Foreclosure in 60638>Question Details

Danae, Home Buyer in 60629

Im looking into foreclosures or bank owned

Asked by Danae, 60629 Thu Dec 27, 2007

Im a single mother looking into foreclosures. I had joined that Realty trac but found alot of the info to be out dated. I see a few foreclosures in the 60638 zip and would like to know how to look into these homes without having to join realty trac again.

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8
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.
4 votes Thank Flag Link Thu Dec 27, 2007
Danae:

Of course every market is different, but they also have lots in common. Here in Central Florida 10% of all listed homes are either short-sales, in-foreclosure or REO's. Foreclosure no longer means destroyed, actually the opportunity to find great homes in as new conditions and at great prices is more of the rule now.

It will be a good idea to look at short-sales, since the owners already have emotionally detached from saving the property and the bank will rather accept an offer than go thru an expensive foreclosure. Your best bet is to find a Realtor to assist you with the search, as a buyer the Realtor representation will be a free service to you. Just make sure to interview them, clarify what your intentions are, and that you feel comfortable with each other.

Hope this helps!
1 vote Thank Flag Link Thu Dec 27, 2007
Danae,

I have to agree with Perry.

While it is possible to find some pretty great deals through foreclosures, it is equally possible to find even better deals dealing directly with owners.

Many of today's foreclosures are the result of people being upside down on their mortages (meaning: they owe more on the mortgage than the property is now worth), and banks are stuck with a depreciated asset. It is not likely, in these types of cases, that the banks will be willing to negotiate too far below market value, and, as Perry said, you will likely be competing against other people bidding on the property thinking it's the deal of a lifetime simply because it iS a foreclosure.

Again, this is not to say that you can't find a great deal by looking into foreclosures (just beware of "as is" condition, possible deferred maintenance issues, and the fact that there are no disclosures, meaning, basically, you will buying into the property blindly). Just don't exclude straight sales because you are just as likely - if not more likley - to find a great deal (with less hassle)through those channels, too. And you will be dealing directly with the owner, who has complete control over the final "yeah or nay" to your offer.
1 vote Thank Flag Link Thu Dec 27, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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Your going about it all wrong,

regardless who ownes the property, bank or private individual, you must first qualify for a home loan


First thing to do is to call your favorite mortgage company anf get qualified

you need,

2 yrs employment history,

the income necessary to pay the note

not too many bebts/collections

a credit score of at least 580 for FHA, and 3.5% cash down, and 4% cash to close the loan

good luck
0 votes Thank Flag Link Sun Jan 18, 2009
Try to get the info for free... find an agent who specializes in REO/Foreclosures in your area. We're easy to find just google "reo foreclosures" and fill in the blank with your city/state or zip code... that should bring you some results with agents who have listings that are bank owned. For instance, anyone who googles "New Bedford reo foreclosures" will find my website on the first page of results... i list all my bank owned listings, many of which appear on the "pay sites", but anyone can view my site free of charge without even registration (that's only an optional feature in case someone wants to be notified of price reductions, etc).
So the info is out there & free for the taking, you just need to know where to look. (hope this helps & good luck).
0 votes Thank Flag Link Sun Jan 18, 2009
Duane,

The best route is to contact an area real estate professional and utilize their services. they will be able to provide foreclosure properties and a lot more. It may be the best deal going....professional services not costing you anything.

Contact a Chicago area realtor and get started.

Good luck
0 votes Thank Flag Link Thu Dec 11, 2008
Don't waste your money paying for service you can get free. This website has all the banks and government lists for free and no registration. Just check it out
0 votes Thank Flag Link Thu Dec 11, 2008
The way to get the foreclosure deals is to not buy foreclosures-rather buy PRE-FORECLOSURES! The discount deals are made on shortsales, not REO's. What incentive does the bank have to make a deal on a home that they have already reported as a foreclosure and already spent money taking back? Contact me for more info if you are interested in learning about short sales.
Web Reference: http://icgproperties.net
0 votes Thank Flag Link Tue Jan 8, 2008
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