If you are a cash buyer/investor type, and you are hoping to buy at auction...that is an entirely different world. Frankly, it is not for the uninitiated, because there are no protections when you buy on the courthouse steps, and you have to be able to absorb all risk. You have to pay all cash the day of the auction, and you rarely have the opportunity to get inside the property before you purchase. There is NO title insurance. If you are still reading, you should be hearing alarm bells in your head at this point. When you buy it, you take responsibility for ALL liabilities. I tell most buyers this is really a fantasy scenario that it is best to not waste time on.
The people doing it are mostly professional and experienced investors, and most of them are pretty aggressive. Most use Foreclosure Radar as one of the resources for watching what is scheduled to come on the auction block. And, of that list, the vast majority gets pulled back at the last minute. Buying foreclosures requires a full time effort and an ability to leverage cash and absorb risk.
Hope this was useful, but feel free to contact me if you have further questions.
Regardless of what you read from RealtyTrac and other foreclosure websites, please note that you yourself cannot directly approach the bank holding the note (short sale) or who has foreclosed on a property.
On a short sale, the bank will require letter of authorization from the property owner before they speak to anyone other than the owner himself.
On a foreclosure, nearly all banks will have realtors post on the MLS the properties for sale, and have the realtors deal directly with interested parties.
So ask your realtor to inform you about such short sales and foreclosures.
I am selling 105 Starview Court with 1757 sq. ft. drop dead view and clean pest control reports
go to http://www.105starview.court.com or email me at
Marcia 510 841 1255
Follow Katie's advice, select a Realtor to work with and all the information regarding a home will be shown on the MLS. If you are trying to complete this task on your own it's going to be a long search.
Hope this helps!
Windermere Welcome Home
If you like, I can set up a search engine so you receive listings for short sales and bank owned properties the moment they appear on the market. No obligations :) Anytime you wish to change your searh criteria, just shoot me an email and I will be happy to change it for you.
"Straight answers every time "
I agree with the others that using a realtor is your best avenue for this information, However,
If you don't want to use a realtor for this you can use my website. It won't help with foreclosures but can with shortsales and reo's. I have searches set up son that you cna click a button and get all the short sales in a given location.
This is easy to do. Your realtor can let you know the minute listings come up that match your criteria, including Short Sale and REO listings. I have a listing in Hiller and am in discussions with other owners. If you are interested in me keeping you posted please let me know.
All the best,
Linda Van Drent
Currently, there are no townhomes for sale on the MLS in Hiller Highlands. There are some spacious townhomes that are located in other parts of Oakland Hills that are short sales and foreclosures. Let me know if you'd like me to forward you info. on them.