Do I have to register with RealtyTrac to actually look at and buy a foreclosed home? What is the cost after the free trial?

Asked by Simzee23, Port Clinton, OH Fri Aug 24, 2012

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6
Anna M Brocco, Agent, Williston Park, NY
Sat Aug 25, 2012
Since most foreclosures do end up being listed by a broker, for free and accurate information work with an agent of your own. Keep in mind that when looking at RealtyTrac ads, some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner.
1 vote
Michael Emery, , Minneapolis, MN
Fri Aug 24, 2012
RealtyTrac will only sell you the information regarding the listing. They can't physically show you the property nor can they write up a purchase agreement. You would be better off using a local Realtor in your search.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sat Aug 25, 2012
Good afternoon Simzee23,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Sat Aug 25, 2012
If you want to buy a foreclosed home or a short sale, the best thing you can do is find yourself a good realtor to work with, preferably one who has some experience and education in short sales and foreclosures. It will cost you nothing because the seller typically pays the realtors' fee and you will have an expert on your 'team'. Look for either the SFR (Short Sale and Foreclosure Resource) or CDPE (Certified Distressed Property Expert) designations. You can only buy these homes once they have been listed through a realtor anyway, so do yourself a favor and hire an expert to help you at no cost.
0 votes
Alain Picard, Agent, Puyallup, WA
Fri Aug 24, 2012
And they should also be able to submit offers to buy for you as well at no cost. They should be able to set up an automatic e-mail that will e-mail you foreclosed homes along with any pictures and some info.
0 votes
Alain Picard, Agent, Puyallup, WA
Fri Aug 24, 2012
If you get a local real estate agent to work with you they should be able to show you foreclosed homes at no cost to you.
0 votes
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