Foreclosure in 37075>Question Details

Emily Galley, Home Buyer in 37013

How can I find forclosures in the Hendersonville area without paying for them? Help!!!

Asked by Emily Galley, 37013 Fri Jan 11, 2008

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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. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
1 vote Thank Flag Link Sat Jan 12, 2008
Hi Emily. That is a great question. If you are working with a realtor, they should have access to information like that. However, there are a few ways you can do some investigating on the front end.
1) Drive around neighborhoods that you think you'd like to live in. Pay special attention to homes that really look vacant. Homes that have shutters falling down or that look poorly cared for...that is, in a neighborhood where the other homes are well maintained. Look for signs of notices piling up near the door, hung on it or taped to the door or mailbox and papers building up. If it were spring or summer, poorly maintained lawns can also be an indication of a homeowner in trouble. Note the addresses of these residences. Then you can look them up in the public property records to get the homeowner's name. A simple whitepages search might return their phone number, and you can simply call them or mail them a note to see if they are interested in selling their home.
2) Drive around and look for auction signs that are posted on major intersections, and sign up for one if it's a house you're interested in. These may be foreclosures or just very motivated sellers. Auctions can be interesting, but make sure you do your research beforehand or let your agent help you find out more about the property so you truly know what it's worth before bidding.
3) Pick up a copy of the Tennessean...or local papers...homes in pre-foreclosure, etc. are listed right there in the paper.
4) Have your agent notify you of properties that come available that meet your criteria.
1 vote Thank Flag Link Fri Jan 11, 2008
Hi Emily,
If you are woking with an agent they have access to all foreclosures and should be able to give you this information. There are also websites that are free, one I recommend is HomePath. These are Fannie Mae foreclosured properties and great buys! Let me know if I can help you in any way.
Thanks,
Gloria Baxter
Reliant Realty
0 votes Thank Flag Link Fri May 17, 2013
My advice to you for finding foreclosures is to find an agent who is hungry and a real go getter . There are many agents that simply have more business than they have time for. At the same time there are great agents who will go to great lengths to be just like one of them !
0 votes Thank Flag Link Sat Jan 26, 2013
Thank you for your question about finding foreclosure properties. The best way to find foreclosures without paying for the information is a good local agent. If you are just interested and want to do some research on your own, bank websites often list their foreclosures. For example, Bank of America and Chase both market their foreclosure properties on their respective websites.
0 votes Thank Flag Link Thu Aug 19, 2010
You can find most foreclosures through a local Realtor. I believe because there are so many listings on the market right now that most foreclosures are being offered on the MLS system. Traditionally in the past many times there was no need for them to be listed with a Realtor because there were so many buyers in the market place and the inventory was much lower. Simply contact a local Realtor and put them to work!
Web Reference: http://www.johnabshire.com
0 votes Thank Flag Link Wed Aug 18, 2010
Emily, If you will email me your email address I will send you the foreclosures that are actually in mls. Like one of the other posts said, I believe a lot of the foreclosures never make it to the market because for some reason the investors get them from the banks. Can't prove it, but have seen several foreclosures be sold without anybody knowing that they were available.I check the mls daily to see what is new on the market so I can notify my investors. I will be glad to send these to you. I've lived here for over 30 years and have been a Realtor for 15 years. You can also go to my website listed below and email me.
0 votes Thank Flag Link Thu Jun 25, 2009
check out the link below for major lender sites/REOs
0 votes Thank Flag Link Sat Jan 12, 2008
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
You might also try Ocwenbank.com for VA foreclosures, Or Pyramidrealty.com for HUD foreclosures, but as already stated in previous answer a Realtor is your best source for information on such properties, usually they can e-mail you with bed, bath & other info. saving time & $ $ as soon as properties become available. GOOD LUCK!!
0 votes Thank Flag Link Sat Jan 12, 2008
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