In most MLS's there is a search criterion for REO bank owned. I agree with Mark, Realtytrac is a scam to sell subscriptions to people thinking they can gain access to a house before its on the the market. In fact they post homes that are in the earliest stages of default, called a NOD, notice of default where the bank records with the county that the foreclosure process has begun. I wish trulia would not allow realtytrac to showcase homes that are not available for sale! If you like my answer, best answer and thumbs up me, thx!!
If you are a First Time Buyer, please take my advice when it comes to buying a Foreclosure property: Don't Do IT. I've been a mortgage professional for 23 years helping First Time Buyers, and this is the same advice I give my clients here in New York.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Here is a link to all of the bank owned homes available in College Park. Please give me a call if I can be of more assistance.
TCAT REALTY SERVICES, INC
P.O. BOX 547863
Orlando, FL 32854
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