I'm interested in bank owned / foreclosures properties in my area. Is there a good site one could recommend?

Asked by Derek, Metro Detroit Thu Jun 26, 2008

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Scott Sowles, , Clarkston, MI
Thu Jun 26, 2008

Please don't fall victim to the foreclosure traps the Internet provides. All foreclosures are listed in the MLS. After all, what seller wants to keep their property separated from the buying public? The online sites that try to sell you foreclosure listings and/or information are just trying to separate you from your money. A good buyers agent can make sure you see all the homes available for sale.

Carlo makes a good point about foreclosures though. Many are sold before they become available - people had inside information about when the home would be coming on the market and make their offer the same day. There's no web site that can predict listings like these. You must do some research yourself or have an agent that has access to real estate owned properties do it for you.

This assumes that getting the absolute best bargain is the most important thing to you. Most buyers want a great home at a great price. You can waste a ton of time trying to get the "best deal". If you focus on foreclosures only you miss other opportunities that may be available. If you'd like examples contact me directly.

Good luck...
2 votes
Nash Khraishi, Agent, Troy, MI
Fri Sep 25, 2009
There are many sites available. I would recommend connecting with an agent to define your criteria so he or she can get you these listings as soon as they become available on the market.

I would like to invite you to visit my site http://www.MyHomeComps.com where you can search for foreclosures, save your searches, and get alerted as new properties become available.
Web Reference:  http://www.MyHomeComps.com
0 votes
Achal, , San Diego, CA
Fri Jul 3, 2009
Just don't try realtytrac. If you really think it's not a scam, try the free trial. You'll see how fake it is. Apparently they want to sell houses for less than $2,000 which have "notices of defaults". To buy these houses, they take you to another site for which you pay to learn how to pay such houses. Get the scam? Yeah. And if you forget to cancel the free trial, you're getting charged as well.
Don't do it. I don't get why Trulia would partner with realtytrac. It wasn't to help us searching for houses, it was so trulia could gain money. Cmon, no corporation does anything for the people without some gain. Well, generally.
0 votes
smith3gary, Agent, White Lake, MI
Thu Jun 26, 2008
Derek, Scott gives a good suggestion. REO owned homes are mixed in with all homes in the MLS. They are usually identified by phrases such as "bank owned" "corporate addendum" or sometimes just "as is" Trulia will have most of these homes or you can go to the public website of the MLS, http://moveinmichigan.com

I suggest working through a Buyers Agent (signing a contract). In Michigan, agents can only work for the home buyer under such a contract. It can be for one home, one day, a week, or any period of time you're comfortable. Most foreclosures take several months to close.
Web Reference:  http://mi-living.com
0 votes
The Hanley H…, Agent, Jacksonville, FL
Thu Jun 26, 2008
I would recommend that you take a look at realtytrac.com for REO properties. But do talk to a realtor, as a great many of these properties are listed with brokerages. In this market, banks do not wish to own homes, and find it cheaper to list with a real estate professional, thus exposing the property to the entire world and enhancing their bottom line. Also, keep in mind that a great many properties in distressed situations will be listed as "short sales", a work out between the seller and the bank in lieu of foreclosure. These homes will typically be available at very competitive prices.
Web Reference:  http://www.realtytrac.com
0 votes
Gordon Johns…, Agent, Plymouth, MI
Thu Jun 26, 2008
Hi Derek,

http://www.MIforeclosureDeals.com is a site dedicated specifically to foreclosures in Southeastern Michigan. There is no cost for the lists of foreclosures and the site offers some good advice to anyone interested in purchasing a foreclosure.
0 votes
Carlo Gobba, Agent, Bloomfield Hills, MI
Thu Jun 26, 2008
There are many sites that advertise foreclosures. They very best way to find one is to find it BEFORE it hits the market or as soon after and a good buyers agent will be able to help with that. I for one have access to all of Countrywide banks inventory as well as several other banks and we share that information with our clients looking to acquire.

Be sure (IF you are serious) to have your financing in line an acquisition strategy in place. While there are many foreclosures out there, in many cases the good ones are selling FAST.
Web Reference:  http://www.carlogobba.com
0 votes
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