Home Buying in Shore Acres>Question Details

Jill, Home Buyer in Waukee, IA

need help finding foreclosures in the area

Asked by Jill, Waukee, IA Sun Dec 30, 2012

This question was asked from this property: http://www.trulia.com/property/3006736377-4300-Bayshore-Blvd…

Help the community by answering this question:


Tim Moore’s answer
I am doubting you are looking for homes in foreclosure, if so check the newspaper since they must be listed before the public auction. I am assuming you mean bank owned homes that had been through the foreclosure process and are now owned by the bank that had their loan and forced the foreclosure. The banks get around to listing these as bank owned which is the same as saying REO properties. The term foreclosure is incorrect after the process has ended. All bank owned homes get listed on the local MLS systems by Realtors, at some point. Find a good Realtor to work with and have them send you the homes in your price range, why just look at bank owned homes? Bank owned homes are not an automatic great deal, so look at all homes in your price range.
1 vote Thank Flag Link Sun Dec 30, 2012

Tim gives a very good explanation regarding the term "foreclosure" which is a process and REOs or Bank Owned properties which is the end of the process when the bank has actually taken back the property and is able to sell it. Any Sale prior to the foreclosure process would have to be a"Short Sale" if the owner qualifies. Short Sales are anything but short...and if their is more than one lender or lien holder the chances of closing are greatly reduced. It is important to understand that Florida is a recourse state-DEBT does NOT Disappear! In a short sale an attorney or Mortgage broker are the only ones legally licensed to negotiate debt down. If the debt cannot be negotiated down, the Seller may pull out of a short sale at the last minute and you may have wasted 6 months to a year waiting.

Interview full time professional realtors and find one you are comfortable with. Have them go over the pros and cons of each type of sale and see what really fits your situation. If you have any type of a time frame that you need to be moved by....then short sales are not for you. There are no quarantees it will close.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.


Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
0 votes Thank Flag Link Mon Jan 7, 2013
The key to finding foreclosures is finding properties that are pre-listed. really good deals may never hit the market. Most REO properties sell between 98-101% of asking price. The listing agent's performance is based on the highest return they can get for the bank and the shorest marketing time.
Short sales maybe a better option . banks are getting smart they know values are going up and short sales can save the bank at least $15,000 or more in cost. So we may see more short sales and less bank owned property.
0 votes Thank Flag Link Mon Dec 31, 2012
Hi Jill, Maybe I can help you find something. This particular home, 4300 Bayshore Blvd is not a bank owned home but is still available for purchase. I agree with Tim's opinion, that just because it's bank owned doesn't neccesarily means you are going to get a good deal. Are you looking for investment properties to purchase or a home for yourself? Email me and I can get a search started for you.

Tara May Webster
Your Neighborhood Realty Inc
0 votes Thank Flag Link Sun Dec 30, 2012

A buyer could get a rebate of up to $5,000 to pay towards closing costs, interest rate reduction, separate attorney representation and more.

This is in addition to negotiating your best deal!

see how here: http://www.trulia.com/blog/steve_31/2012/09/gfb_250_000_purchase

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service U.S. Marine Corps
0 votes Thank Flag Link Sun Dec 30, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer