REALTOR, Dallas, TX
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!
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!
If you are not working with anyone I would be willing to work for you.
My email is firstname.lastname@example.org
My phone is (972) 757-4527
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.
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.
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.
The Brooks Team
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.
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.
Accredited Luxury Home Specialist
Ebby Halliday Realtors
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
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.