How do I get more information on the foreclosed homes and how do I go about purchasing one?

Asked by Cory Hitsman, Corvallis, OR Fri Mar 7, 2008

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Jill Schuster…, Agent, Corvallis, OR
Wed Mar 3, 2010
Hi, Cory. In addition to what Brian and Dirk have said, you might ask your agent to find out who listed the home last and ask them what happened at auction. Most of the time when an owner knows they are facing foreclosure, they get their home listed with an agent who can get their home sold for the most they can. If the market won't produce a buyer for that home at the price they need to pay off their loan and they either have a justifiable 'hardship' or can bring cash in to close, then they can accept a short sale. This situation is typically the best price you'll get on a home, better than an auction price where the lender has more in the property in terms of legal fees, etc. and often a better price than when the property reverts to the bank. But, you do have to be patient and there are risks as well as rewards. I have a link on my website to a foreclosure report - but for the most part the information about these properties is the same when I pull it up on MLS. Hope that helps you -

Jill Schuster, Realtor, Broker, CRS, GRI
Town & Country Realty
(541)619-5427 cell
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Brian Weinho…, , Albany, OR
Thu Apr 24, 2008
Thats a good question that I hear often. The other agent is correct about where to find them and that they can be tough. I know because I actively search them for investment opportunities myself. (I am in the process of renovating one right now and just helped one of my clients purchase one in Corvallis). One common misconception is that because a home is on the foreclosure list, that they are the best deals out there. Sometimes this is true, but others its not. It comes down to a case by case situation. The deals are out there though! I actively work the Corvallis and Albany markets and have access to a couple of good sources for foreclosures, HUD homes and VA repo homes. There are far too many things to discuss with regards to foreclosures that cannot possibly be covered in a blog so if you would like to visit about them further, please know that my door is always open. I welcome the call or email.
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Dirk Knudsen, Agent, Hillsboro, OR
Fri Mar 7, 2008
Cory. Great Question! When properties go through Foreclosure that Bank wants them sold and sold fast! The single best way to find those homes is the MLS for your area. Banks know that 95% of all buyers pick a home from the MLS. So that is where they show up and sometimes they are great deals.

You can watch the local papers and or get a Title company to get you the NDF list which will tell you who is going under and you could try to track them that way and find out about them as they go through. Some mail these folks and some knock on their doors but it is not uncommon for people going under to receive 200 pieces of mail and several door knockers so being one of these vultures is a tough deal really.

For my money in this market you just need to know 2 words: SHORT SALE. You can get a better deal buying one of these than you can a foreclosure. This is where the seller is offering to sell you their home for less than they owe the bank. Therefore the sale is "Short" but you can get the Banks to do this.

In Bend they are selling homes at 50-60% of value to get them sold. These are usually better buys and the seller is still living there and taking care of that home. So this is my recommendation to you and anyone looking to buy homes right now.

This all starts with a good buyers agent and someone that can get you daily updates in the markets that you want to be in most. Find a great agent and you can make some real good $$$ in this economy.

I wish you all the success in the World!

Best wishes;

Dirk Knudsen
Re\Max Hall of Fame
#1 Rated Re\Max Team in Oregon
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