Foreclosures Help Information

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Buying Foreclosure In California

Question: Is Buying A House On Foreclosure a Good Idea??

I read that you can buy a home in foreclosure in California for as low as $10,000. But are there strings attached??
Thanks for all your great answers! Especially Mandelyn & Bcauble1. This site is great.

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Answer: Well of course there's strings. Those depend on the state laws and the bank holding the deed.

Forclosure is when someone messed up paying on their house and the bank then possessed it. The selling price is typically the remainder of the balance owed.

When the bank has these properties, they're to pay the taxes, and maintain cutting the grass and things like that. A hassle, so they sell them as quick as they can.

A lot of people do this as a buisness. They buy these houses, and flip them. Because of these people, who work closely with the banks, it is difficult to get the good houses.

Don't mess with a webpage, deal directly with the bank holding the deed. Too many people are trying to make money with this stuff by telling other people about it. So don't become a member of an online "insider" site or anything like that.

These houses are sold "as is" with no inspection. You cannot look inside, only outside.

You have to remember that someone just lost their house. So yes, the bank may be selling it for $10k, but all the windows could be broken, all the appliances gone, tore up floors, or the place could be completely filled with trash.

A friend of mine got one for $21k, and it took 4 giant dumpsters just to empty the house of trash.

When looking at a property, you need to do your research. Be prepared to spend some loot, maybe even triple what you paid, on gutting the house and refurbishing it just to make it habitable.

These are not cute little clean houses that are selling dirt cheap. These are usually houses in distress.

With an entire team of workers, these houses can be done and ready in 2-4 months. But if you don't have a team or a contractor's team on hand... you'll be in for a hassle and high expense.

It's a risk... because you may spend more than you planned, and you won't profit much. That will depend greatly on the location and the market value.

It's not unheard of to get a house for $10-$20k, drop $40k into it, then resell in a matter of months for $150k.

Just have to be smart about it.

Real Estate Investing Tip: Buying Foreclosures

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Property Tax Foreclosure Listings

In these economic times there is still a way to make money with real estate.  You can learn how to make money with tax foreclosure properties.  Tax foreclosure properties are properties that are being foreclosed due to tax liens.  Those who are delinquent on taxes will have their taxes sold and eventually their property is sold to pay the bill.  These tax foreclosure properties are more prevalent than ever and are available in every state in the country so you can choose the exact location you want.

Tax foreclosure properties are a great investment.  The properties can often be purchased for as little as just 3% to 10% of market value making them an investment lovers dream.  Anyone can learn how to purchase tax foreclosure properties.  The process is not difficult to learn and understand.  Once you learn how to buy tax foreclosure properties you'll be able to start making money right away.

The process of learning about tax foreclosure properties is an easy one.  You can learn quite a bit online before you get started.  You'll need to understand some of the basic concepts and terms used in tax lien sales.  The best way to start is by getting property tax sale listings.  These can be easily purchased online to give you a large amount of properties to choose from.  You will find out how much the property is selling for and how long the taxes have been in arrears.

The government performs tax sales.  These tax sales are done to collect taxes that haven't been paid by the property owners.  Property owners have a certain amount of time to redeem their property by paying the back taxes in full including any interest charges that have been applied.  Once the redemption period is over the property will be sold to pay the taxes.  Typically the property is sold for the amount of the back taxes owed.  Taxes are usually paid in semi-annual installments in many states.

Getting a property tax sale listing is the first step in the process of buying a property. You can locate and purchase updated tax lien listings online.  The important thing about lists is that they be current since they are in a constant state of flux.  While you do pay for these lists you will find that they are well worth the price you pay if you find a property to purchase.  You can purchase tax lien lists for whichever state you are interested in or you can get them for multiple states.

Once you have a tax lien listing you can determine which properties you may be interested in pursuing.  You can proceed from there.  The process is not difficult but you will need to understand the procedures that need to be followed in each particular county or state.  To become more familiar with the process you may want to get a detailed guide or take an online class that will walk you through the entire procedure.

About the Author:

Do you need complete government listings for sales of liens, Tax lien auction, government tax liens, government tax sale properties and make profit from tax sales? Log on to http://www.taxsalelists.com and get all the useful information.

Source - Make Money With Tax Foreclosure Properties

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Foreclosure Help Denver

Question: New-built subdivisions with lots of foreclosures?

In Denver we have this large NE part of the city, largely around Green Valley Ranch, that is all newer housing. The area around the houses
is also new... infrastructure, businesses, etc. This is also the only area where I can afford a decent looking home. In my price range of 125K, I can buy in this area, or I can buy a dump in a more established neighborhood, which I won't even consider. Yuck!
What are the dangers of buying a house in a newer built subdivisions
at drastically lower prices than I could find any where else in the metro? How bad of a decision could it possibly be to buy one of these houses, I mean assuming it is in good shape, and not stripped, etc?
It all looks good from the outside when I drive

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Answer: If you don't mind being out there by your little lonesome... then the only thing I would check out first is whether this development was built in a flood plain and is it worth the commute to your job and your old grocery store? (just in case the infrastructure goes bankrupt too).

Here in CA we have this problem a lot. They ran out of room and somehow got the OK to build subdivision after subdivision in the flood plains.

Don't ever think that it will never happen. It does rain in California.
And when your house sits in a designated flood zone... you are just waiting to be washed away one day.

www.StopForeclosureDenver.com - Denver Foreclosure Help - Dont Move