First off I see some good info down below which is great. Not only do you learn something new by asking these questions but sometimes we as Realtors do also. I work with investors and we have bought foreclosures in the past. I'll share with you a few stories that will help give you insight on what to watch out for.

Situation 1: A foreclosed home was purchased through an auction website online. As the Realtor representing the buyer I did as much up front work as possible. I spoke with title officers, inspectors, other investors and viewed the home myself. Now keep in mind that with most, not all, foreclosures you won't be able to view the home before you buy. After doing all of my work on this property I receive an email from the auction company that says the bank can't provide proper documentation so they can't legally sell us the house. All of our fees were refunded but still a waste of time. The bank messed up and legally there was nothing we could do about it.

Situation #2: Foreclosed home bought at the county auction. Home was viewed, from the exterior and looking through the open windows, and appeared to be vacant. My investors buys the home at auction only to find afterward that the previous owners decided to move back in. Long story short, investors gets a refund of all monies paid after lengthy court process and home owner gets to stay in their home.

Situation #3. Home bought through county acution. Bank said they had reach an agreement with the homeowner stating that the homeowner would move out before home was auctioned. Investor buys the home at auction yet the homeowner had yet to move out. A few months, and several headaches later, the homeowner moved out and the investor got the home.


So there you have it Jerry, just a few of my experiences when dealing with foreclosed homes. Can you make some instant equity buying a foreclosed home? Sure, but the risk is a lot higher so just be prepared for that. If you need any help with the process or have any other questions then feel free to contact me.

Take care.
1 vote Thank Flag Link Thu Mar 3, 2011
I do my on searching but when I select a house I find an agent who will best represent my needs. Some agents will help the buyer and the seller, but this doesn't work for me. I don't want an agent to be torn between me and the seller. I want to be able to discuss things with my agrent that I don't want the seller to know that I know and you can't do that with an agent that is representing both parties.

You also want an agent who will take the time to answer all your questions and locate the small print that you might miss. Look into tax lien sales to, there is a lot of money there - if you don't get out bid. Try not to get into a bidding war on an auction for a piece of property. Sometimes it is better to walk away and bid on something else that may turn out to be a better deal.

You can check with banks for their forclousure lists and you can go to the tax assesor in the town you are interested in buying from and don't forget about drive by empty property. Take down the address and city and research it on line by going to the county and putting in the address at the tax site and it will give you details like owners name and address and sometimes a phone number.

Before I close any deal I have a agent look over the deal and get their opinion and pay them for their opinion and their research even if you end up buying from the owner without the agent. Always better to know what the deal consits of from a professional then to get blind sided down the road.
0 votes Thank Flag Link Sat Aug 13, 2011
A local agent who deals with REOs/Foreclosures would have access to this information. Furthermore, they can help you make your bids (if an auction), or negotiate with the seller, if it is a foreclosure on the open market. Additionally, transactions like these are extremely technical. One wrong selection on a form could get an offer ignored or rejected, so I'll have to go with the majority here and say you should let a professional help you. It'll make the experience much more pleasant.
0 votes Thank Flag Link Sat Aug 13, 2011
Hi Jerry

Best to go with a local agent.

Good luck.
Perry

http://www.ruthandperry.com
0 votes Thank Flag Link Sat Aug 13, 2011
Look at hudhomestore.com.
0 votes Thank Flag Link Fri Aug 12, 2011
Hi Jerry,

I see you asked this question back in March, did you find the information you need?
How did you go about it and or whom did you use?

Just curious! I am sure there are others that would like some information!

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
0 votes Thank Flag Link Fri Aug 12, 2011
Find a local Realtor in Portland that you like. They are the best resources of up to date info on foreclosures and typically will not charge for this info. And when you do find a property that you want to move forward on they can represent you and help getting you the best possible deal.
0 votes Thank Flag Link Thu Aug 11, 2011
http://www.RMLS.com is your best source, since it is the Local MLS' website! Information direct. However, their interface is pretty poor, so you could use a local agent's site that gets their information direct, like mine.
0 votes Thank Flag Link Mon Aug 8, 2011
You can search for foreclosures or short sale (or both) on my web site - http://www.DaveSuttonHomes.com
0 votes Thank Flag Link Fri Jul 15, 2011
You can go to http://www.usa-foreclosure.com to get information.
I also have detailed information about foreclosures and short sales at
http://www.kirahelpshomeowners.com
0 votes Thank Flag Link Wed Apr 6, 2011
Our website offers map search with forclosed homes only option. It has many good features such as street view, walk scores, price reduction notification, etc, on the same page. You also can search homes on your cell phone as well.
http://www.MyOregonDreamHome.com
0 votes Thank Flag Link Tue Apr 5, 2011
Our public multiple listing site - rmls.com - has added bank owned (foreclosures) and short sale search fields to its criteria. You can find foreclosures in the Portland area simply by clicking on "Yes" from the drop-down box Bank Owned. You can also find auction properties by checking the box "Include Auction." If foreclosed properties aren't on the market, there is a reason. Don't let anyone try to tell you that there's a big secret to foreclosed properties. There isn't. They are treated just like any other property by most banks. They are put in the multiple listing services because it's the easiest way to dispose of them.

Candee Wilson
Exclusive Buyers Agent
HomeBuyer Helpers
503-699-8402
0 votes Thank Flag Link Wed Mar 23, 2011
Jerry, I could just answer your question with sources. There are many ways to get free information. That said, its not easy for real estate agents to get ALL the distressed properties. Some of it comes from sites that require signup and dues. Some of the larger lenders/investors only put it out after they have taken the properties back, inspected them and established values, etc. Of course, COUNTY RECORDS will give all defaults and notices of transfer. Everyone gets to see those so competition is tough, and you get it a little late.

Nowthen---why do you want to see these? No disrespect intended because I dont know your knowledge level but working REOs, foreclosures, etc can be a mine field. Id want to buy while the current owner has it. Lawsuits can be started after the foreclosure proceedings. Auctions frequently go over market price because of the bidding frenzy. Short sales are not the 'golden goose' they once were. Lendrs do not have a need to dump tham for pennies because out great government is paying them BILLIONS to stay alive and take the properties to be sold at or very close to market price. A short sle is usually just getting a home for market value with the lender taking a paper loss.Lenders WANT to foreclose so they can collect mortgage insurance and government subsidies, etc.

To really play in this arena you need a lot of CASH. Watch out for those who have taken title to distressed properties and are trying to flip them, though a bargain here or there can be had if the people have too many in inventory. If I were to 'play' in this market, it would be trashed fixer uppers. The lenders are not equipped to deal with those. If you want a more target response, please elaborate on your needs/goals.
0 votes Thank Flag Link Sat Mar 12, 2011
Hi Jerry,
I guess we would need more information to properly address your question. If it is simply lists of bank-owned properties, short sales and auctions...you've received great information here and, yes, almost any Realtor can supply! If you are looking for information on how best to approach a foreclosed property, SS or auction, then you need a real estate broker who has had experience with the above. In the case of true auctions, I definitely believe you need lots of experience or an experienced person to help you determine condition and value. Be prudent in your research and selective in hiring the proper resources. I have worked with many short sales and foreclosures, but have no experience with the auction process. Call or write with any questions. all the best....
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Thu Mar 3, 2011
Hi Jerry, Any agent can get these lists for you down to the specifics you are searching for, which is part of our services to our clients. Work with an agent that has experience with foreclosures, short sales, and auctions and you will have all the info you need. I would be happy to help you make an informed decision on your next property purchase.
0 votes Thank Flag Link Thu Mar 3, 2011
Hi Jerry, your question makes me wonder . . . how serious you are to have the right information to make an informed decision. Realty Trac is probably one of the best resources. Why not line up a few realtors as your birddogs to find you property info on foreclosures. And when a birddog finds "the one" then it seems that you should work with that person to create the offer and help navigate thru the process of buying bank owned or someother level of distressed property.

Maybe you just are at the early stages of scouting properties, well that is what I do every day. Like others I have a paid account, you can contact me and I can set up you up for full access. It is sort of a two way street . . . its a service I provide for my clients.

Thanks for your note and good luck in your search.
0 votes Thank Flag Link Thu Mar 3, 2011
You don't have to pay a dime Jerry, just get in touch with a local Realtor and ask them to give you all the listings for foreclosures, Short Sales, and reductions and ask them to send you email up-dates on new items that get listed each week.
0 votes Thank Flag Link Thu Mar 3, 2011
FREE - work with a Realtor in your area who will obtain your specifications and lender qualifications forward you properties. MLS - agent will use is updated many of these other sites are outdated info.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Mar 3, 2011
You can sign up for biweekly releases of all the foreclosed properties in Portland on my website link below.

Best of luck.
0 votes Thank Flag Link Thu Mar 3, 2011
Also try USA-Foreclosure.com it's a list of properties in foreclosure and may give you another source to work from.

Best to you.

HLR
0 votes Thank Flag Link Thu Mar 3, 2011
Jerry send me email. Or call 503.319.9035 and I can get you aii the information you want free. Thanks. Tom inglesby, broker RE/MAX Equity Group.
0 votes Thank Flag Link Thu Mar 3, 2011
Hi Jerry,
It depends what you want to know. If you want a weekly list of upcoming foreclosures, those are easy to obtain from just about any Realtor. We have ways! If you have questions about process, again many of us have been listing and selling preforeclosures (short sales) and bank-owned now for several years, and have become very knowledgeable about that too. This forum is a good place to meet Realtors based on their answers, then perhaps pick two or more to interview. Many of us have websites where we can set you up to receive those specific listings. It all depends on your needs... it's all part of our job today to provide that type of information, and you won't need RealtyTrac!
0 votes Thank Flag Link Thu Mar 3, 2011
You can look at http://www.auction.com without paying fees. They are not all the foreclosed/auction homes on the market, but it's a free site to browse from that particular auction house. Also, look at Homepath.com and HUDHomestore.com. These are the official government sites for Fannie Mae and HUD homes.
0 votes Thank Flag Link Thu Mar 3, 2011
Hi Jerry,

We offer a great service that may be exactly what you are looking for! You're invited to our 20 minute review workshop Thursday for our Beaverton location, Tuesday for our Vancouver location and Salem location! Please review our website and let me know if there is anything else I can answer for you!

Fairplay Foreclosures
0 votes Thank Flag Link Thu Mar 3, 2011
Hi Jerry,

We have all bank-owned foreclosures listed in MLS by city on our website: http://findportlandoregonhomes.com/buyerssellers/current-ban…

I hope that is a helpful resource. Let me know if we can be of further service to you!

Thanks,

Steve
0 votes Thank Flag Link Thu Mar 3, 2011
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