Why must I REGISTER and PAY to see foreclosures? I would think a whole lot more would sell, if this process was eliminated. kathy

Asked by Kathy_mccasey, Pennsylvania Furnace, PA Mon Jul 16, 2012

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12
Ronald Shaff…, Agent, Toms River, NJ
Mon Jul 16, 2012
After reading your follow up answer to Don, I think I found something that might interest you.
1 vote
Thanks Ron...I will call you tomorrow...kathy
Flag Mon Jul 16, 2012
Ronald Shaff…, Agent, Toms River, NJ
Mon Jul 16, 2012
Hi Kathy,

Some websites like to sell homes that have received "lis Pending" notives, these homes are at the beginning of the foreclosure cycle and if they ever hit the market it will be a long time from now. The local MLS will have all the homes for sale in a given area including short sales, bank-owned, and preforeclosures. If you are looking in NJ I would suggest the remax site listed below. Thank you and good luck.
Web Reference:  http://www.remax-nj.com/
1 vote
Barbara Furd…, Agent, Spring Lake, NJ
Sun Jul 22, 2012
Kathy
I just experienced a foreclosure auction. What is stated below is mostly true but the company that conducted the auction, Tranzon Auction Properties, out of Portland, Maine had a very good system. Their website is http://www.tranzon.com and you can sign up to receive notices of auctions. They provided a packaged description and inspection overview. They did have a day set aside where potential bidders could inspect for a 2 hour period. They are professionals. They do pay realtors a commission also if they register their clients, and it's smart to go to an auction with a realtor. Realtors know the territory, zoning issues, comparables, etc. Banks are happy to compensate realtors for bringing clients and it doesn't cost the buyer anything!. While my clients didn't win the bid, they were the ones in control to bid higher or not. Also, there was no upfront fee, other than bringing a decent down payment if you were planning to bid. I believe this separates the spectators from the true buyers! Feel free to contact me on njbestmove@aol.com for any questions.
0 votes
Valentina Ga…, Agent, sea girt, NJ
Sun Jul 22, 2012
Kathy. These are all great responses. I agree start by going to the county sheriffs office to see the foreclosures on the docket and the date of auction. Many homes do not make it to auction because owners work it out with mortgage companies etc.
When a home owner defaults on a mortgage after 3 months or so it goes into Lis pendens. This is just a status given to the property that there is the beginnings of distress. It could take years to actually go to auction.
Many of these properties you can not preview so you don't know the condition of the house too. Unfortunately some distressed owners have been known to put holes in walls. Rip out plumbing and fixtures. And much more damage
There is also the possibly of other liens on the property you could inherit when you win at auction. You could become liable for those liens
Be careful. Do your homework
These companies that charge to see foreclosure listings are collecting feeds from tax records and compiling for easy viewing. They need to get paid to support their system. The information is often stake or inaccurate because tax records are not easily updated

Good luck
Val gabela
0 votes
Jerry Barker, Agent, Atlantic City, NJ
Wed Jul 18, 2012
Because it's a scam, if you are interested in purchasing a foreclosed home simply consult a local real estate agent or local county sherrifs department.
0 votes
Diane Vanvli…, , New Jersey
Mon Jul 16, 2012
Hi Kathy..

Just a quick note......You should interview a few agents and then decide which one you would be comfortable with.....It is our profession and a agent will certainly save you time and grief...It is what we do and we do it well. Good luck to you.....

Diane. Agent. Monmouth and Ocean Counties. 732 859 2376
0 votes
Mary Petti, Agent, Edison, NJ
Mon Jul 16, 2012
KAthy,

You are probably referring to the "listings" posted on Trulia through a certain company.

Most of the homes this company posts on Trulia, are NOT on the market and may never be. This company posts iinformation from public records, whereby the owners of these homes have just been served a notice of default on a loan of some type, or back taxes etc. However, if you read the "listings" this company posts, there is a caveat to the tune of ..."the homeowner has been served a notice of default. The owner can still pay off the loans, ....", meaning the owner may not lose the home and it is not in foreclosure just yet.

Then they expect you to sign up for foreclosure listings.

If you are seriously considering a foreclosure, your best bet it to check the website of the county sheriff in the county you are looking in, where the TRUE foreclosures and their auction dates are listed.

Bear in mind, with a true foreclosure, in most counties you will be required to have a certified check for 20% when you win the bid, and typically you will need to balance of the purchase price withing 30 days of winning the bid. These homes are often not able to be viewed, and are most always sold in as is condition (no repairs made).
0 votes
William Troy, Agent, Toms River, NJ
Mon Jul 16, 2012
You dont need to pay to find out about foreclosures. Please also keep in mind most people feel that there is a high level of foreclosures that are not selling. Typically foreclosures in this area sell pretty quickly. I am the head of foreclosure division at my company and I have only had 2 foreclosures that I listed that took more than 15 days to sell. These tend to go quickly. The high foreclosure inventory tends to come from homes in the foreclosure process and/or being disputed post foreclosure. These are all homes that nothing can be done on until paperwork is complete. As Don indicated, a realtor has the ability to provide the information for free and assist you, all the websites that make you pay are providing you with information that is not 100% accurate. Just because a home is in foreclosure or going to foreclosure it doesnt mean it will ever go on the market. A homeowner can become current, fight the foreclosure, short sell the home, etc. Many possibilities. If you need more info please feel free to reach out. Will Troy- Veltri Realtors- cell 732 600 1570 and email wtroy@veltrirealtors.com
0 votes
Laquita Baez, , New Jersey
Mon Jul 16, 2012
Dont fall for that gimmick. Consult with a Realtor in your area that will send you the foreclosed
listings and accomodate you with viewing the homes as well....

Laquita Baez
Licensed Realtor in NJ and GA
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Jul 16, 2012
I am not a Realty Trac fan. Like Don said, many people offer bank owned homes for sale. Foreclosure is not really the best name to use since they have gone through that process and the banks normally buy them back and they get around to selling them as bank owned homes. They are listed for sale with a Realtor and listed on the MLS system where they are. From there sites like this one and realty trac and other sights find them and add them. The site getting you to pay are just selling you what you can get foe free. It's like selling you air to breath.
0 votes
Thank you too Tim....it is so frustrating....but apparently some realtors do not know this, as I had previously been directed to register with Realty Trac....and just thought it did not seem right...Thanks again! kathy
Flag Mon Jul 16, 2012
Kathy_mccasey, , Pennsylvania Furnace, PA
Mon Jul 16, 2012
Thank you Don Tepper in Fairfax, VA.....then does that mean that REALTY TRAC, is not quite "legit".... We are looking in NJ, but if I can convince my hubby to look in VA...I WILL call you right away....Thank you for such a concise, prompt answer.
Let me ask you then...is there ever a small house, cottage, hut, shack (but NOT a mobile home) near enough to "smell" the salt water of the ocean or bay, that needs work, for less than $60,000, in VA?.
0 votes
Don Tepper, Agent, Burke, VA
Mon Jul 16, 2012
You don't have to register and you don't have to pay. Don't be scammed. Any Realtor can help you. No registering and no payment. Just call your Realtor or find one using the "Find a Pro" link at the top of the page.
0 votes
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