Home Buying in 60102>Question Details

Kmom, Home Buyer in 60102

looking on trulia, there are homes listed in various stages of foreclosure (REO, Auction etc) through realty trac. Yet some of these homes never

Asked by Kmom, 60102 Wed Jan 27, 2010

seem to appear for sale on MLS. How do you obtain information on foreclosure homes and make a bid if it doesn't appear on MLS for sale?

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8
Dolores Mauriello’s answer
Foreclosure is a legal process not a type of property. The borrower or owner is in default and will be deprived of his interest in the property through a sheriff's sale, sheriff's auction or trustee's sale. To locate homes at this stage check your local sheriff's office web site for the addresses of properties to be auctioned. You can go to the auction and bid there. If the bank takes ownership of the property at the auction it becomes an REO property.
0 votes Thank Flag Link Thu Feb 4, 2010
You can give me a call. I can try to research each as they come up.
0 votes Thank Flag Link Thu Feb 19, 2015
Hello Kmom,
Unfornuately Realty Trac isn't always up to date and as accurate as you moght hope.Connecting with an experienced Real Estate agent who has the knowledge of foreclosed and short sale homes would be a much better avenue for you. We have up to date information on current bank owned properties through our many affiliations. Not only will we have listings available to you, but we can give you more precise information about a particular parcel, which in turn will give you better insight of the whole process. I personally have up to date lists furnished to me every other day. I would be more than happy to share these with you. I hope I have assisted you with your question. - Renee Pflanz / Coldwell Banker Primus - Algonquin
0 votes Thank Flag Link Tue Feb 2, 2010
Hello Kmom: We can print a list of Foreclosures in the Algonquin and surrounding areas if you wish to stop by our office.

Coldwell Banker Primus
777 E. Algonquin Rd
Algonquin, IL 60102
847.658.2810

William Squires
http://www.WilliamSquires.com
0 votes Thank Flag Link Fri Jan 29, 2010
Kmom Realty trac does not list homes for sale but republishes legal notices on properties. There are 2 homes in the entrance to my subdision that Realty trac shows as forclosed. Both of the home owners did a loan modification with their lender. They are now living in their home for less than they could rent for in this area. The homes have not and will not in the near future be available for sale.

You need to get partnered up with a good Realtor® in your area to find a property to purchase. Forclosure listings come on the market and the ones that are in good shape and priced right sell quickly.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Jan 28, 2010
Most counties will post properties that are in foreclosure and scheduled for sheriff's sale as the link below does for Kane County. Some websites pull information from the county records. You will see the instructions for bidding at the top of the page. You can see buying property through these sales is very risky.

When the lender takes title at the sheriff's sale the property becomes an "REO". It can be a long time before the lender puts it on the market. There are a lot of reasons for delays in going on the market.

Dan Chase has the right idea. For the buyer's protection, it is better to have a licensed REALTOR assist with both finding the properties for sale and guiding you through the process. Most REALTORS like myself, do not charge the buyer for our services. We are usually paid out of the seller's proceeds. You should budget for a good real estate attorney and home inspector as they will be at your expense, and I highly recommend both. You can get some great deals on these homes, but they are still a big investment. Protect your investment!
0 votes Thank Flag Link Wed Jan 27, 2010
Realtytrac is a tracking site of filings for foreclosures. Most people are confused by the site, as being for sale, mtg amounts(1st, 2nd, etc.). Find a local Realtor in your area and let them work for you. REO homes come and go daily. You need someone who will finfd what you are looking for. Get your loan approval in order ASAP, lenders ALWAYS require a letter of approval, or if you are paying cash a letter from your bank stating you have the funds available. Be patient but persistent.
Web Reference: http://www.larryhines.net
0 votes Thank Flag Link Wed Jan 27, 2010
I have a very simple easy to follow suggestion that will help you greatly.

IGNORE REALTYTRACK COMPLETELY!!!

You can not buy a house for what they list it as.
If you want to buy a foreclosure or short sale deal with a local realtor. They have access to the legitimate foreclosures for sale. It is easier, better, and the realtor will help you without asking for money up front.

THAT makes sense.
0 votes Thank Flag Link Wed Jan 27, 2010
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