Foreclosures Help Information

Posts Tagged ‘realestate’

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.

>

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

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Search Foreclosed Homes For Free

Question: is there a site to search for government tax-foreclosed homes that is actually free?

>

Answer: There is no such thing.

Free Hugs Campaign HQ [ JuanMann.com ]

Bank Foreclosure Auctions

Question: Bank Owned properties: How do I get information about REO for free?

I have found some houses that are currently bank owned (I assume a REO). I have found these through a site that lists pre-foreclosures, foreclosed houses up for auctions, and bank owned properties...
But it won't list the address, or anything about when the auctions are, and I have no idea who to contact if I am interested in this house without paying for the service. Are these records listed for free anywhere? Can I go to the cityhall of the city the house is in? Do I have to go to each bank to find it out?

>

Answer: Bank owed homes have already been through the auction process, no one purchased them at the auction. That is why the bank now owns them.

You may call most of your major banks to see if they will provide you with a list, but I think you will find this fruitless as most banks now list their bank owned properties with a real estate agency for them to sell. Therefore if you are looking for a bargin there are few even if the house is in need of minor repair, because the real estate agency want to earn the maximum commission even if it means the house will be returned to the bank if it goes un sold.

Pre-foreclosures are listed at the county court where you reside, you have to go through each property to find several that you might be interested in.

The properties listed at these sites you find are teasing when they show a property but not the address or contact information. Most with the contact information is to real estate agencies, because that is who the bank has contracted to sell their property.

I find that the best way to locate people that are in pre-foreclosure is to select an area in your city that you want to invest in or reside. This area should contain at a minimum of 5,000 houses or more.

Make a letter or flyere stating that you purchase foreclosed property paid for or not and that you pay all cash and can close within 14 days. Get this letter ran off at Staples or Office Depot or any other copy place. Make sure you sign the original unless you want to sign each one individually. Make sure you have a telephone number listed on the letter that can be reached 24/7 even if it is an answering service. The telephone must be answered or at least a message saying you have contacted the person that purchase foreclosures,please leave a message.

Send these letters to the area you have selected to work. You should send them a letter at least once per month. I find it better if you walk the area and put the flyers on each door. Please do not place them in any mail box. This is illegal. If you have children they might be of help to you. Don't forget to reward them. Once you have walked the area for about three months with your flyers, you should consider making a newsletter to mail. Check with the United States post office near your for bulk mailing fees.

You might also go to the commercial areas and see if some of the commercial shops will allow you to place this same letter in their shops. You may purchase holders for your letters at Staples or Office Depot. Go by these shops that allow you to place you literature in them at least twice a month to change your letter and insure that you holder is clean and the letters are not all bent causing your flyer to look bad.

I would also suggest you purchase a few books on foreclosure at your local book store. There are several good books on foreclosure. You might also purchase one of the midnight real estate gurus course. They will supply you with several forms as well as some techniques to use. They also have scripts to use when you are called. Use them for what they are worth. No one is gonna give you thier house free with no money down. That is not what that means.

I hope this has been of some help to you, good luck.

"FIGHT ON"

IS IT HAPPENING TO YOU? FORECLOSURE BEGGING EFFORT - US BANK PHONE CALL