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Foreclosed Properties

Question: How do I do research on foreclosed properties, what do I need to find out and where do I go find the answers?

I was recently looking to bid on foreclosed properties on ebay, does anyone know how this works and what I need to find out before I bid? Please serious answers only, professional realtors opinions or advise is greatly appreciated.

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Answer: You can bid on foreclosed properties right in your own area. That is your best deal anyway, as you will not have to travel all over the country to flip the house.

Most every county in every state will have a department (usually availabe online) that lists both the auctions for foreclosed properties and the auctions for properties being sold for back taxes. In my area the auctions are 2-3 times a month.

Lisa Ling Investigates Foreclosed Homes Oprah com

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Foreclosed Properties For Sale In Michigan

Investors and other home buyers have been finding out that the time is right to purchase real estate properties in view of the foreclosure news and the declining home prices.  Despite the slow down in the foreclosure market, there are still many properties being made available in the market and home values are continuing their down trend.  The average sale prices of foreclosures in various states show that single-family homes, duplexes, triplexes and condos can be bought at bargain prices.  Thus, many investors in real properties have expressed their interest in foreclosed properties and are even competing against each other in acquiring certain properties.

Single-family homes in Michigan, Florida, Texas and Ohio have become available at bargain prices, according to foreclosure news.  Amazingly, some of the homes are being sold at prices that are only 50 percent of their original values.  Single-family homes in Florida are being sold at an average price of $112,000, duplex and triplex homes are being priced on the average at $113,000 and condos are being sold at the average value of $86,000.  In Michigan, single-family homes are being offered at the average value of $61,000, condos are being marketed at the average price of $61,000, and duplexes and triplexes are available at the average price of $14,000.  Foreclosure news has indeed shown an increase in the variety of choices for both real estate investors and other kinds of home buyers.

In California, foreclosure news has also shown an increased demand for homes being sold at very low prices.  The average price for single-family homes in California is $204,000, while triplexes and duplexes are being sold at about $268,000.  Meanwhile, condos in California are available at the average value of $195,000.

Meanwhile, Ohio foreclosure news has shown that real estate values have dropped to unprecedented levels. The average value of single-family homes is $63,000, while condos can be purchased for approximately $77,000.  Meanwhile, duplexes and triplexes are being marketed at $24,000.

Unfortunately, foreclosure news means something else for owners of properties who have lost their jobs or are suffering from financial difficulties.  These people want to sell their houses because they can no longer afford the mortgage payments.  Unfortunately, the bargain prices of the foreclosed homes are too much competition for them.  This trend is expected to fuel more foreclosure news as homeowners discover that they have no other choice but accept foreclosure.

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Foreclosures For Sale Midland Michigan