Property Q&A in 97202>Question Details

Autumn Lin, Home Buyer in SE portland

I'd like to know more about buying a foreclosured houses, how to bid and where...

Asked by Autumn Lin, SE portland Fri Sep 26, 2008

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This question is about this property: http://www.trulia.com/foreclosure/2002675127--SE-34th-Ave-Po… & SE 36th (ID: 11210706)

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Answers

9
Hi Autumn Lin,

It sounds like you're interested in learning how to bid on homes AT the foreclosure auction. Is this correct?

If so, research your state's Deed of Trust Act. Read the law carefully. Find the names of the local trustees that do the bulk of the foreclosure work in your county. You ought to be able to google that: "trustee services, _____ county." Typically the trustees have a list of all the homes coming up for auction.

Foreclosure auctions typically take place once a week, sometimes on Friday mornings on the courthouse steps of each county.

I recommend attending several auctions just for fun; just to observe before you decide to bid.

Depending on your state's laws, you may be required to show up at the auction with a cashier's check. This means you'll need to have access to cash prior to the sale date.

I know there are lots of answers already directing you to a Realtor. There are other options as well. In most major metropolitan cities you will be able to find a local real estate investment association full of people just like you who are in various stages of learning how to accomplish your same goals.
Web Reference: http://www.ceforward.com
1 vote Thank Flag Link Fri Sep 26, 2008
When buying foreclosed homes you really should have a buyer broker who is experienced in foreclosures to assist and to represent you . It usually doesnt cost you anything as they get paid at closing by the listing broker. They can tell you what each property is worth to assist you in making a good offer. as well your offer should include a pre approval letter, you should do any inspections prior to bidding as the sale is as is and the bank will not renegotiate after they agree on a price. Do not ask the bank to do fix anything and be ready to close in 30 days. Good Luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Autumn,

As a way to learn more about buying foreclosed homes, I'd like to invite you to join our upcoming bank owned and foreclosure bus tours, starting in November 2008.

We offer a no-obligation, educational way to see some bank owned/foreclosed homes and learn about buying, financing, and the whole process through educational "mini-seminars" from area professionals throughout the tour.

We also offer access to a list to bank owned homes, both on the MLS and JUST PRIOR to hitting the MLS.

You see, you may know when a foreclosed home reaches the Notice of Trustee sale stage (a NOT, Notice of Trustee Sale is filed and recorded) than the property is auctioned
off and when no one bids or the bank doesn't like the bid, it "reverts" back to the bank.

So, it becomes "bank owned" at this point. Well, it may or may not have a listing agent yet, but it has most
likely been sent to a Title company, to prepare a most recent Title Report, listing anything of relevance relating to the Title. Than the next step is to prepare the property for sale, which means it is assigned to a listing agent, if not already done prior to the auction.

It may take a few days to weeks to prepare the home for sale and listed, so it may be advantageous to know what properties are available that are bank owned BEFORE it hits the general RMLS listings and have some information on the property, in case you want to "score" a deal. As a mortgage specialist in offering financing for bank owned and foreclosed homes, I can help you access this information as well as give you information regarding financing in the costs to renovate or fix up an owner occupied home.

Hope this helps with your quest for information on buying a foreclosed home. :-)

Take care,

Ed
0 votes Thank Flag Link Wed Oct 29, 2008
go to http://www.oregonforeclosuredata.com. This website has a list of properties going up for auction at the courthouse every week for Washington County, Multnomah County and Clackamas County. Click "join now" when you go to the website and someone will contact you and give you access to the website.

Allan Polendey
Principal Broker
Allan Polendey Properties, P.C.
503-430-1481
0 votes Thank Flag Link Fri Oct 10, 2008
Hi Autumn - I found the home you are asking about on RMLS and it's currently for sale. I am about to close a sale for a buyer and we're purchasing a short sale home - which is how this property you've asked about is listed. I also list bank repo homes and have 2 that haven't even hit the market yet....one huge house in NE Portland, and another that's a condo in the Pearl district. I'd be more than happy to help in any way.

Just send me a note and I'd be happy to set up an appointment to show you any of the properties - or if these aren't what you're looking for, I can find something else.

Kelly Gebler
Real Estate Broker & Commercial/Residential Financing Specialist
Commonwealth Group & Sunset Mortgage
503-516-1637
0 votes Thank Flag Link Fri Sep 26, 2008
Autumn,

I have just closed 2 foreclosed properties for my clients and at a price lower than the bank had the properties listed with the agent, and we have negotiated some additional funds for some repair. We are waiting for a bank to complete over $2000 in electricial repairs on another foreclosed property I've written an offer for my clients. Please call me, I would like to discuss the provess with you and tell you how I work for my clients benefit. Jean
0 votes Thank Flag Link Fri Sep 26, 2008
Autumn,

Get in touch with a Trulia real estate professional. They will inform you and guide you through the "foreclosure" process.

The initial steps are to find an agent and find an lender. Since most banks will require a loan approval letter that states the amount you are qualifies for, this is an early task that can be done now.
0 votes Thank Flag Link Fri Sep 26, 2008
Hi Autumn,
and yes, you do need to find a Realtor to represent you through this process. Only because dealing with the bank can be exasperating! It's definitely worth it to get some professional help. Many times these properties are listed in the Realtor's muliple listing service. There are some incredible deals out there right now. But, "due diligence" is a priority!
Janeese Jackson, Principal Broker
Real Estate Resource, Portland, OR
503-709-0802
0 votes Thank Flag Link Fri Sep 26, 2008
As soon as foreclosure process is completed, and the bank is declared the owner of the property, the bank will list the home with their real estate agent for sale, and you can bid on it then. Typically the bank will set an asking price and wait for offers for 45 to 60 days before they will consider lowering the price. Their time frame may accelerate near the end of the year to clear homes off the books though. After the bank receives offers for the home, they will hire an appraisal of the property and negotiate with the best offer on the table.

Trulia and Realty Trac show foreclosed properties and your Realtor will be able to search for foreclosed properties on the local MLS system as well. Banks are not equipped to market and sell homes so they rely on Realtors.

Be sure that you understand the property will be offered "as is" and you are advised to hire a professional inspector for that purpose. Good luck with this purchase.
0 votes Thank Flag Link Fri Sep 26, 2008
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