Foreclosure in Wichita>Question Details

Countrylivin', Home Buyer in El Dorado, KS

Tried to bid on property was told it sold. Foreclosed since dec 2010

Asked by Countrylivin', El Dorado, KS Fri Apr 18, 2014

Asking question about same property. Supposedly sold in October 2013, closed in dec 2013, however still is showing owners as mortage passthrough cert. can't seem to find out anything. HELP! Listing agent not helpful at all with questions

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Tax records are not updated in real time, so looking at them online doesn't necessarily mean you've got the most accurate information. Online Foreclosures sites are terrible sources of accurate information should never be relied on for accuracy. A local Realtor who specializes in foreclosure sales would be the best source of information.

Now for some reality: There are almost no deals to be had buying a foreclosure. Buyers mistakenly believe there are , when I as a 35 year veteran of flipping house, who works full time as a licensed Broker and who has extensive experience in renovation and building have never bought myself a foreclosure and the reason is simple unlike the general public I know for a fact that the risks inherent in buying a foreclosure are not amply offset by potential upside rewards. Most foreclosures are at best a fair deal, and possibly 1 out of 200 is in fact a real deal. The rest are money pits.

I've attached a link below that goes into more detail on the subject, but the average home buyer should be well advised not to pursue foreclosures and instead allow the banks to choke on them if they ever want the prices to drop to the point where these once again become a viable option
0 votes Thank Flag Link Fri Apr 18, 2014
Look for a local buyer's agent in your community. If you don't find one on Trulia, let me know and I can help refer you to someone in your community.
0 votes Thank Flag Link Fri Apr 18, 2014
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