How to find foreclosures and confiscated homes at bargain prices?

Asked by Michele Mason, 78617 Mon Sep 24, 2007

I need a large in-law style residence at best price for 6-7 beds, 2 living, 2dining, 3-3 1/2 bath. Can I find a "foreclosure" for bargain price, or "confiscated" home auction, for less money? I will pay cash for quality in Georgetown, Round Rock, Pflugerville. How do I find "foreclosure, or confiscated" homes?

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9
Perry Hender…, Agent, Austin, TX
Tue Sep 25, 2007
I've said this over and over in previous posts.... The F-word is for the novice or average frustrated investor. What makes people think that putting an offer on a foreclosed house is going to get them the best price? You can count the number of TV ads promoting a system that teaches how to buy foreclosures.... That makes 50 other people dropping offers at the same time, at a price that was already "market".... That's just crazy talk. You want a deal, ok I can understand that but you are not going to find it with a foreclosure without one of two things 1. cash and personal connection with a REO manager or a overpriced offer that you beat 15 other people for.

It's easier to knock on a door of a house that needs repair and say "my wife and I are looking for a home in this area and yours looks cute from the outside". Do you know anyone selling in this area? A hand written note works well too. My closure rate is almost 70% on the notes.... And you get the best deals with no competition.
3 votes
Patti Pereyra, , Chicago, IL
Wed Sep 26, 2007
I have to agree with Perry.

The subprime crash and the media buzz gloom and doom surrounding it is leading buyers to believe they can get homes for a steal!

It's not always the case.

Foreclosure home are not always the best deal - at all.

It's important that you work with somebody who has experience in this arena and who knows the market well. Banks don't always know the market = foreclosure homes are not always a bargain.

Be careful of what you get your self into.

With that said, here are several bank sites that you can search:

http://www.countrywide.com/purchase/f_reo.asp

http://bankofamerica.reo.com/search/

http://mortgage.chase.com/alt/altdel/REOSearch.jsp
1 vote
Ellis San Jo…, , 91362
Wed Sep 26, 2007
The best source I have seen for actual court listings is from Foreclosure Listing Service out of Addison Texas. They publish Travis & Williamson County listings. They also have a workshop/seminar on how to best use the data. http://www.flsonline.com

If you need more info you can email me.
1 vote
J R, , New York, NY
Tue Sep 25, 2007
Ed: If you are looking for the best site to find government deals try http://www.Bid4Assets.com

Some Realtors subscribe to foreclosure data bases and can provide you with available properties.

Most all Realtors working the foreclosure market have this information available on their website...
~~~~~~~~~~~~~~~~~~~~~~~~~

And if this Realtor (me) finds something like what you're looking for I'll buy it myself! :)
1 vote
#1, , San Francisco Bay Area
Mon Sep 24, 2007
If you are looking for the best site to find government deals try http://www.Bid4Assets.com

Some Realtors subscribe to foreclosure data bases and can provide you with available properties.

Most all Realtors working the foreclosure market have this information available on their website...

But most Realtors on Trulia understand that it is against the rules to self-promote. And beware of those that direct you to their personal website.

Whatcha see is whatcha get.

Contact a Realtor in the area you want to buy a home and tell them you want a smoking deal. They will get the drift...................
1 vote
Bruce Lynn, Agent, Coppell, TX
Mon Sep 24, 2007
You can check out many foreclosure type resources on my website under the foreclosure link. Also we can get you connected with a Realtor in North Austin area that specializes in foreclosure type properties. The trick will be finding both what you are looking for size wise and also quality. There likely will not be a big choice of homes that are that size and also foreclosure type homes tend to be beat up pretty bad and need work, but we'll do the best we can to meet your needs.
Web Reference:  http://www.teamlynn.com
1 vote
Ricardo Pena…, Agent, Pflugerville, TX
Thu Jun 3, 2010
Michele,

Try this links:

http://www.altisourcehomes.com/
http://www.auction.com/
http://www.subastasentexas.com/
http://www.southwestalliance.com/

REO's, Foreclosures and HUD owned.

My best advice is to contact a Realtor specialized in stressed properties. We do all the leg work for you. The best deals are not around for long, so you need to be prepared.

Good Luck,
0 votes
Daisy Nuse, , Round Rock, TX
Tue Sep 25, 2007
Michele,
I have a NEW listing (Pre MLS) in Round Rock, Oak Bluff Estates, MIL Plan, 2 Story, 5000+ sq. ft,
6 bedrooms, 5 baths, 2 living, 2 dining, 3 car garage, pool and much more! Price is $669,500. (Recently appraised at $685,000.)
This home is in excellent condition. Let me know if you would like more information/photos.
FYI....Homes this size are a rarity for this area. Thanks, Daisy
0 votes
Jonathan Bow…, Agent, Stoughton, MA
Mon Sep 24, 2007
Realtytrac.com is a great resource to help find real estate mired in the foreclosure process. You'll have to pay a few bucks for the service, but it's worth it. Alternatively, you could go to your local Registry of Deeds. But I think that that would be cumbersome. Good luck, Jon
Web Reference:  http://www.bowenboston.com
0 votes
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