I strongly agree with Gene, don't mess with foreclosures if you haven't a clue what your doing, especially to the Realtors. It is not a good idea to represent you know about them when you have no experience.

First they are a pain in the neck and a lot more work than a normal transaction, if you buy directly from the seller or auction you risk taking on any debt the seller accumilated so title search and insurance if possible is mandatory!!!!

Short Sales pose the least amount of risk but are not foreclosures, they are more along the lines of
Pre-Foreclosure.

Need more information about the property before I can answer that question:
Is it currently listed with a real estate agency?
Are you dealing direct with bank or home owner?
How do you know the property is a foreclosure?
Finding the current status: Take the shoe-leather express directly to Visit your local county court house! RealtyTrac and other so called up to date foreclosure sites are lead generating tools for companies that sell leads to real estate agents and are usually not up to date with the latest data.

Good Luck...

http://www.RealRep.com

Thu May 15 2008, 13:53

Interesting but very important question. A foreclosure goes through many steps including the actual foreclose, auction sale at the courthouse. Once the bank has foreclosed on the property it is then a Bank Sale. The Bank Sale of the property is listed by a realtor working for the bank. That person should know the status of the bank sale. Always ask if there are any other offers on the property.

Thu May 8 2008, 12:42

I am a real estate buyer that bought a foreclosure after looking for 8 months. If you look at my profile you can see what I went thru. Based on my experiences over the years, I would suggest that you find an agency that lists most of the foreclosures in the area you are looking and then a foreclosure specialist in that particular agency. That agent can tell you just about anything you want to know. I would not choose a generalist real estate agent as foreclosures and short sales are or can be an entirely different experience. The agency that lists the house has almost immediate contact with the selling bank and the foreclosure agent in that office would be one of the first to see the listing changes (e.g. price, giveups, conditions, etc). I firmly believe that you would best be served by someone who knows and specializes in foreclosures rather than an agent who is trying to sell houses, land, condos, foreclosures, coops, etc. I am not saying that there not good agents out there who may be able to help you but after dealing with foreclosures over the months, my personal experience is to go with an agent who focuses on the type of transactions that you are looking for. We bought a small office building and went with a commercial agent rather than an agent who specializes in houses even though this particular house agent could have effected the transaction for me. As far as some of the websites, I notice a time lag. The house I bought was on Zillow, Yahoo, MLS and a foreclosure website for about a week after the sale. It is still on Zillow almost a month after the sale. That's why I recommend dealing with a foreclosure specialist -- the good properties go very quickly. Good Luck

Thu May 8 2008, 12:17

Many websites include foreclosures. Unfortunately, they may not include the most recent information, which would include the status, as of the day you are looking. We are located in Franklin County, Virginia and foreclosure notices are printed in The Franklin News Post and The Roanoke Times. You may wish to visit the Franklin County Court House, where you may search the property address and find the foreclosure notice which contains information about the lender(s) and the attorney handling the case. An experienced REALTOR may be helpful, as well.

Thu May 8 2008, 11:33

Depending on where the house is located, you can start with realtytrac.com, to see if it's an active listing. If it's in Georgia, contact me, and I'll give you more specifics on where to do research, and of course, you can always call your favorite real estate professional!

Thu May 8 2008, 11:23

Many times, I have clients call me asking when "this house that is being foreclosed on" will be on the market. The answer, maybe 1 - 8 months depending on if it is a VA, FHA or other type loan. We have homes on the coast that have been winterized for over 3 months and they have yet to reach the market to be able to be purchased.

Check out HUD.gov to see your local FHA foreclosed homes, then call your local Realtor to help you through this process.

Amy Olier
Realtor
Century 21 Bay South Realty, Inc.
(228) 697-2816

Thu May 8 2008, 11:20

RealtyTrac.com is a great place to start.

Thu May 8 2008, 11:15

There are many ways to find out information about a foreclosure:

* Check out your local newspaper - Foreclosure notices must be published in the newspaper (as per Massachusetts law)

* Visit the Registry of Deeds - With the property address you can find the foreclosure notice which contains the lenders information as well as the attorney handling the proceedings

* Contact the attorney in charge

* Contact your local Realtor

Hope this helps... :-)

Cindy Nina-Soto

Thu May 8 2008, 11:12