Foreclosure in Patchogue>Question Details

Leslie, Other/Just Looking in 11757

how do i find out about forclosing homes?

Asked by Leslie, 11757 Sat Jan 5, 2008

I am looking for a 2 family home in patchogue, ny. I am open to a home in forclosure but I do not know how to start. any ideas on how to beging searching for homes in forclosure?

Help the community by answering this question:

Answers

5
Work with a real estate agent familiar with foreclosures and preforeclosures.

Those are actually two different categories. Preforclosures are still owned by the person who bought the house. They're behind on their mortgage payments. At a certain point in the process--it depends, but it's often after 3 or so missed payments--the bank begins the foreclosure process. Notices are published in newspapers, for instance. Generally, though it depends on jurisdiction, at any point up until the house is actually foreclosed upon, the house can be sold by the owner. If the owner owes more than the house is worth--and more than the offer--that results in a short sale. Say the owner owes $300,000, but the house is only worth $250,000. Someone offers to buy the house for $250,000. The bank would have to approve it--would have to agree to accept less than is owed. That's a short sale. Now, it's also possible that someone owes $300,000, but the house is worth $450,000. In that case, you might buy the house for $300,000, plus whatever is owed from back payments, legal fees, penalties, etc. You wouldn't need the lender's approval for that; you'd simply buy the house for, say, $325,000.

Once a foreclosure has actually taken place, the bank owns the house. It's called an "REO" (real estate owned) property. Now, if you want the house, you'd buy it from the bank.

Preforeclosures are a matter of public record; notices are published in newspapers. Some investors also compile and sell lists of such properties. I subscribe to one, for instance; it costs me $10 a month to receive daily listings of all preforclosures in Fairfax County, Virginia.

REO property ultimately gets listed on the MLS. However, many lenders have listings of REO properties on their own Web sites.

A Realtor in your area can tell you more. Just make sure you work with one with experience in those areas.

Hope that helps.
1 vote Thank Flag Link Sat Jan 5, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
There are How to books in the local libraries that you can check out. I too, recommend working with a Licensed real estate agent because we: Have access to not just foreclosures but also motivated sellers, know foreclosures(REO'S) asking prices are based on broker price opinions which mean the banks are looking for "Fair Market Value". this means you most likely won't get a better deal because they have a before repair asking price and after repaired price. MOST newbie investors compete against the experienced and take a guess who usually wins, in the end.
I suggest working with an Buyers agent, as a client not as a customer; you have a much better chance at getting what you want.
0 votes Thank Flag Link Mon Mar 3, 2008
My advice is to work with a Realtor that can help you find what it is you are looking for. There are many homes available in Patchogue and the surrounding towns. A Realtor will help you find several that you can work with! We at Coldwell Banker have a few ourselves!! Good Luck..
Web Reference: http://www.mdgoodlife.com
0 votes Thank Flag Link Thu Jan 10, 2008
Hi Leslie,

The link below shows homes currently for sale in Patchogue and this includes foreclosure listings. If you use our filters on the left side of the page you can refine your results to fit your needs.

I hope this is helpful.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Wed Jan 9, 2008
Foreclosed and REO homes aren't always the best deals. Be that as it may, the site below has liks to a lot og maor lender websites with foreclosed homes:
0 votes Thank Flag Link Sun Jan 6, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer