Paul W Thompson
Keep in mind.. this is not meant to offend Real Estate agents or brokers. It is simply a word of caution. I have no problem at all for a client to have their attorney review their transaction. In fact, it is usually good advice to have the following parties review any major financial transaction: Atttorney, CPA and Financial planner. What's a few hundred bucks of advice compared to the cost of a major mistake.?
A word of caution, send NO money to this website. Your local realtor has access to information on all properties available in the various stages of foreclosure. CALL DUKE! I am a realtor and I would hire duke to navigate a foreclosure. I havent taken the preparatory classes, and I dont have the experience, so even as a realtor I would engage a realtor with this specific experience because it is not my specialty!
Purchasing an auctioned foreclosure requires a good knowledge of the process and a lot of homework on the home itself. It can be rewarding but also can carry a lot of risk. It is not recommended for the casual home buyer. I know this answer isn't nearly to the level you are expecting, but as you have found in your research, it's a complicated process to just read about. My recommendation is to identify someone who is intimate with the processes involved and who would be willing to act as a mentor for you.
Purchasing a bank owned property listed through a real estate broker is very similar to any home except that the banks usually require special paperwork (nothing complicated) and the property is purchased 'as is' meaning that they (the bank) will not do any repairs.
I hope this helped. In either case, I recommend working directly with someone knowledgable about the processes.
In Ga we our foreclosure have gone up 100% we are # 6 in highest forclosures in the country. Basically buyers who took adjustable mortgages now can not keep up withy the new payments after their 2 years fixed etc... Staed income buyers who were a little frugal with their true income report are finding it hard to sell if they got into a bind. Easiest option it seems for most people is to default.
Great time to be a savvy buyer or investor, with mortgages in the new year looking to have to have money down more people are going to be forced to rent. Because there will be more demand for rental properties rents will rise, making it more profitable for the investor.
So like I said if you ahve money now forclosuires could prove a cost effective and good cash flow oppurtunity.