1. you will need all cash
2. you will be going up against veteran investors
3. you won't be able to do inspections
4. you could have issues with clear title
this process is not for the faint of heart or wallet
Lance King/Owner-Managing Broker
One thing to understand about banks involved with foreclosed or about-to-be foreclosed real estate is that they have no desire to deal directly with home buyers, unless the buyers are investment groups willing to buy bundled quantities of homes or mortgage notes.
So, if your interest is in buying a distressed home for yourself, whether a bank-owned or short sale home, aligning yourself with an experienced and professional local agent is your best bet. The only exception would be if you are willing and able to buy a home through a trustee's sale, which is the auction usually held on the courthouse steps. They require cash on the barrelhead, with no contingencies and strictly as is. They sometimes have liens that the buyer may have to assume, and may have occupants the buyer has to get to vacate. Usually they need repairs, and sometimes have code violations. All those factors make this very risky business, even for the seasoned investors that frequent those sales.
There are some good values out there, if you know what to look for. Having a professional help costs you nothing as a buyer, and can save you tons of money and heartache. I'm happy to talk to you more if you would like. Good luck in your quest!
RealtyTrac looks to charge you a fee to obtain foreclosure status information which may or may not actually be for sale - this same property status information can be provided to you for FREE by most any RealtorÂ®. There is a process of getting to the status of an actual foreclosure for sale. See:
http://www.foreclosureradar.com/foreclosure-guides/foreclosu (also shows the ways the foreclosure might be sold.
If you want to search for property actually for sale see:
â€œMLS Data Accuracy â€“ Where to search if youâ€™re â€œwithout RealtorÂ®â€
If you are serious about buying a property find a RealtorÂ® and ask that a custom automated MLS search agent be set-up to make sure you are seeing property actually for sale.
Be sure to also obtain a "True Pre-Approval"?
You do have to join in order to see all the information on Realtytrac. I think you can join for free for a week to check it out and cancel after that. If an agent has resources, they can look up the information for you. I joined Realtytrac in 2007 and I find the information to be pretty accurate. I'm not sure what you mean by dealing with the bank. Do you mean if it's in pre-foreclosure? You are welcome to call me or email me if you would like more details on some of the properties you are seeing on Realtytrac.