Foreclosures Help Information

Posts Tagged ‘Work Source’

How Do Foreclosed Homes Work

Question: How do I purchase a foreclosed home and is it a good idea?

I am looking for a home for my first house, and even though I have some time and can save a bit, I need to know if its a good idea for someone on limited income to consider living in a home thats been foreclosed on, and possibly invest in a couple of other properties at some point. How does the process work and is it a good idea for a first time buyer? Also keep in mind I am living in Virginia now and am looking at the possibility of a home in the New York City area so I can move there to kick off my career(I am a theater student currently).

Answer: Its a really good idea. Most of foreclosures already have equity which is a great start. Umm Foreclosures are owned by banks or a morgage company and some properties are sold in an Auction which require it to be a cash buy.

Larry fights foreclosure in Los Angeles, CA

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

How Does Bank Foreclosure Work

Question: How does a bidding on a bank foreclosure work?

>

Answer: You show up at a foreclosure sale with a certified check as required in the notice (usually $5,000 or $10,000), if you want to bid. You can attend any advertised foreclosure auction if you just want to see how it works. If you want to buy, you should try to check out the house beforehand, since most auctioned properties have been neglected, often for years. Needless to say, the owners will not be helpful nor willing to let you in.

A few minutes before the scheduled time for the auction, a lawyer and/or auctioneer will show up. The auctioneer will open the proceedings with a review of the rules and the procedure. The lawyer or other agent will bid for the mortgage holder. There may be other bidders, although often not. Many auctions are called off because the owners were able to reach an arrangement or file for bankruptcy.

House in foreclosure? Or in Bank Foreclosed Homes for Sale?

How Foreclosed Homes Work

Question: What should I charge per cubic yard to remove junk from homes that have been foreclosed on?

We clean out foreclosed homes and take the junk ot the dump. It can take up to 10 hours per house. And we have to pay the dump fees. It is hard manual labor. It puts strain on our trucks and cost a lot in gas money.

>

Answer: A few years ago, I started buying and cleaning out houses. Fixing them up and renting or reselling them.

Funny thing I discovered. Some of that stuff isn't junk. With a little cleaning, it can be worth some valuable $$.

I have also done the job of cleaning out for someone else. I charge $35 per hour for each person I need to help plus dump fees, plus mileage. I also make sure I'm on site to pull out anything saleable, and I make extra money that way.

Flip Houses-Wholesaling University