Foreclosure in Albuquerque>Question Details

David, Home Buyer in Albuquerque, NM

how do I find government tax forclosed homes like they advertise on t.v.

Asked by David, Albuquerque, NM Thu Feb 28, 2008

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Answers

6
theres a house
it was 100K
they didn't pay the taxes on it
what will happen
yes there will be a tax sale
everyone that lost money
govt
bank
lien holders
will be there
the bank wants 100K
the govt wants 5K
the lien wants 3K

govt always gets their money (you know this, they're having the sale)
banks wants it to go for at least 105K
so they bid 105K
and the lien holder is usually out of luck
of course they could bid 108K
but they only want their 3K back not a house that they have to sell

it can get more complicated than this
and the laws vary from state to state

usually they are abandoned properties
that have been badly neglected
some go for the back taxes owed
say 5K, but the previous owner has 3 years to come back
and pay up the taxes and take the property back

not the great deal advertised on tv
you probably cant buy the house for $144.23
and sell it for $145,000.78

seen that one too
don't buy it for $40
waste of money
only person getting rich
is the old guy telling you
that he has a secret way
to make you rich

anyways

good luck
1 vote Thank Flag Link Tue Apr 1, 2008
DAVID: This month's Lis Pendens report shows only 120 homes in foreclosure in our area. If you are buying as an investor and can have patience, you can take a shot at it. If you are buying to reside or don't have the patience, please know it can take 6-7 months and even then, the mortgage company can change their mind at the last minute as to whether they will accep the deal! Also, if you have a relationship with a Realtor, they can often acquire that list from the Title Company they use at about 5 cents per entry - much cheaper than the "going rate" offerered by companies selling that information! BARB
1 vote Thank Flag Link Tue Apr 1, 2008
First of all, let me say that I am happy that you are approaching this as a buyer, and not as someone in foreclosure. The fact of the matter is, foreclosure is very painful process. With regards to the "as seen on TV" statement, just disregard it. We are in New Mexico, we are governed by New Mexico Laws. Don't be fooled by these unscrupulous opportunists on TV. By the way, you will probably have to attend a 2-3 day seminar and pay hundreds to thousands of dollars to get the "secret" that is free of charge on HUD or other websites mentioned in other answers.

The other agents have given some good insights. As a buyer, get an agent who specializes in foreclosure to help you. Now you asked specifically about govt taxed foreclosed home, that is only a limited portion of foreclosure market. There are a few others that might be of interest to you. One area that has not been mentioned so far is "Short Sale" or pre-foreclosures. Short Sale can be the source of some great deals. It does take patience though.

Unfortunately, this area has been tainted with abuse by investors. My recommendation to you would be, to get a REALTOR who specializes in short sale. Short Sales, like REO's and HUD Homes are are usually listed in the MLS. Good Luck!
0 votes Thank Flag Link Sat Jul 5, 2008
The best place to find government foreclosed homes is: http://www.hud.gov another is http://www.southwestalliance.com which handles the HUD forclosures in New Mexico and Texas. All HUD, and Bank Repo's are listed on the MLS system at http://swmls.com you can type in search criteria such as REO or HUD to find them. The Newspapers such as the Albuquerque Journal and the Business Journal also list the Lis Pendens and Couthouse sales.
0 votes Thank Flag Link Tue Apr 22, 2008
David, most of my answer is specific to the Albuquerque area and Bernalillo county. I understand there are deeper discounts on REO properties in areas where the foreclosure rate is extremely high. Here in NM, we were one of only a handful of states that had less foreclosures in 2007 than 2006. However, we turned the corner in mid-late 2007 and our rate is increasing - foreclosures are going up here now too, just not as extremel as some places (like Detroit, where you can buy a 3BR/2Ba bank REO for $10k). Also, I can send you the latest Bernilillo, Sandoval, and Valencia county Lis Pendens lists if you contact me with your email address.
0 votes Thank Flag Link Fri Feb 29, 2008
The pursuit of people facing foreclosure has gotten rather competitive over the last few years so by the time they are foreclosed on they are often not such good deals anymore. In fact, most banks/lenders and the VA and HUD now market their REO properties in the MLS with brokers just like any other home on the market - usually listed at market rate. They are occasionally decently priced and good for handyman properties, but rarely are they the deals they used to be and never are they the bargains those TV commercials claim. The government foreclosed homes can be found on the web at http://www.firstpreston.com (HUD homes) and http://www.ocwen.com (VA homes). Nowadays, in order to get the bargains you may be seeking, you connect with distressed homeowners before they are in foreclosure. Typically, when homeowners miss their 3rd payment, the lender will file what is called a Lis Pendens, which is recorded with the county and is the first public notice that the homeowner is in trouble. Because of the competition, within days of this happening the homeowner will be assaulted with numerous letters and possibly phone calls and even knocks at their door. My letter is one of the many. This is what you need to do if you want to get those bargains. There's another great way to get good deals right now and that is buying homes for less than owed by the bank, which is known as a short sale. This is something I specialize in and would be happy to help you make such a purchase, if you'd like. Simply contact me anytime. I hope my answer has been helpful and if so, please mark it as such. Best of luck to you David!
0 votes Thank Flag Link Fri Feb 29, 2008
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