Foreclosure Homes for sale?
Question:
Answer:
contact your town or county tax assessor.
Legal ads in the newspaper. Look in the paper of most general circulation in the area you are interested in. You would need to move quickly at this point - public sale/auction has been set once published.
Foreclosure sales in a lot of areas are held at the county courthouse. Go there and ask when they are. If that doesn't work for you contact a local Realtor, and they can find you a bank owned property. Good luck!
The whole "foreclosure site" is a scam. Banks sell the foreclosures through real estate agents. Have your real estate agent find you one. That is the best way, you get to see what you are buying, do inspections etc etc.
The other kind is those sold at auction. They are posted in the paper. You don't get to go inside these first. You do get to see the outside and check for liens (you have to pay them too if they exist) in advance though. The auctions take place outside, on the court house steps. You are expected to have the cash ready to go, You can't finance them because no bank with finance w/o inspections and appraisals. While you can make a bunch of money you can also loose your shirt. But, honestly they happen so fast (20-30 seconds) that you are unlikely to participate. If you want to you should send a broker to bid for you, they can keep up with the fast pace because they understand everything said.
You can't find less expensive foreclosure homes now a days. There are too much bidders. Most likely you'll end up more at foreclosures because of human emotion. Best way would be to look at FSBOs=For Sale By Owners and try to negotiate.
www.hud.gov, free foreclosures, or you can go to a Realtor, tell them your price range and they could show you some homes you can afford. Foreclosures are not always resold below market value, at least not here. I'm an appraiser and I know. Besides, what you want is a home at a good price that your comfortable in. You maybe able to get a better buy from someone who has to sell their home then you could with a foreclosure.
There are different types of foreclosures. There are pre-foreclosures - i.e. the houses are in default and in jeopardy of foreclosing. There are foreclosures that are going to auction. And there are foreclosures that didn't sell at auction, and are owned by the bank - called REO (Real Estate Owned by the bank). The easiest place to start is REOs. Just about every bank has a listing of REOs, and they are all free. Just call a bank and ask them where they list REOs, or start checking the banks websites. Eventually you will find their REO listings. Remember, the banks are in a squeeze right now because of the mass amount of Foreclosures. It is your chance to stick it to the bank. If you pay asking price for any home, than you are cheating your self out of a deal, and possibly getting yourself in trouble, since most foreclosures need rehab work.
More Related Questions & Answers...