Foreclosures Help Information

Posts Tagged ‘Property Auction’

Buying Foreclosed Property At Auction

Question: When purchasing foreclosed properties who is responsible for eviction processes?

I'm trying to learn as much as I can about foreclosures and there is a few questions I cant seem to get answered. 1. If I buy a "mortgage" at an auction and the redemption period is 6 months, will the house be occupied until those 6 months are up and I notify the occupants that they have to leave? 2. what if during those 6 months the occupants file for bankruptcy what happens to the mortgage I bought at the auction? Thanks for the help

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Answer: The buyer. You may need to work with the county sheriff. It's a mess and not something for the casual investor.

Buying & Renting Real Estate : How to Buy a Foreclosed Home at Auction

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Buy Foreclosed Property At Auction

Question: Where can I learn about buying foreclosed properties? Read more please.?

I am interested in purchasing one property and trying my hand at having a rental property for extra income. I have looked into that and found that my best bet with my current situation would likely be to purchase a home that's been foreclosed on. I have found a site that lists upcoming f/c auctions, but I don't know anything about how to determine if its' a good deal or not - for instance, this site lists the loan balance, the final judgement and the judge's assessment. Is there a course you can take on buying foreclosed properties, or a website to teach me how to figure the worth of the home versus the amount owed on it - and most especially how to get a ballpark of what's owed based on the figures I just mentioned. I know I'd need a title search on any home for protection, but I don't even want to initiate one without knowing how much is expected without looking for other liens. Hope this makes sense.

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Answer: There is so much involved in buying foreclosed properties, and investing in Real Estate Period. To learn how the business works spend some time calling Realtors that specialize in selling REOs. The are a great source of free Information. Go to your local library and do a search for books dealing with foreclosure. Look at the different systems and techniques used in these books, because you will need a systematic approach to be successful at this. Next write a detailed business plans on how you are going to execute, when the time comes. Good Luck.

Foreclosure Auction in Hilo, Hawaii