how do you go about finding about foreclosrues?

Asked by Mike Trumbull, 01020 Sat Sep 15, 2012

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Heath Coker, Agent, Falmouth, MA
Fri Nov 2, 2012
Learn how to follow the foreclosure process, and learn how to research properties in the registry of deeds online in the county where you are looking.

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Christine Mo…, Agent, Wilbraham, MA
Sun Sep 16, 2012
Realtors can give you a list of bank owned properties if that is what you are looking for.
0 votes
Louis Wolfs…, Agent, Needham, MA
Sat Sep 15, 2012
Ron is wrong.

Foreclosures are posted thru the court and have to be advertised. Typically the foreclosure will involve a foreclosure auction, unless the borrower gives the deed back in lieu of a foreclosure.

At the auction anyone can bid and buy it. Again typically the bank bids in to protect its position. The bank at auction can not let it go for to much under what it has it on the books for. As that would be not in the best interest of its share holders.

Once the bank owns the property it can sell it for much less than what it has it on the books for. Once the bank owns it, they will as Ron states give it to a realtor to handle the sale.

So from a buyers standpoint it is better to buy a foreclosed home once it is owned by the bank for a number of reasons, which your buyer agent can go into the details.

Buyers agents can cost you, if there is no fee being offered by the seller, read you buyer agency agreement. Also, some seller agents may be more negotiable if it is a direct deal, although they do represent the sellers best interest.

Good luck.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Sep 15, 2012
Foreclosures are handled by Realtors:
The Banks design it that way, because they do not want to get in the middle of a complicated Escrow and have the deal fall through.

You need to find a Buyer's Agent to represent you and find your house.
The Buyer's Agent costs you nothing.

Good luck and may God bless
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