Question Details

Linda P., Other/Just Looking in 08234

Maybe you can help me with this...I am considering getting into the foreclosure market. How does one go about?

Asked by Linda P., 08234 Thu Nov 29, 2007

doing this? is the info available thru county records or real estate offices? Or do you only find out about these properties thru the notices in the paper and sites on-line such as this one? Also - I'd like to hear how some of you have achieved success in this area. Do you believe that initially it's trial and error? Or do you think that if one does the proper research, that THAT is what brings success?

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Answers

5
Susan,
I think it is not only the media but all the latest flood of ads and infomercials about how to get rich quick buying foreclosures. I don't know about your area, but I'm seeing/hearing 5 or 6 daily. It really is getting annoying since as we all know, they really aren't the best deals around. Of course you try to educate the average consumer trying this and they accuse you of keeping the good deals for ourselves. No win!
1 vote Thank Flag Link Thu Nov 29, 2007
Linda, you need to clarify what you mean by the foreclosure market as there are several segments to this. One market is the one you hear on TV with fictitious earnings from people who want to sell their foreclosure programs. Forget this effort. The second market is the REO assets that are owned by lenders and banks. To access this market takes a long relationship with a banker, usually by a person in the investor or real estate practitioner field who has, over the years, created a good relationship with individuals in the lending industry to get first 'dibs' on foreclosed properties. Keep in mind that not all banks want to sell their foreclosed properties. The third market if the HUD or goverrment foreclosed market, and this information is available on line, through their own sites. More commonly today, the government agencies contract with realty firms to handle these properties, so if you go to your local MLS and have a realtor search 'hud' or foreclosed properties for you in certain areas, a list will be available for you to check these properties and make an offer if you're interested. The fourth manner is to join a local investors group, such as MAREI, where seasoned investors buy, sell and trade all types of properties all the time, including foreclosed properties. If you're a beginner in this field, this is the best and most productive information I can provide for you. If you need further help, please contact me.
0 votes Thank Flag Link Fri Nov 30, 2007
What you should notice, Linda, is the dearth of success stories.
I will add that you should be very comfortable in your ability to recognize the repairs needed, sometimes even structural repairs, estimate the costs and get the repairs done cost efficiently. If you are not exeperienced in thia area, it will be difficult for you to control costs and the bottom line.
Your research should start by scrolling through this forum and reading all the postings on foreclosures. You will learn a lot.
0 votes Thank Flag Link Fri Nov 30, 2007
Great question Linda, and Perry is doing great copying and pasting ;)

There have been numerous threads on this issue in just the last week. You'll find great info in previous threads. I think a lot of us are tired of answering the same question. No one is blowing you off.

It is amazing the boom in forelcosure questions. Is the media really hyping the foreclosure deal up or what?

Susan Walker
0 votes Thank Flag Link Thu Nov 29, 2007
Foreclosure reality check.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.

It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.
0 votes Thank Flag Link Thu Nov 29, 2007
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