we my family and i want to muve to san antonio from il, what is the easiest way to buy a forclosed home

Asked by Martin Thomas, 78258 Mon Aug 17, 2009

forclosed home?

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Tony Z - In…, , San Antonio, TX
Mon Sep 28, 2009
These are all great answers and they are all correct... look at other options, get pre-approvals, and the best foreclosure deals are usually taken by Investors like me before they hit the market.

There is no "easy way" to buy a foreclosed (or one going through foreclosure), you've got to have the skills to find them, contact owners, evaluate each situation, and construct a solution that is profitable.

I train my team to start at the Rex Report: http://www.RexReport.com. Buy the current foreclosure list and you have something to work from. Sort the list by zip code, and you have target properties in areas you are interested in.

You'll need to then contact the owners by phone, direct mail, or going and knocking on doors. That's the easy part, after you talk to an owner who is willing to work with you, you've got to evaluate their situation to see what the best strategy is... cash offer, subject to, wrap, etc.

This is how I start those on my team who want to do what you do. Let me know if I can help, I can work with you one on one here in SA. Good luck!

Tony Z
Web Reference:  http://budurl.com/InTheField
0 votes
Ana Ojeda, Agent, San Antonio, TX
Thu Aug 27, 2009
Dear Martin,

I do agree with the other REALTORS that you should first get a loan approval to see what price range will fit your finances best, then interview some of us REALTORS and ask all the questions you want, there is never a dumb question..! You need to come to San Antonio and look at the different areas and see where exactly you and your family would like to establish.

Foreclosed homes are good, but there are times when they bring you more trouble than you can handle. I truly suggest looking at all the options that San Antonio has such as; pre-owned homes, new construction homes and then compare the foreclosures to them.

If you want to look at what there is in San Antonio, please call me or you can go to my website http://www.anaojeda.com or email me at aojeda22@yahoo.com

I hope you got the answer from all the input we all have given you!
Web Reference:  http://www.anaojeda.com
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Mon Aug 24, 2009
hey there Martin,

I would say that all agents that actually are full time Realtors and have alot of experience would say that 9 times out of 10 the buyer that is always asking for foreclosures is simply asking because they have been told or that they believe those are only where you find the best deals. Well, like my other colleagues have already told you; foreclosures have been given way too much hype for what they deserve. In fact, some of the best deals will never even hit the market because they are sold as "subject-to's" or "wrap-arounds" or "wholesale" deals.

Make sure you line yourself up with an experienced Realtor whom can explain all the differences on this and can show you how to make the most out of your money in this market. Any one of these knuckle heads that have already posted are all great Realtors in my opinion, so you've already got 4 really top choices here on this forum if you are serious about making the most out of your purchase.

Also, I would like to highlight something Danny just brought up... even though he's the biggest knucklehead of the bunch ha ha; he made a REALLY, REALLY important statement that MOST all buyer's forget too well. As experienced Realtors, WE ALREADY know the REALdeals and know how to sniff them out... so why would you go at it on your own when you know that Realtors who do this for a living; will already know how to get to the best deals faster and quicker than anyone else??? Believe it or not, but Realtors DO buy deals too and they don't share or have to disclose to those of you that are NOT clients. If you are a client; well then guess what.. now you are in the "KNOW-ZONE"... your Realtor can not purchase a deal before you get to it if it fits your criteria. It's a little thing we have to abide by called "fiduciary".

God Bless,
Josh
Web Reference:  http://www.eXposedhomes.com
0 votes
Dominick Dina, Agent, San Antonio, TX
Tue Aug 18, 2009
Mr. Thomas,

I too wonder why you would limit yourself to a foreclosed home. Why take a pig in a poke so to speak when there are so many great deals here in San Antonio.

The others have given you good advice. I would consider looking at what else is available before taking the plunge.

Hope this helps. Let me know if we may be of any assistance.

Best wishes,

Dominick Dina, Broker/Owner
Christian Realty San Antonio
0 votes
Danny T Thom…, , Austin, TX
Mon Aug 17, 2009
Martin,

Why limit yourself to foreclosures? There are a lot of great homes at prices as good or better than the bank owned properties. Actually buying foreclosures at the courthouse steps requires cash... and experience.
So - first, get pre-approves. If you find you need more cash on hand, or have some credit repair to do, take care of that... once you are ready, a professional realotr can help you find the right home at the right price -- remember that 1st time homeowners can get 8000 tax credit!!
Lots of great deals out there!! Heck, I am buying a rental home next week.. I believe the time to buy is now!!
Web Reference:  http://www.DannyTHomes.com
0 votes
Matt Stiglia…, Agent, San Antonio, TX
Mon Aug 17, 2009
Martin,

The first step would be pre-approved. Banks want to see a letter of pre-approval before your offer would be accepted. However, you'd want to be sure that the pre-approval covered you for the time frame you want to move. (If you're not ready to move until 2010, you wouldn't want to get pre-approved today.)

Most banks won't work with you without an agent representing you and it only makes sense to have one (the banks have one representing them and your agent's commission is typically paid for by the seller).

After you have things lined up there, you'd want to begin looking at properties and building a list of ones you like. Foreclosures can go quickly if priced well below value, so being ready to act fast if necessary is important as well.

Since you're looking to move here, you may want to speak with a local lender to make it easier for you when you get here and begin the process of buying.

Good sites to look at foreclosed homes would be your agent's site (as long as they have IDX access to the MLS and aren't just reframing a site like Trulia or realtor.com - this isn't terribly common, but I have seen it at times) and http://www.firstpreston.com which shows local foreclosures. Either of the would be great starting points to get an idea of what is available in San Antonio.

Of course, being from Illinois, you might not be too accustomed to our prices here in San Antonio. We're not a over priced market like many in the country. When I moved here from Philadelphia I couldn't believe what my money would buy me here.

Hope that helps!

Matt Stigliano, Realtor®
RE/MAX Access
(210) 646-HOME
http://www.RErockstar.com
"Your all access pass to San Antonio real estate."
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more