Theresa G., Home Buyer in Saint Louis, MO

how do you find out properties in foreclosure or auction?

Asked by Theresa G., Saint Louis, MO Sat May 3, 2008

I'm interested in moving to Tower Grove & would like to find a deal.

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Answers

6
Go to your local court house. They should have a list available and times of the auctions.
1 vote Thank Flag Link Sat May 3, 2008
Hi Theresa. I know what its like to want a deal. You may be surprised what is available and is a GREAT deal in the Tower Grove area. Contact me. Let's discuss what kind of deal you seek and your criteria!
0 votes Thank Flag Link Tue Apr 9, 2013
Theresa,
Using a buyers agent like me who specializes in 'deals, " especially in the city, is a good start :)

I know that area extremely well and have previewed most of the current MLS inventory, and have other leads in that area. You may reach me at alicia.sierra@coldwellbanker.com or 314-766-0847.

Cheers,

Alicia
0 votes Thank Flag Link Sun May 4, 2008
Wouldn't we all. One thing you need to understand is that typically, a home owner who is in difficulties, starts by contacting a realtor and listing their home as a short sale (ie they will be bringing money to the table to pay off the rest of the loan, or they are praying (with the realtor's help in working with the bank) to get the bank to forgive the difference between what they owe on the home and what they can get for the home. Those are listed in the mls, but the comment saying that they are a short sale is often in the agent remarks which you, the general public don't see, only the agents see. As a short sale, you are negotiating with both the owner and the bank when you purchase the home. If the home isn't sold as a short sale, then you are looking at foreclosures which the banks have already repossed. Or they may have been reclaimed due to taxes and be county /city owned. in those cases, they may have a comment in the marketing comments which will let you know that they are a foreclosure, but not always. TYpically those homes have minimal marketing done on them, but most are listed in the mls (the banks have contracts with agents to get them sold since they don't want to hold onto the inventory any longer than possible for most of the banks). There are also rehabbers/flippers who buy and then resale in 3 different categories - pull up a dumpster and clean it out, add a surcharge for their profit and flip it, do basic updates and leave the cosmetic updating to the buyers (still a good deal for joe public) and then a complete rehab job for regular retail price. Those don't always advertise in the mls until they are rehabbed totally, but if you work with an agent who is on their email list (no they don't email to joe public) you can get info on those homes.

Now, for the really really great deals, stand in line. The Realtors and the rehabbers know the areas and are watching for those and often if they go to list a home that is a great deal, it never makes it to the market, it's snapped up immediately. I have a list of rehabbers and investors and buyers I'm working with, as does every agent I know. We're all approached daily by multiple people asking us to watch for that perfect sweet deal for them and let them in on it before anybody else gets a chance at it. If you've got a good relationship with a Realtor and they don't feel like they are being used for the information and then you will break away and buy it through someone else cutting them out, they will work with you, but too many have been burned by people who used them to do all the research for them and find the sweet deal then bought it without them, so unless they think you are truly going to work with them, they are not going to go out of their way to help you. Keep in mind that Realtors are only paid after they successfully help someone find and close on a home, we are a totally commission based industry and on a sweet deal for you, the commission isn't much in the first place. One other comment - once an area is "HOT" like Tower Grove is right now, finding a great deal there is a lot harder. Look on the fringes of the area, or look at the other areas which are just starting to be fixed up and aren't "HOT yet.

By the way, I've been researching that area recently for a buyer who is moving back to St Louis from out state. There is a bit on the market in that area, but it moves quickly. They would send me a list of ones they wanted to see and half would already be under contract. Consider when you say that you want a foreclosure or auction home, how much work do you really want to do to it? Homes in that category are typically going to need work. Are you prepared to do it yourself? Do you know how to look at a home and judge how much money it will take to fix it up? Will you need to hire contractors? If you hire contractors your sweet deal could get a lot more expensive pretty fast, depending on how much work needs to be done. Make sure that you have a good building inspection done, the older buildings have a lot of interesting issues at times that an inexperienced inspector won't catch.

Good luck. If I can help in any way, please let me know. That's a lovely area and the property values are climbing there.
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Sat May 3, 2008
I have seen some here. You may try the same.
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
Web Reference: http://www.LetsGoDubai.com
0 votes Thank Flag Link Sat May 3, 2008
Theresa,
Your best bet is to contact a local Realtor and have them locate a property for you. It is my experience in San Jose, that you can get a pretty good deal before properties go to auction. Sometimes folks are paying more than what homes were listed for at auctions. When you have a couple of thousand people in a frenzy to buy a property you never know what's going to happen.
Best of luck finding your home!

Charles Coachman
0 votes Thank Flag Link Sat May 3, 2008
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