Jeffrey is right Bidselect is a great avenue. It is real time, meaning that alot of the pay foreclosure sites are not always real time and could be either under contract already or pending a sale. The courthouse is another anenue, but be carefull if it is a tax sale at the courthouse steps because there is a two year time frame where the previous owners could potentially try to retake the property. The Bidselect site is a good avenue to but a foreclosed home at a reduced price. Make sure that you work with an agent that is familliar with the process. Unless the HUD homes are listed on daily, the deadline to get a bid in is Sunday before 12Midnight. I am very well versed in the process and if you need my help please dont hesitate to contact me. One last thing if you are planning to finance any of the HUD properties or any foreclosures for that matter you need to go ahead and get preaproved so when you find a home that meets your needs you are ready to go forward. Take care and happy hunting.
FORECLOSURE AUCTION... I never recommend this for first time home buyers unless you have an agent or attorney (depending on your state). It leaves you open for too many costly what ifs... what if there is a large lien against the property (that you cant afford to pay off or is more than the house is worth)? what if the some one comes back to reclaim the property(even if you've already paid for it)? what if the home is unlivable(some actions do not allow you to do inspections and if they do its usually after your bound by a NO CONTINGENCY contract. Meaning you can't back out of the contract for any reason, even if the roof is falling down)? So unless you are a seasoned pro or have some one working for you that is, I don't recommend it. There are too many good deals on the market for you to risk everything you have on a FORECLOSURE AUCTION.
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Builders warranties do not transfer with a foreclosure. Think about it already. Bid Select and Southwest Alliance are one in the same source they are HUD owned homes. We do not handle HUD foreclosures they are HUD Owned. All the others are foreclosures. ( Just a rule by HUD on our language if we are HUD agents)
Foreclosures, Bank Sales, REOs, and Short Sales will at some point normally be listed on the MLS. The Bid Select homes or HUD foreclosures do get there. You can also look at some additional website links on my website under the foreclosure links. This includes some auctions that may or may not have them listed on the MLS. Good luck.
By the way....all homes are really sold "as is". There could be some kind of builder warranty in place, but that could hold out even if it is a foreclosure and sold "as is". Of course in this economy I'm not sure I would hold my breath that a "builder" warranty is any good. Lots have gone out of business or cut way back on warranty staff.
Steve is correct, Bid Select is a great source, it now not only has HUD owned homes but some Short Sales and Bank Foreclosures. You have always been able to get a Title Policy with your HUD owned homes.
This is not something you can get on the court house steps. Not only can the previous owners come back and reclaim the property but you may have quite a dirty chain of title back there.
Also do go to a Realtor - that is a Real Eatate Pro that is part of the MLS in your area, they will have available to the the bank foreclosures that are for sale via the other MLS members. It is best to look for one that is also a HUD agent.
Yes the properties are as is but you are allowed to have an inspection on most and many already have one.
You can try http://www.newbidselect.com for a list of foreclosures. As far as auction property, these are posted at the county court houses. It's always a good idea to hire a professional to help you with bidding or writting a offer. Most of the foreslosures on BidSelect are represented by real estate agents. Make sure you have representation, as well.
We have a buyer's agent on our team who specializes in foreclosures if you would like to talk to someone face to face about the process and what to expect. Our contact information is on our website: http://www.NylandTeam.com.