Foreclosure in Jonesboro>Question Details

buyer72401, Home Buyer in Jonesboro, AR

How can I find out about foreclosures without paying someone? Shouldn't this be public information?

Asked by buyer72401, Jonesboro, AR Mon Mar 24, 2008

I am on a budget but I do have financing. I just don't want to have to stress out about the house payment while I am still paying off student loans. I thought this would be a good time to find one of those foreclosures we are hearing so much about.

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Banks will have lists. The Court House records them in the County Records. Also, News Papers publish notice... but the easiest way is to use a Realtor. WE ARE FREE TO BUYERS (just make sure in your contract with us).

Instead of looking yourself, hire a Realtor you trust to do the work and research for you. Foreclosures are sold "As Is, Where is" meaning that there is no guarantees about the current or future condition of the property. What you see (or don't see) is what you get.

Many times, Realtors who specialize in "investment properties" will have a list of foreclosures that they believe are really good deals. A good Realtor will know the area and do tons of market research for you. They will tell you if there is anything in front of the city that may affect your property. Maybe there is a warehouse going in next door and that is why the property hasn't sold. Or maybe the street in front of the house is being widened and you wont have a yard. A Realtor should know that and be able to give you a heads up. They will also do work for you after the property is under contract and help bring the entire deal to close.

The SELLERs pay the REALTORS! Most of the "bank owned" foreclosed homes are listed with an agent. They have an agreement with that agent to pay them 6% (or whatever). If you hire a Realtor, then the broker splits that commission with your agents broker. If you don't, then that broker keeps the entire 6%. It is the same to the bank either way, so HIRE A REALTOR - for FREE! If you don't know of a good one, ask around and do some research on who handles a lot of investment properties in your area.

These days, banks are even offering Realtors commission if they sell "pre-foreclosures" which is a win, win, win for everyone. The persons credit doesn't get destroyed and sometimes the can move. The bank doesn't take a huge it & the investor gets a GREAT deal.

It would be very smart to do some research on investment properties. Here are a few resources I like to use: - Podcast about Real Estate INVESTMENT - Podcast about Real Estate in General - great FINANCIAL plan for setting your self up to make BIG $ & 0 Debt. This is what my wife and I are doing! I strongly suggest purchase the book: Total Money Makeover or taking the Financial Peace University course.
BOOKS: FLIP: How to find, fix, & sell real estate & The Millionaires Guide to Real Estate Investing

Well, buyer72401, I hope all of that helped. READ READ READ & Research as much as you can. We have never had more opportunities for great investment properties than we do now, but there will always be good deals out there. Foreclosures are just a small segment of incredible real estate deals!!

Have a great day.
Bye for now,
Web Reference:
2 votes Thank Flag Link Mon Mar 24, 2008
Realtor commissions are paid by buyer. They come out of seller proceeds, but the money comes from the buyer or buyer's lender.
Flag Thu Jun 28, 2012
One way to find foreclosure listings, is call a professional Realtor and they can send you Harris county foreclosure listings. However, in today's market, foreclosure listings are not always the least expensive listings. I suggest you give your Realtor your criteria on what you are looking for and the maximum price you are willing to spend and then from there you will get a list of properties that match your wants.
Resources -
0 votes Thank Flag Link Tue Aug 18, 2015
I keep an updated foreclosure list for the Jonesboro area. Please contact me through my website below.
0 votes Thank Flag Link Wed Jul 30, 2008
The best thing you can do is contact a real estate agent. They will guide you through the process of buying a home. There are some excellent foreclosure properties in the Jonesboro market. However, you probably do not want to focus only on one segment of the market available to you. There are other homes that are not foreclosures, but the sellers are needing to sell quickly to avoid financial problems down the road.
0 votes Thank Flag Link Tue Apr 1, 2008
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