Foreclosure in Albuquerque>Question Details

Cecilia, Other/Just Looking in Albuquerque, NM

Where can I find foreclosures in Albuquerque, NM?

Asked by Cecilia, Albuquerque, NM Tue Aug 16, 2011

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Leigh-Jo Anzures’ answer
To make it easier, in addition to my real-time map-based property search that is linked diretly from the local MLS (Multiple Listing Service) database, I can set you up with FREE listing alerts.

This way, you don't have to worry about searching every 5 minutes to see what you missed, the listings will come directly to your email. The results are based on your specific criteria (e.g. Location, Price Range, Minimum Bedrooms, Minimum Bathrooms, etc.).

To set up the FREE listing alerts, go to: http://www.syan.com/alerts

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Sat Mar 3, 2012
For the most accurate information on foreclosure trust a search system that is tied to your local MLS like http://www.buyorsellalbuquerque.com

Many searches only look at certain types of foreclosures like government owned while other sites update their information fewer that once a month. Some sites may even have homes that were sold or taken off the market more than several months ago.

Your local MLS (multiple listing service) requires Realtors to update their listings within 48 hours or face fines. For the Albuquerque area http://www.buyorsellalbuquerque.com is tied to the mls that your Realtor uses
0 votes Thank Flag Link Sat Mar 3, 2012
chad - maybe false advertizing - your link isn't going to foreclosures, just to your website.
Flag Fri Apr 6, 2012
To find all available Foreclosures as well as similar distressed properties such as HUD & VA Homes, use this free map-based property search: http://www.syan.com/search

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Fri Mar 2, 2012
http://www.homepath.com has excellent values. These are owned by Fannie Mae and do not require an appraisal or mortgage insurance. 3% down gets you in and rates are great! You can also buy these as 2nd homes or investment properties, Getting preapproved is crucial in negotiating these and getting an experienced agent who knows these properties and Homepath financing.
hope this helps!
0 votes Thank Flag Link Mon Feb 6, 2012
Hi Cecilia! Well, it all depends on what you mean by "foreclosure”. Finding a foreclosure really means finding a bank owned property - one the bank has already foreclosed on, so they own it and now have it listed for sale (also calle REO properties). Banks now use the standard selling process of listing with a real estate professional who lists the REO property on the regular local MLS and sells it like any other property. The opportunity for a deal here is to maybe pick a house up for about 10% less than market value and that's mostly because the bank wants to sell quickly. Sometimes they evaluate the property inaccurately, which can cause it to be priced too high, as I often see with HUD homes lately. Sometimes they value them low, as with one of my Bank of America listings recently… received 11 offers in 2 days! As for other, broader interpretations of the term foreclosure, someone in the middle of the foreclosure process is when someone is in default but the bank has not completed all the legal steps to take the house back. Here you might be able to get a much better deal... but it also takes quite a bit more effort. In Bernalillo, the first public sign someone is in trouble is when they have missed a minimum of 3 pmts (90 days late), and the lender can then file the first public notice of default with the county, known as a lis pendens. These are filed every day and the first investor who gets that info has the advantage. There are a couple of local investors who have staff who collect this info every few days and you can subscribe for a list of this data that is only a few days old - this is your best bet, unless you can go down to the courthouse yourself and sort through files one at a time to get the info. However, even these lists have drawbacks – they are expensive and subject to cherry picking by the investors who own and sell the list. Web services like RealtyTrac are just pulling the info from our county once the info is uploaded to our public data base, which takes a couple weeks. You should never pay for those services, because they give you no real advantage over free info sources. You can see lis pendens listings that are about 2 weeks old here in Bernalillo County: http://www.bernco.gov/document-search-22191/
You can also receive monthly updates from title companies, or at least most brokers can. I can point you to any and all of these sources, and can even provide most of them directly, especially MLS listings, as soon as they hit the MLS. I can also provide some guidance in how to pursue homes in different stages of foreclosure. Once you have the valuable information, you need to find a way to reach the homeowners in trouble and get them to actually respond to you without them aiming a rifle at you while you are walking up to the front door. This is an art that takes skill and experience... and that's if you can find the owners, who have often already moved and left the trashed house behind. And if you do find them, do you know how to structure the offer and contract to protect yourself and get it through to closing? Another way to pursue a deal already in the foreclosure process is to work with a real estate broker to find a short sale, which is a house listed for sale for an amount less than what is owed. The issues here are that every lender is different and will discount different amounts (usually 5-20% off current market value) and they can take up to a year to finally be approved - so you need to be patient and flexible. I sometimes submit offers for my buyers on a number of short sale properties at the same time and see which one we can get to make progress. Banks simply do not have efficient systems to deal with the sheer volumes of properties in default that they are managing these days. So, I guess the bottom line is that, yes, you can find some deals out there in this flood of foreclosures, but it takes time and effort. You can read a handful of books that will give you a bunch of info that is not specific to your county and you can spend the time to learn by experience (can be expensive) or you can find a mentor, or you can find a good real estate broker to help you. You can find good ones by asking them if they are currently buying and selling distressed properties in the current market. If they are not investing their own money in these "great deals", then find one who is. By the way, you can see my latest remod (flip project) at 11717 Mocho NE, which will be listed in MLS this week! Feel free to email, text, or call me anytime with questions... use me as free expert resource until we find the right deal for you… best of luck Cecilia! :o)
0 votes Thank Flag Link Tue Aug 16, 2011
Cecilia,
Any good agent, such as myself, can search the market for foreclosures. Just tell me what area you want to live in and what price range you are looking for. It's easy.
If you want to search yourself, go to homepath.com.
I specialize in real estate contracts, so if you are looking for a home owner to finance you, give me a call & we can talk about houses and RECs. I'd be glad to help you.
Linda Guthrie
American Realty
505 238-8838
0 votes Thank Flag Link Tue Aug 16, 2011
Cecilia, You can search the Albuquerque area MLS using the link below. Your search will, or may, include foreclosure properties. The public access channel to the MLS does not permit the searcher to specify "foreclosure" as a search field, the way it does price, area, bedrooms, etc.

The only way I know for you to search specifically for foreclosure properties is to ask an MLS participant to set up the search for you. MLS participants, for the most part, are real estate brokers, like myself. We pay a fee to get greater access to the MLS than non-members.

Therefore, if you want to search foreclosures please contact me with your search criteria. I will create a search for you that will report to you all foreclosures that match your other criteria, such as price, location, bedrooms, and so on. There is no cost to you for this service. I do ask that you allow me to represent you if you decide to buy one of the properties I send you. I normally get paid from the seller under similar circumstances, so you will not be billed for my services in the purchase of a foreclosure.
Web Reference: http://bit.ly/hBmjnJ
0 votes Thank Flag Link Tue Aug 16, 2011
HI Cecilia, You can sign up to search all HUD homes through a program called ALLHUD.net. You can also search 1000's of homes online at http://www.YesRealtyNewMexico.com. Once you have registered at either place, I can help you find the homes that best fit what you are looking for. It sure helps to have a navigator as the paperwork can be considerable!
0 votes Thank Flag Link Tue Aug 16, 2011
go to our Facebook fan page Cecilia where you can view a whole bunch of foreclosures, HUD homes and bank owned properties. The address is http://Facebook.com/NewMexicoHomes. Enjoy!

Keith and Gina MacRae
Coldwell Banker Legacy Realtors
(505) 250-5779 or (505) 379-3225
0 votes Thank Flag Link Tue Aug 16, 2011
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