Foreclosure in 19035>Question Details

Khaleel Thaj…, Other/Just Looking in Gladwyne, PA

How can I find forclosed properties?

Asked by Khaleel Thajudeen, Gladwyne, PA Sun Feb 8, 2009

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13
Real estate agents. Just read further about the process...

Websites, such as Foreclosures.com or RealtyTrac or this one, try to get you to pay for their services. Actual addresses are not published. As much as they try to be punctual with the timing of posting foreclosed homes, they are usually way too early or too late.

The foreclosure process is quite lengthy and starts when the borrower defaults on the loan. The following steps are included but are probably not all of the steps in the process after the borrower defaults.

- The lender petitions the court to sell the property.
- Borrower notified, has chance to catch up on payments, fees, remaining balance of loan.
- Borrower can't pay, home is slated for sheriff sale.
- Borrower can petition the court to stay the sale.
- If the sale goes on, potential buyers bid for property.
- If the property is sold at sale, sheriff evicts squatters (prior borrowers).
- If the property is not sold, the bank “buys” the property back.
- Bank puts the property on the market through a broker.
- For lenders who have VA or FHA backed home loans, they give the property to those agencies recovering the funds and those agencies either list with a broker or post those properties on their own web sites.

Now, even before this happens, the borrower sometimes lists the property (with the lender's approval) as a short sale (the price of the home is less than what is owed).

Moral: Get a real estate agent to help you out. They can show you properties which are either in foreclosure or will be a short sale. They can also assist you with properties which are slated for sheriff sale to see if they would be profitable.

Hope that helps,

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
tcharest@HomesForFreedom.com
“Century 21 is the number one franchise site on the Internet”
1 vote Thank Flag Link Sun Feb 8, 2009
Khaleel, Dunes has given you great information. You can check out the links. There are some great buys out there. But foreclosures may not always be the best deals. Make sure you know the comps for the area . You might want to work with a good agent in the area. Sometimes the agents may have listings that are short sales or sellers may list for low price for personal reasons.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Feb 14, 2009
Khaleel,

I agree with many of the replies below, a real estate agent who specializes in REO properties is your best option in finding Foreclosed properties.

A good agent should be able to sign you up for a free email alert letting you know when new REO properties become availabe in your area or alert you if there is a drastic price reduction on a Foreclosed Property. Again it is free and up-to-date.

You can search the Internet for weeks and you are going to find different Foreclosure listings on different websites. That is because a lot of this information is old and not up-to-date.

I get calls all the time about a specific "Foreclosure" Property" somebody found on a website somewhere out in cyberspace (yes even the ones that make you pay for it), only to have to tell the caller that the property was listed and sold months, if not over a year, ago.

If you are a serious buyer really wanting a great deal on a Foreclosure, and the very best deals go FAST, you must be working with an experienced agent who knows how to write up your offer so that the bank will accept it, give you good advice so that you are protected, and get the deal to the closing table. This service to you really and truly is "priceless"!

Good Luck!

Tracy Ross
0 votes Thank Flag Link Sun Feb 8, 2009
Terrence, I don't see where I said anything about putting in offers or not using an agent , I provided some links where Khaleel could find foreclosed properties.
0 votes Thank Flag Link Sun Feb 8, 2009
Dunes,

I didn't mean 'searching', I meant putting in offers, etc. You can look wherever you want. In fact, by nature, people DO use other sites to find information whether they are using an agent or not.

I have had several clients who would ask me about a property and I would either tell them that I had previously gave them the information or it wasn't what they said they wanted. Have I ever missed a few? Yep. Will I miss more? Probably. I have even shown a client or two FSBOs.

The point I am trying to make is that most buyers have their own lives to deal with and having a good agent do that work of finding a home for them will take a lot of the pressure off.

Your are correct that it's easy to look. The hard part is trying to do a deal by yourself. Mainly because buying or selling a home is, for the mainstream, emotional. Using a agent helps take that out of the equation.

Terrence
0 votes Thank Flag Link Sun Feb 8, 2009
Terrence, Not using an agent to view properties that are on the internet, is not like trying to be my own lawyer in court.

I use the Bank and Gov. sites because it's easy, free, did I mention, easy, free. Anyone can do it and get a good amount of information in the process., become informed , more familiar with the market, notice things and become better able to interview someone to see if they want them for an agent.

This is all just my opinion, nothing more. Anyone who doesn't want to take the time to look at all those Bank and Gov. property for sale sites should absolutely have an agent find listings for them.
0 votes Thank Flag Link Sun Feb 8, 2009
Hello, Khaleel,

Everyone wants to buy foreclosed properties. Let me tell you, my friend, this is not for trifler's. I have been working with some people who think that they are investors. They go to seminars and then they think they are ready to buy foreclosures and HUD homes, etc. They think that they can make ridiculously low offers without a full agreement of sale and that they will be successful.

Well, they WILL NOT. If you are trying to buy property and need to rely on a contractor to do the repairs, good luck! Your profit margin will shrink quickly. Also, the cheapest properties are on blocks with board-ups and burn-outs...that's why they are cheap. Would you like to pay rent to live in a home on a street with board-ups? Most people would not unless the rent is dirt cheap!!!!

If you have a contact who has an affiliation with an asset manager or loss mitigation specialist you may have some luck. Otherwise, all the individual sites will wind up referring you to an agent anyway.

If I haven't totally scared you out of your wits, you are ready to jump in and be successful!!! I am working with several serious investors and would welcome the opportunity to show you the ropes. You must be serious, have cash or special financing in place (203K, rehab loan, etc). If you do, I will show you some great properties where you will turn a good dollar.

Carol Murray Cei
ReMax Millennium
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Sun Feb 8, 2009
Dunes,

Why use separate sites where most of the bank properties are listed through a real estate broker anyway? The only exception to this would be HUD and VA homes. Most of those are not through agents during the first phases of the foreclosure although they are later listed with a broker.

Just use one source, a buyer's agent, who can get you a list of all these properties and if the agent's worth their salt, will scan all the properties NOT on the MLS through these govt sites as well as For Sale By Owners.

If you do not wish to use an agent, that's fine. But that's like trying to be your own lawyer in court.

Terrence Charest
0 votes Thank Flag Link Sun Feb 8, 2009
Khaleel, Why don't you just try using the sites that the Banks and Gov. have for property sales/REOs.

Countrywide site.....http://www.countrywide.com/purchase/f_reo.asp

Bank of America....http://bankofamerica.reo.com/search/

Washington Mutual ....http://www.wamuproperties.com/

Hud properties for sale PA........http://www.hooksvanholm.com/PropertyPennsylvania.aspx

These links and many more for Banks and Gov. property for sale sites can be found here...
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

All Free...Good luck, Dunes
0 votes Thank Flag Link Sun Feb 8, 2009
As an agent, having the ability to search the MLS by keyword has provided me the best way to find properties that may be in distress, including foreclosures.
0 votes Thank Flag Link Sun Feb 8, 2009
Thumbs up from me,Terrence--Really great answer--and it's not the first time I've said this about one of your answers.
0 votes Thank Flag Link Sun Feb 8, 2009
Khaleel,

The best manner to obtain foreclosure listing information is to contact a local real estate professional. They will be able to provide you with FREE information and lead you step by step through the process.

Contact an agent today.......
0 votes Thank Flag Link Sun Feb 8, 2009
Khaleel,

I would say that the easiest way for you to find foreclosed properties that are available for sale in your area is to contact a local real estate agent. They should have access to all of the bank owned properties, which would include foreclosures. The second option would be to go to a foreclosure website and find the information, although you typically have to pay a fee for the detailed information on these sites. If you don't know any local agents, feel free to contact me and I can get you in touch with one. Good luck!
0 votes Thank Flag Link Sun Feb 8, 2009
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