Foreclosures Help Information

Archive for the ‘Buying Foreclosures’ Category

Buying Foreclosure At Auction

Question: Is it worth buying foreclosure properties at the courthouse auctions ?

I'm considering going to the local courthouse and bidding for foreclosed properties but I am nervous of hidden costs, etc.

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Answer: In my opinion, it's the best way to buy a house. There are no hidden costs. You first need to do your homework. Find out the appraised value of the house, what the last owners paid for it, etc. Then decide what the top dollar is that you're willing to pay for it. Before the auction starts, someone will go over the rules of the auction and so on. Pay attention. Most of the ones I've bought required 10% down if you are the winning bidder and the remainder to be paid within 30 days. Once you write the check, they hand you the keys and that's it. No closing, no closing costs, no deed check, and so on. Then a judge will review the terms of the sale, and sign off on it. It doesn't matter at that point if there were 30 liens on it prior to the sale, the house is now yours free and clear.

Buying Foreclosures for Beginners

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Buy Foreclosed

Question: Is it true that those people on TV can actually help you buy foreclosed homes with no money out of your pocket

A lot of infomercials selling a book on buying foreclosed homes to make a profit. Is this even possible? What do those books teach you anyway. Has anyone bought any I'm curious because it sounds too good to be true?

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Answer: You can make money buying houses for appreciated value but you need a lot of knowledge and some money.

The guys on TV are not lying, they are overvaluing what they have to sell you. As mentioned earlier here, check out your library first. Read a ton of stuff about buying foreclosed properties.

Then take a step back and ask yourself if it is worth the extreme hassel of renting that property if you can't sell it right away. I've been a landlord and it sucked.

Curious about flat fee real estate agents?

http://www.flatfeerealestateguide.com

5 Things to Know Before Buying Foreclosed Homes

Buying Foreclosed Properties At Auction

Question: Buying a property that's been seized for delinquent taxes?

The house right next to me has been seized for delinquent taxes and is scheduled to be sold at auction. It is a new build, and it's been empty for a year. It was listed for $105k. I bought a foreclosed house at auction in the past and it was a fairly straightforward process, but I've been told this is a little more complex. Apparently, the property owner has the opportunity (a year and a day) to re-acquire the property? The question is, what all is involved? I need detailed documentation and sources. Be prepared to get a thumbs down if you answer and don't provide those two things.
The property, btw, is in SC.
OK, guys, lighten up on the "thumbs down" comments. I'm just sick of people hopping on and saying "try google" or "you should ask somebody who is omniscient."

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Answer: No one can give you an accurate answer without knowing your location. States handle this, not feds.

In most states you do not actually acquire the property, only the debt. In all states you would be subject to other liens before you can acquire the property, which is after the redemption period.

How Can I Buy Foreclosure Homes for Cash at Auction Finance