Robert,

You probably will never get an answer like this one but here goes.

Never buy a house without Title Insurance to be on the safe side especially from an owner that doesn't use a realtor or title company or attorney to sell their home.

It seems that everyone replying to your question is referring to Bank owned and Short sales when they are talking about foreclosures but the most important foreclosure is a foreclosure resale which we specialize in every day of the week.

There are people who buy their own listings and they are also foreclosures and are referred to as foreclosure resales. However, the great difference is that they have no corporate structure to go through and can be bought at the same price with limited repairs but usually completely remodeled and have a much higher value than either Bank Owned (as is) or Short Sale (which have a long and unending waiting period with several contracts and little hope of getting answer within a reasonable period of time.

If you want a house to remodel then buy a bank owned property or, If you want to wait along with many others on the possibility of getting a short sale then you will have to wait with many others on someone at corporate level to decide which offer they are going to take and then can't close within a a reasonable period of time.

The above bank owned property is considered a flip house, if the proper definition were used, but because it's bank owned, someone in power decided it could be resold to consumers under FHA without the 91 days that investors have to hold homes to sell under FHA, regardless whether they are remodeled by the investor or not.

If you want a remodeled foreclosure resale then ask your realtor to find a listing that has a foreclosure resale which can usually close in 5-30 days depending on your financing and you don't have to wait on some corporate manager to make a decisions which could take 1 to 6 months.

Now the real foreclosure market and great buys are with the foreclosure resale market because most investor/owners have remodeled their homes and put back into like new condition just like we do on every house except an occassional home that an investor wants following our purchase at the courthouse. That would be considered a Flip Property. We sell only remodeled homes , usually better than they were when it was previously lived in by the person that lost it to a foreclosure. That's what we do and we don't ever refer to them as flip house which is what a bank owned property is by definition because they sell it as is and rarely do any work to the home before the sale. Foreclosure resales are also sold "as is" but usually have already been remodeled.

This is not a solictation so I can't answer most inquiries because I already have too many waiting for answers. If you have the patience for a reply and would like to know more, especially agents who are not aware of this part of the forelcosure market then you are welcome to email me at my email address but don't expect and immediate reply. If you are a buyer then I prefer your realtor make the inquiry because we don't try to sell our own properties although we don't turn down buyers, we simply don't show other peoples listings for sale and don't solicit buyer for our own properties. We simply love realtors selling our houses because it gives us more time to find and market our houses.

I simply don't know of another real estate agency that buys their own listings so we may be a one of a kind in the business.

You have been provided this information as a reply to your question only, but you should now know there are other foreclosures available such as tax deeds, IRS and many others forms of foreclosures out there in the market place to consider.

If anyone cares to make an inquiry or respond to my answer feel free to email me at : Ethornbu@tampabay.rr.com


I will gladly answer you as time permits. No legal questions please - save those for you attorney

Ed Thornburg, Bay Living, Inc
Foreclosure Acquisition Broker

I usually recommend looking at all the homes that meet your criteria including price. Often the foreclosures and short sales are the best deals but do require patience and of course they are sold as is. Sometimes buyers are surprised that a non-foreclosure can be slightly higher priced but in better condition and with a closing on the buyers schedule.

Determining whether a short sale or foreclosure is right for you should be decided based on when you need the home and whether you are willing to wait for 1 - 4 months for an answer from the lender. With multiple offers are you okay if you lose the home to someone else, especially after waiting for a long time for an answer. Bank owned foreclosures are much simpler and quicker than short sales. I find the toughest thing is that many buyers say they are patient, but then after not getting an answer from the lender after just a couple of weeks or so they want out of the deal or find another home they now want to buy. And of course I find many buyers fall in love with the home and always have in their back of their head will they get it or not. When their offer is rejected or worse if another offer is accepted they get very discouraged.

They are great deals for the right buyer.

Sincerely,

Jeff Launiere, P.A.
Real Estate Consultant
Keller Williams Realty
ALHS - Accredited Luxury Home Specialist
CPS - Competitive Pricing Specialist
TRC - Transnational Referral Certified
e-PRO - Certified Internet Expert
Offices in Tampa, Apollo Beach, Brandon & Plant City, FL
813-469-3163 (Direct)
800-622-0886 (Fax)
Info@SweetHomeTampa.com
http://www.SweetHomeTampa.com
http://www.HomesOfTampaFL.com
http://www.SweetHomeTampaBlog.com

Foreclosure or short sale and both offer opportunity. Both CAN be bargains. The secret in my opinion is the inspection of condithion on one hand and your pre-qualification for financing on the other. Get a good Realtor to represent you ans they will walk you through the pitfalls and pluses. Lou

It depends. Foreclosed homes or bank owned properties also know as REO properties are home buyer opportunities. The condition of the home is important for your future bottom line and if you need financing, whether the home will qualify as well. If there are holes in the roof, leaks, evidence of mold, no working furnace or if it has been stripped of appliances - then financing may be challenging. Another issue may be location and whether the home is in a diminishing market. It is certainly to your advantage to work with an experienced buyer broker who can provide you current and updated information in your community. For example, I represent Wachovia Mortgage FSB bank owned homes in New Mexico. Their properties usually sell in less than 30 days after coming on the market because the home is made ready to move in and can qualify for Freddie Mac and Fannie Mae conventional financing. Whereas some other bank owned homes which are in need of major repairs often require a cash purchase. Good luck, Emily Medvec.

To answer your easiest question first...yes there are agents who specialize in foreclosures.

Now for the rest....

Foreclosures can be a good deal but remember the banks are not giving their properties away. Also they are being sold "as-is" which means you are buying whatever mess may or may not be behind the walls. So you can get a home inspection but they will not fix anything. So it all depends on how much work you may or may not want. Not all foreclosures are like that but they are a different animal then a typical listing.



Sean Dawes
Long and Foster Real Estate Inc.