Home Buying in Plano>Question Details

Ted G, Home Buyer in Plano, TX

We are interested foreclosed homes 4,500 - 10,000 sqft. We have been having a lot of trouble getting

Asked by Ted G, Plano, TX Fri Feb 27, 2009

up to date data. For instance, we have a list of homes that went into foreclosure this month. Yet, 85% of them have already sold. Can anyone recommend a good data source for up to date foreclosure listings?

I am particularly interested in getting the opening bid or equivalent price in addition to the asking price. The lists I have contain a column labeled opening bid. However, I believe it is named incorrectly because the houses on the list didn't go through the auction process. I did verify that the selling price of some of the homes and this price was equivalent to the "bid price". I am not interested in auctions homes.

Thanks!

Help the community by answering this question:

Answers

15
Nicole Arenas, Real Estate Pro
REALTOR, Dallas, TX
214-991-9507

Ted, Also I noticed after my response, your answer to your post, asking: how to find an agent who deals in high end foreclosures? We have helped clients in the average price range's of $400-$900k. Hope that helps! If so, call me!
0 votes Thank Flag Link Mon Mar 30, 2009
I will be happy to share my 3 point strategy with you. This is a strategy developed by my team to get the good foreclosures as a result of finding common denominators in 2008 while helping 33 clients look for foreclosures. This requires sitting down and meeting at my office. Let me know a good time and I will be happy to help. My phone number is (972) 821-6145.
Web Reference: http://www.teamdowns.com
0 votes Thank Flag Link Mon Mar 30, 2009
Hi Ted,

I hear you want to buy a foreclosure home. Yet, buyers I have met using those lists they pay for, often times share your frustration. I have the ability as a Real Estate Consultant (licensed REALTOR) to get new foreclosure the second they come on the market, and I am also able to access HUD foreclosures as well.
My list is free, just email or call me and I can set your search criteria up and help you achieve your goal in a win-win situation!

Nicole
NicoleArenas@ymail.com
214-991-9507
0 votes Thank Flag Link Mon Mar 30, 2009
My partner and I have been very successful in getting our clients what they are looking for. It is a process, that if this is what you want? You have to be in constant contact with us. We need to have everything in place, so that when the deal comes up, we look fast and submit! The issues we were coming across, When a forclosure comes on the market, (agents are putting them low, and all the buyer's are competing with each other, and homes are selling for higher prices). You need to have a experienced agent, that knows the market, and that you trust.
If you are not working with anyone I would be willing to work for you.
My email is bcapobianco@remax.net
My phone is (972) 757-4527
0 votes Thank Flag Link Mon Mar 30, 2009
Ted,
There are 2 types of foreclosures, one at auction on the courthouse steps and the others listed at retail on teh MLS. I have been attending these auctions to learn more about the process with an investor I work with. The banks start the bids at loan amount or a little higher to cover costs owed on the home. Periodically a bank will discount off of amount owed. About 1% of foreclosures each month have an opening bid that is discounted. All the investors who have done their homework ahead of time jump on those and there is a bidding war. They do end up getting a good deal on those. The others do not get any bids and the bank ends up with them. Next step (2nd type of foreclosures) they go back to the bank and get assigned to a Realtor who then lists the home on the MLS. Team Downs has a 3 point strategy to get these homes at the best price possible. It is difficult because so many buyers zero in on the good deals and these homes go very quickly IF they are in good condition. This is why your lists shows that they are already sold. Our strategy works about 95% of the time in getting these homes. The listing agents also have a strategy to get the highest price possible. If you are intent on flipping homes the best bet is to attend the auction monthly and get acclimated to the process. The first step is to acquire the Roddy list each month prior to the auction so you can research which homes will be the best options. If you are looking for a good deal give me a call and set up a time to talk to me about our 3 point strategy and we will get you a great home at a fabulous price. Korin (972) 821-6145 or visit our website.
Web Reference: http://www.teamdowns.com
0 votes Thank Flag Link Sat Feb 28, 2009
Ted,

You're right. Probably more than 75% of the homes on the "foreclosure list" never actually go to auction. Of those that do I think 90% or more are purchased back by the lender. If I remember correctly something like only 900 homes actually sold to investors at auction last year. Discounts were fairly significant, but the work is normally fairly significant as well. The opening bid is very misleading. I think many open with $1, but the lienholder will normally never let it go that cheap. They're going to bid at least the lien amount and potentially more depending on how well they know the asset and what other money they have tied up in it. Lots of wierd stuff going on now that we didn't see 2-3 years ago such as second lien holders bidding on first and potentially over the lien amount so they don't loose all their money on the 2nd lien.

I think the only real good information to consider is the Roddy report. It's about $40/month. Most professionals don't seem to like Realty Trac as there is too much junk information on their reports.

Is this the info you needed? What's your strategy and perhaps we can point you in the right direction. Are you looking to buy, fix, flip or are you looking for a personal residence. Another guess is you will find very few homes in this size range. Obviously there are some, but most very few and far between. Most of the time a foreclosure on this size doesn't make sense.
0 votes Thank Flag Link Sat Feb 28, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Ted,

You can access foreclosure listings directly on my website. There is no enrollment or personal info required and it is current information. If you like to give me a call I can also give you information about the foreclosure and the auction process that may help you with your search. While I work with clients at all price points, I know the Plano and Frisco luxury market well and welcome the opportunity to earn your business.

Best regards,

Andrea Brooks
The Brooks Team
Keller Williams
http://BrooksTeam.com
469-450-1326
Web Reference: http://BrooksTeam.com
0 votes Thank Flag Link Sat Feb 28, 2009
Hi Ted,

Thanks for your question.

If you are not interested in auction homes, then I'm thinking you are interested in homes that have already gone through the foreclosure process. Is that correct? (Not at the short sale point which is pre-foreclosure.) If this is correct, please feel free to go to our page below and you can keep an eye on foreclosure properties in Plano, or whichever area you choose, This page is updated as the MLS is updated, so it's as quick of a notice as is possible. We'd also be happy to set up a customized search for you as well specifying your criteria and send you updates on a daily basis.

We work with foreclosures throughout the spectrum. Many agents throughout the country come to us to help them with their clients short sales and foreclosures in the North Texas region. Additionally, we work with banks and other institutions nationwide to dispose of their assets. Please take a look at our testimonials - some from people who hired us from Trulia! You'll want to talk to agents and find out who you "click" with and a relationship you'd enjoy.
0 votes Thank Flag Link Sat Feb 28, 2009
I suggest you get a good Realtor that you trust! My clients have been happy with the ones that they have been able to purchase. Problems that seem to be rising is Fannie Mae title companies(The ones they insist we use can't get Title work done in time to close. When are you looking to move? If your not working with a Realtor? Feel free to email me at bcapobianco1@yahoo.com, or call my cell (972) 757-4527
0 votes Thank Flag Link Fri Feb 27, 2009
Ted,

Your best bet is to find an agent that gets notification of foreclosures and short sales before they hit the MLS. This way you can get a jump start on the rest of the buyers out there. I can provide this service to you. As an Ebby Halliday agent we represent almost every major bank in the foreclosure market. Short sales are distributed on the pocket listing circuit often before they hit the MLS and with over 1,500 agents in the metroplex we have access to many of these prior to the public. As an Accredited Luxury Home Specialist and agent with a vast knowledge of the foreclosures and short sales process, I can provide you with more experience than the average agent. If you would like to discuss to see if we can work together then please contact me.

Sincerely,

Holt Barber
Accredited Luxury Home Specialist
Ebby Halliday Realtors
972-795-3636
Holt@Ebby.com
0 votes Thank Flag Link Fri Feb 27, 2009
It is very easy to keep you updated through the MLS and any agent can do this for you. Once I accept someone as a client I always keep a daily eye on the area and criteria they are looking for. The main thing that matters is having an agent that will jump to look at the property and I am definitely that agent. Simply email me a brief description of the area you are wanting to stay in and I will have a you a automatically updating search quickly. A new property comes on the market. I stand by my ability to meet you out there that day and getting the offer in quick. Response time is truly the name of the game when it comes to foreclosures no matter what price range.

Thanks
RJ
214-682-0598
rj.avery@att.net
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Fri Feb 27, 2009
There is an agent in my office who watches the foreclosure market for investors and deals in higher end properties. She not only collects the information that you need, but she can analyze the information to pick the best properties to bid on. Contact Jane Clark. http://www.janeclarkhomes.com/
0 votes Thank Flag Link Fri Feb 27, 2009
Brittany,

Thanks for the quick response. What is the best way to find an agent that primarily deals with higher end foreclosures?
0 votes Thank Flag Link Fri Feb 27, 2009
The best chance for jumping on foreclosures is having an agent sending you daily searches. If you email me a little more about what you are looking for I can send you a search. There has been a lot of auction home lately due to the large home auction this weekend in Dallas. If you are unrepresented in your search I would be happy to help you the whole way and rebate you 20% of my commission after closing.

The list you may be talking about would be the list going to the county steps and sometimes those are sold to other banks before they even hit the market. In my experience most sites you can subscribe to and get "foreclosure lists" are not worth the money.

Please dont hesitate to call or email me
RJ Avery
214-682-0598
rj.avery@att.net
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Fri Feb 27, 2009
Ted:

You should hire yourself a buyers agent to assist in finding these types of homes. Fannie and Freddie bank owned homes, HUD homes, VA homes and short sales are all listed with agents in your area and can be found by any realtor.

You have to see the home and make an offer the first day if it is a good one. Otherwise someone will beat you to the property every time.
0 votes Thank Flag Link Fri Feb 27, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Collin County > Plano > Home Buying in Plano > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer