Home Buying in Ellsworth>Question Details

Coffeecan7, Home Buyer in Ellsworth, WI

How do you buy foreclosure homes? There are so many site to look at foreclosure homes but all want you to pay

Asked by Coffeecan7, Ellsworth, WI Mon Apr 13, 2009

for it is there one free? I am pre appoved already but want a good price do I contact a relator?

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You should not be paying any fee for services offering you a list of foreclosed homes for sale in any area. Banks publish this information for free. Your best bet is to contact a real estate agent in your area to search for foreclosed properties. It is in your best interest to work with a professional familiar with the process of purchasing a foreclosure at it can be a tedious one, tons of paperwork with a lot of negotiating between the primary lender and second third and so on leans on the property.
If your concern with working with an agent is the fee's, rest assured! The banks will be the one to cover the real estate agents fee, which can be negotiated to a some degree on non fannie owned mortgages.

Feel free to contact me if you are looking in the DC area or if you would like a qualified referral to an agent in your area of interest.

Joshua Klein cbmove.com/joshua.klein
202-812-6200
Coldwell Banker Residential Brokerage
1606 17th NW
Washington DC 20009
0 votes Thank Flag Link Tue Apr 14, 2009
Coffeecan7.... The agents want you to contact them or someone in the industry. They will tell you they have the most accurate info, they are the experts. there is no such place.. All to get you to make that first contact so they can guide you. You do not need an agent at this point if you are beginning to inform yourself about being a buyer. Look at the answers to your question so far..contact a agent, email me and I'll tell you the answer. Only we can provide you this info... Inform yourself so YOU can decide the truth of these things yourself. The RE industry is trying to drum up business, read the Threads, the spam, the same answers over and over again... "Do you have an agent.... Contact an agent...An agent could tell you, Let me refer you to an agent, Don't listen to anyone but an agent ...
Use a little common sense, ignore the advertisements disguised as help.
http://www.bls.gov/oco/ocos120.htm#training
The banks/Gov maintain up to date current databases for the public to use of their properties for sale.
REO/Foreclosures. On the sites they provide they also give you all the information on the purchase/bid process, selecting an agent(If you need one).....Sites like these.
http://www.tenmanagement.com/listings/state.do?code=WI ....... http://www.citimortgage.com/Mortgage/Oreo/PropertyListing.do .... http://reosearch.fanniemae.com/reosearch/
http://www.countrywide.com/purchase/f_reo.asp

You will find the links to the Bank/Gov sites here..... Check them out before making any decisions.
http://www.biggerpockets.com/bank-reo.html
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Each of these sites will explain the process and give you information you will need to know in order to choose an agent wisely if you need one.
Remember agents are part of the service industry... They provide services which you hire them to preform. You must as a consumer inform yourself before ever selecting an agent so you know which services you require and what value you place on them. There are good agents and the rest. Make sure you know the difference before you waste one second or one penny on "the rest" Remember all commission/fees are negotiable.

These also has a lot of tools ect. to help you in becoming informed ... http://www.hud.gov/buying/index.cfm ..... http://mortgage-x.com/general/rate_trend.asp ....

The process is not that difficult, it is time-consuming, it involves being honest about your options and is bound for failure if you allow yourself to follow self-serving advice or do not buy what you can afford which is not necessarily what you will be told you can borrow. Be a Buyer, TAKE CHARGE OF YOUR FINANCIAL DECISIONS. The salesperson will always tell you it's a good time to buy. if you can become informed you'll be able to tell who's selling what to who. Contact an agent is not the answer to every question
Bring your shovel and read thru the Q&A, if you look enough you will find some information but you are going to have to dig.
Dunes
0 votes Thank Flag Link Tue Apr 14, 2009
You should not have to pay to know what foreclosed properties are on the market. In fact you will want to stay away from those type of agents/scams. Are you looking in the River Falls area?? If so I have some great contacts up that way that could help you with your search. I can have one contact you or give you the name and number of someone in your area if you would like to send me an email of what you are looking for and your contact information.

As the rest of your answers state there are definatly things to "know" about buying forclosures. Timelines or lack thereof is probably the largest. A knowledgeable agent can help you with this process. Again, at no cost to you.

I look forward to hearing from you and will send you the contact info ASAP.

Thanks and Good Luck and remember it does not have to always be a "foreclosure" to be a great deal. There are a ton of great deals out there right now1

Best.
Duane.

Email : dmurphy@coldwellhomes.com
Web Reference: http://www.duanemurphy.com
0 votes Thank Flag Link Tue Apr 14, 2009
I think your best bet would be to contact a realtor. We have access to specific search categories of the MLS listings that the public does not have access to, therefore, we can actually search for only foreclosed (aka REO) properties.

Also, the process of buying a bank owned property is significantly more complicated than buying a home through a traditional sale. I would really suggest that you at least speak with a good realtor about the process. This could help you to decide whether you are actually up for the time investment, not just the financial one.
0 votes Thank Flag Link Mon Apr 13, 2009
Yes. You need to hire a real estate agent to represent you. They will have access to listings and be able to help you navigate the process....and no worries, almost without exception, sellers (banks or otherwise) are paying the buyers agents fees - so you don't pay for this service from you pocket. Check out some agent profiles here on Trulia.

Below the referenced post will help you begin to understand what you will find as you enter the market a buyer today.
0 votes Thank Flag Link Mon Apr 13, 2009
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