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.
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. :-)
Allan Polendey Properties, P.C.
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.
Real Estate Broker & Commercial/Residential Financing Specialist
Commonwealth Group & Sunset Mortgage
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
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.
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
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.