Foreclosure in 98665>Question Details

Tom Peterson, Other/Just Looking in 98665

whats the deal on foreclosures?

Asked by Tom Peterson, 98665 Thu Sep 20, 2007

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10
Paul W Thompson’s answer
Going to the local auction which in Vancouver occurs every Friday morning is a good start. However, as the others have mentioned, you need to know what you are doing and need to do quite a bit of research. If you are inexperienced in this, your best bet is to find an exclusive buyer's agent who has experience with foreclosed properties. I can assist you with that if you wish. Contact me or text me at 503-810-1119.

Sincerely

Paul W Thompson
Mortgage Consultant
HomeStreet Bank
NMLS #404052
(503)810-1119
1 vote Thank Flag Link Sat Feb 23, 2013
how hard is it to get a forclosed property
0 votes Thank Flag Link Wed Feb 13, 2013
Just call your local Remax and ask for the agent(s) who specialize in foreclosures.
0 votes Thank Flag Link Wed Apr 23, 2008
Do not send money to anyone. Period. Consult an Attorney before concluding any foreclosure deal. Yes, you can use the services and should use the service of a Real Estate Broker, however, unless they are well versed in the foreclosure processes it would be wise to have a Real Estate Attorney check over your paperwork.

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.?
0 votes Thank Flag Link Sat Jan 5, 2008
You find a Realtor to help you search for REO's the inventory is growing. You don't need to pay to get access to this information.
Web Reference: http://nwmove.com/
0 votes Thank Flag Link Fri Oct 5, 2007
You find a Realtor to help you search for REO's the inventory is growing. You don't need to pay to get access to this information.
Web Reference: http://nwmove.com/
0 votes Thank Flag Link Fri Oct 5, 2007
You find a Realtor to help you search for REO's the inventory is growing. You don't need to pay to get access to this information.
Web Reference: http://nwmove.com/
0 votes Thank Flag Link Fri Oct 5, 2007
I agree 1000% with duke. As a casual homebuyer/investor who has NOT been thru the process PLEASE hire a realtor with foreclosure experience. You will most likely negotiate a flat fee, rather than a percentage, but will be worth every dime. If it is a good deal, your realtor will steer you thru the maze. Your realtor can also help you assess your risk/reward.

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!
0 votes Thank Flag Link Thu Sep 20, 2007
Hi Tom, You've asked a popular question. I wish there was a simple answer, but it's not possible to cover it all in this format. Is the home you're interested in bank owned and listed with a Realtor or is it about to be auctioned at a foreclosure sale? Each of these is treated differently.

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.

Duke
0 votes Thank Flag Link Thu Sep 20, 2007
Tom,
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.
Web Reference: http://www.TeamRenton.com
0 votes Thank Flag Link Thu Sep 20, 2007
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