Home Buying in Linden>Question Details

Hope Horneber, Other/Just Looking in Strasburg, VA

how do I find out about bank-owned houses for sale?

Asked by Hope Horneber, Strasburg, VA Fri Oct 5, 2007

We would like to purchase a home w/acreage for under 215,000 dollars in or near Shenandoah Co. VA.

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10
Most agents have that info.
But if you need to search direct, visit bank and gov site were they display listings.
This site has a pretty complete list.
http://www.foreclosurenest.com/
4 votes Thank Flag Link Mon Sep 24, 2012
Heres the best resource to search Bank Owned Homes Direct. Good Luck.
2 votes Thank Flag Link Mon Dec 6, 2010
Usually bank owned properties are listed with a local real estate company to market some lenders have their own OREO department that handles their own sales and provides information as to who has their listings. Here are links to government sites on foreclosed homes that might help you in your research
REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):
http://www.resales.usda.gov/
Real Estate for Sale by US Government Site #1
http://www.firstgov.gov/shopping/realestate/realestate.shtml
Site #2 http://www.homesales.gov/homesales/mainAction.do
IRS: Real & Personal Property Sales: http://www.ustreas.gov/auctions/irs/
Acquiring a VA guaranteed home foreclosed by states: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm?…
Homes and properties being sold by the different departments in US Government:
http://www.hud.gov/homes/homesforsale.cfm
USDA Properties for sale all states
http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm
I hope it helps you out on your research
2 votes Thank Flag Link Fri Oct 5, 2007
If you are looking for bank owned properties and not short sales, your best bet would be to contact an REO Broker. REO Brokers are basically specialized property managers for corporate entities such as BOA, Wells Fargo, etc.. They also include gov agencies like HUD. There is a lot of work involved from the moment these properties are repossessed to the time they are actually listed. To give you a brief idea: they identify, secure, evaluate, negotiate tenancies, obtain estimates, and market these homes for sale. With that being said they can get you into these properties months before they are actually listed and often give you the best edge over other interested prospects. This is probably better than visiting the actual websites because they often have a ton of buyers for these homes long before the homes go live on the websites. I am the director of the retail department for an REO Agency in NJ. If you any questions regarding the process or would like to purchase an REO in NJ feel free to contact me. Agents welcome as well.
0 votes Thank Flag Link Wed Mar 16, 2011
In most states the seller pays the realtors commission, the buyer has nothing to say in those negotiations which are done at the time a listing is given to a realtor and comes out of the proceeds to the seller at closing. Gijoke is giving you bad advice, sounds like he don't like realtors all too much. Not sure why he created a profile just to give that one answer on trulia. lol...

There is a buyers agent and a sellers agent and the buyers agent will be representing your best interest
0 votes Thank Flag Link Mon Mar 1, 2010
A Realtor is going to advise you to use a real estate broker. But recognize that the 5-6% you're kicking to the Realtor in the deal gets paid out of the deal negotiated between buyer and seller. The Realtor is not going to be representing the buyer's interests anyway. Find the house yourself, negotiate directly with the bank, and don't start off on on the wrong foot by throwing away 6% of the deal to a broker.
0 votes Thank Flag Link Sat Nov 28, 2009
You should check out http://www.USHUD.com ... it will let you search the listings before contacting a Realtor
Web Reference: http://www.JennCotton.com
0 votes Thank Flag Link Tue Jun 3, 2008
I agree with Cindy, right now there are a ton of pre-foreclosures aka short sales on the market.
But at the same token CJ posted a bunch of good resources however to purchase most government owned homes such as HUD homes you MUST use a realtor and one that is registered with the agency posessing a NAIDS ID number.


A FEW SHAMELESS PLUGS!
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http://www.MarivicRealty.com
http://www.realrep.com/
http://www.homes.com/Content/AgentProfileDisplay.cfm?agentid…
http://www.trulia.com/voices/profile/Real_Estate_Pro-Edison-…
http://www.city-data.com/forum/members/victorkaminski-211209.html
http://www.realrep.com/Listing/DefaultListingSummary.aspx?Sh…
http://www.city-data.com/forum/3305497-post16.html
http://www.trulia.com/voices/Home_Buying/I_m_thinking_of_pur…
http://nls.point2.com/members/US/New-Jersey/Edison/Victor-Ka…
0 votes Thank Flag Link Sat May 31, 2008
A local Realtor is your best bet. Don't rule out non-bank owned homes for sale. There are lots of great values currently on the market. Take a look at everything that meets your needs and price range.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Fri Oct 5, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
I would recommend calling a local realtor who may have some additional information but try contacting your local sheriff office to see about upcoming sales, check Realtytrac.com.
0 votes Thank Flag Link Fri Oct 5, 2007
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