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.
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.
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!
Broker / Manager
Orange Key Realty
Exclusive Buyers Agent
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.
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
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.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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!
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!
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!