Foreclosure in 98665>Question Details

Constancedb88, Other/Just Looking in 98665

whats the trick with forclosing houses? If they are so cheap to buy how come everyone isnt buying them?

Asked by Constancedb88, 98665 Mon Dec 13, 2010

I saw a commercial with forclosing houses and they were selling them at like 1000$ a piece.... if i could buy a house for a thousand dollars how come those houses are not selling like crazy?? (or are they?)

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There is no trick. Go to the Clark County building on Franklin any Friday morning at 10 AM and you will see how investors buy foreclosures. They research, then research some more, then narrow down the list of houses to be "called" that particular day. These are investors. They are looking for homes at the lowest possible price in the best possible shape, the best possible neighborhoods. They spend most of their week preparing to purchase the homes Friday morning at the Gazebo. If the investor is able to pick up a house or two, they will pay through cashier's checks the total owed immediately. They will then go about assessing what needs to be done. Paint, carpet, roof, appliances. Their goal is to make the house sell in a certain number of days in order to regain their cash and buy more houses. Like I said, it is not a trick, or easy, it is serious business. If you don't know what you're doing you will get burned.

I am very familiar with these purchases. I have a colleague that will help you purchase a home at the courthouse if this is the type of purchase you are interested in.

Megan Paul Buyers Brokerage Inc 360-448-0791
1 vote Thank Flag Link Sun Oct 7, 2012
Foreclosures are currently the most sold type of property.
0 votes Thank Flag Link Sun Jul 24, 2011
Thank you for your question about foreclosure home prices and value. Please be advised that if it seems to good to be true it probably is. Foreclosure homes sell for about 28% less than comprable homes that are not distressed.
0 votes Thank Flag Link Thu Dec 16, 2010
I think you will find that after you pay them for the program and follow their advice to the tee that you will be at a tax auction with a starting bid of $1000 dollars and 10000 bidders that have more than $1000 dollars to spend.Beware Constancedb88-just looking 98665.That is the deepest darkest part of the jungle with BIG BAD Lions Tigers and Bears oooooooh myyyyyy.

Check out my website below for pre-foreclosures owners have surrenderd to Trustee.Thanks Bill
Web Reference:
0 votes Thank Flag Link Wed Dec 15, 2010
Those are just scams looking for easy marks. You can find actual foreclosed homes here:
0 votes Thank Flag Link Wed Dec 15, 2010
Just remember the old saying: If something sounds too good to be true, it usually is!
0 votes Thank Flag Link Tue Dec 14, 2010
If you believe that, I have this ocean front property to sell you in Arizona. The only people who get rich off those real estate scam books/DVD's, etc are the guys who are selling the books and DVD's.

It's like diet pills... If there was a magic pill that worked, we'd all be skinny.

There are $1000 houses out there... But I have to say that my dog's house is probably more likely to be habitable.
0 votes Thank Flag Link Tue Dec 14, 2010
Consider the source of that. Those types of commericals are selling DVD's and CD's not homes. The examples are probably real but very few and far between. There are a lot of great foreclosure deals out there and many are receiving multiple bids, so people are buying. A good rule to remember is "if it sounds to good too be true, it probably is."

0 votes Thank Flag Link Tue Dec 14, 2010
Watch out for scams! There are a lot of "get rich quick" schemes out there right now. Educate yourself well. You may be able to find low cost homes in the midwest or in dilapidated towns, but not around here.
0 votes Thank Flag Link Tue Dec 14, 2010
Well there are homes across the US that have bank owned property for that price. in my area that is not the case. I will tell you this there are lots of homes that are selling at the courthouse steps at foreclosure and they are selling at a good price. The homes that are left go back on the market for market value based on condition and several other factors. I can help you with this I know what homes are going to foreclosre on a weekly basis. You can contact me at 360.609.0226
0 votes Thank Flag Link Tue Dec 14, 2010
I think the commercial you saw is linked to a company now immersed in various lawsuits by investors who did not get what they paid for. The properties are in the United States in places like the run down areas of Detroit and are being sold to investors outside the U.S. in Canada, Singapore, Hong Kong, etc. There are title issues. Many houses are abandoned, deteriorated uninhabitable. Remember . . . If it is too good to be true it probably is.
0 votes Thank Flag Link Tue Dec 14, 2010
I am wondering the source you are looking at for this information. This seems low for most markets and it might be the source you are looking at is not the best. If the source is or realty trac it may be what the bid was at the foreclosure sale, which means nothing, since the bank is bidding against its self and has already a lot more money tied up into the asset (the bank does not have to come up any money at the sale because they would just be paying themselves).

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Tue Dec 14, 2010
Many risk factors and delays. If someone needs a home to live in in 30 days Short Sales and Foreclosures probably won't work.
Problem examples: Getting bank approvals, clearing titles, major repairs needed.

Investors are more likely to buy these properties.
0 votes Thank Flag Link Tue Dec 14, 2010

You are right, if I could buy a house for $1000, I would get together all the money I could and buy all the houses out there. That is never going to happen. Find an agent close to where you are that has lots of experience with distressed properties & has been an agent a minimum of 6 years. If you need a referral, let me know. Good luck to you.
0 votes Thank Flag Link Mon Dec 13, 2010
Hi Constancedb88,
The auctions they are sold at in Vancouver are not selling for $1,000. If you are interested in buying a home at the auction I can send you info on how to do this. But the market is slow and most investors are not buying them right now to flip them since the market is so slow. There is an art to this type of buying. If you need more info on this go to my website I have lots of good info there for you.

Don't believe everything you see on TV...Alot of it is a hoax...

Best wishes,
Happy Holidays,
Patricia Bergren
Coldwell Banker United Brokers
0 votes Thank Flag Link Mon Dec 13, 2010
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