Foreclosure in Shafter>Question Details

Celi, Home Buyer in Shafter, CA

im interested in viewing some of these foreclosed home im a first time buyer looking to be prequalified what can i do about to start the process

Asked by Celi, Shafter, CA Fri May 21, 2010

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Dan Chase’s answer
Forget it. Not forget buying a house. That is a good goal to have. Forget the foreclosures on THIS site. They are all realtytrack listings. INstead of actual foreclosures that have gone through the whole process and are now bank owned and ready for sale realtytrack instead shows the amount owed on a note that is behind on payments or shows the amount that is behind on payments.

You will not find realtytrack listings to be dependable. They want you to give them your credit card number to see that the actual property is not for sale.

All is not lost. You can go to a site http://www.realtor.com and see actual foreclosures for sale.
You can ask any realtor to send you daily updates so when new properties become available you will know.
A realtor does this at no charge to you.

Sorry, realtytrack has worthless listings here. For more information look below

At the bottom of the article shown it says...
http://www.sun-sentinel.com/business/fl-trulia-foreclosures-…
RealtyTrac has as many as 800,000 bank-owned homes in its database, but less than 30 percent are for sale. Gradually putting those on the market helps prevent major price declines, Sharga said.

(They show them all)
1 vote Thank Flag Link Fri May 21, 2010
Hi Celi,

" ... im a first time buyer looking to be prequalified what can i do about to start the process"

It's very important to understand your purchasing power BEFORE you start looking at any property. Unfortunately, the terms “Pre-Qualification” and “Pre-Approval” are used interchangeably in the RE Industry to mean the same thing – they are not. You do need a full Pre-Approval to avoid being caught by surprises once you enter into escrow as this can place your deposit money at risk.
“Pre-Qualification” vs. “Pre-Approval” is covered here: http://www.Steven-Anthony.com/default.aspx?pp=39377

You have three main sources for your financing. As a consumer, knowing the pros & cons of each source, the level of information needed to quote a reliable rate, and how mortgage rates are determined on a daily basis is all important information to guide you towards a decision on who to work with. You can find out all of this information and more by reviewing this post:
http://www.trulia.com/voices/Financing/I_m_Considering_buyin…

Best, Steve


Best, Steve
0 votes Thank Flag Link Sun May 23, 2010
If you are looking at RealtyTrac's listings--do keep in mind that RealtyTrac's information is not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.
0 votes Thank Flag Link Sat May 22, 2010
Buying real estate is a good idea & positive approach. Do contact an active realtor who handles short sales or REO's.
Also contact a bank/lender to get pre-qualified, as most of the offers made in REO or short sale's require to present a pre-approval from direct lenders.
Good Luck
0 votes Thank Flag Link Sat May 22, 2010
As Dan advises, work with a Realtor to find, look at, and make offers on foreclosures. Most RealtyTrac listings are worthless. Many of the homes aren't even for sale. And those that are often aren't at the prices you see in the RealtyTrac items.

Besides, RealtyTrac charges you money. You can get better information for free from a Realtor.

So: Contact a Realtor. Tell him/her what you're looking for. That's how to start the process.

Hope that helps.
0 votes Thank Flag Link Fri May 21, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
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