Hello, How do people paid for foreclosure properties? Thank you very much.

Asked by Tt, 92131 Sat May 23, 2009

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Voices Member, , Benton County, OR
Sat May 23, 2009
Tt, If you go the Bank/Gov. Sites provided so the public has access to the information and property listings they will explain in detail the purchase/bid process they use. Please give them a look....

These will give you the links to the Bank/Gov sites.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp .... http://www.biggerpockets.com/bank-reo.html

You will find this type of info.... http://reosearch.fanniemae.com/reosearch/ ... http://hud2.towerauction.net/CA.htm ... http://www.pasreo.com/pasreo/public/propertySearch.do

If it Tax Sales you are interested in then try this.... http://www.sco.ca.gov/ardtax_public_auction.html
For your county.... http://sdtreastax.com/pts_currentyear.html ... http://www.bid4assets.com/storefront/index.cfm?sfID=474 .... This search tool may be of use to you.... http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

Auctions are a "You must have a Due Diligence approach" but you can look.....


Good hunting, Dunes
2 votes
Marilyn Harr…, , Beaverton, MI
Tue Jun 30, 2009
Many buyers are paying cash. Some of the properties can be financed while others cannot - this is due to the condition of the home. It can be difficult to get a Rural Development loan or even an FHA loan on this type of property because the home must meet certain criteria, including running water, working furnace and other. If you meet the criteria for financing, a conventional loan (will require 10% - 30 % down) could be your best bet. However, if these properties are below $40,000 you may have trouble financing at all. Some buyers are taking the equity from their principle residence to pay for properties. Investors are buying them for rentals or to flip and are using already established lines of credit. Hope this helps.. Good luck!
1 vote
Chris Mabry…, , Tucson, AZ
Sat May 23, 2009
Your question is nowhere near specific enough to answer. There are foreclosed out there from $20,000 to $3 million and even higher. It depends on what specific area you are asking about. Contact a local real estate agent to get the most accurate info. Good luck.
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