Question Details

Rev Windino,  in Philadelphia, PA

How do I access forclosures?

Asked by Rev Windino, Philadelphia, PA Sat Jan 12, 2008

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6
You can ger a Realtor to show the foreclosures, but those are usually the deals that investors passed up on the courthouse steps and the banks took them back and now are trying to sell them via the MLS. I would also take a look at free sites that are available that have investment property for sale like http://www.rehabahouse.com
Web Reference: http://www.rehabahouse.com
0 votes Thank Flag Link Sat Apr 12, 2008
Hi Rev,

You can easily search for foreclosure listings on Trulia. Access the link below and type in the city and state or zip code in which you are interested. Once your search results load on the next page select Foreclosure under our Listing Type filter on the left side of the page.

Best Wishes,

Emily Gibson
Customer Service Representative
Web Reference: http://www.trulia.com/
0 votes Thank Flag Link Tue Jan 15, 2008
Your best bet is to work with a good agent who is up to date on new bank owned listings and is well versed in the process (which varies by servicing company). You'll need to have a recent preapproval letter in hand from your lender, or proof of available funds from your bank. Every bank I've worked with requires that a preapproval be submitted with your offer. Have your ducks in a row, because in most markets, the best priced REOs go quickly and bidding wars aren't uncommon!

I have yet to find any one site that provides comprehensive lists of bank-owned properties, they tend to be listed a few on each site. It can even be quite challenging to find REOs in my MLS, since there's no field for bank-owned.

The previous poster suggested not using any agent and just to use the websites that are out there. By all means, check out websites that give info on foreclosures, but I can tell you first hand that the best deals are under contract before they're on those sites! For example, I have some clients who have been looking for a bank-owned deal for about two months. We've already lost a bidding war and just this week I tried to set up a showing on a new bank owned. When I called the agent, she said it already had two cash offers (cash is king when it comes to foreclosures because it means fewer inspections, no appraisal needed, it doesn't have to meet certain financing requirements, etc.)....so we're back to the drawing board!

Good luck!
Meagan Kempf
Coldwell Banker A.L.M.
Manistee, Michigan
http://www.meagankempf.com
http://www.manisteeforeclosures.com
0 votes Thank Flag Link Sat Jan 12, 2008
Check out the link below....it has a lot og lender websites with foreclosures.
0 votes Thank Flag Link Sat Jan 12, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
Why have to pay ANY real estate agents when the house is FORECLOSED?

Use the Internet for locality and state listings; some search services can give you many hours/days of search capability for the area/zip you want a house in. Forget these agents: they are really order takers; you'll do the legwork anyway! (I took the real estate course to get licensed. It was a breeze!)
0 votes Thank Flag Link Sat Jan 12, 2008
Get an Agent and hit the MLS in the area you want. They are almost all on there. Also you can get the Default List and Sales List from a good title company. Having a good Title Company and agent on board is the best was to build a team for buying foreclosures. That and an attorney is what you need! You could try realtytrac.com. It is helpful as well. Go Local though and get who you really want.

Hope that helps a bit!

Best wishes;

Dirk Knudsen
"The Real Estate Doctor"
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Sat Jan 12, 2008
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