I am interested in purchasing a foreclosure house. Should I go to a local bank for listings?
Question:
Answer:
Find a Real Estate agent that buys the daily "as they happen" lists of Notices of Default, Notice of Trustees Sale, and auction results.
Foreclosures usually have to be auctioned off so you should find out when and where the auctions will take place and then bid.
go to a local realtor. they will have listings that have been foreclosed on as well as what is coming up for auction
Realtors were no help to me. I went to a realtor AFTER I found a home I was interested in.
Try www.hud.gov
Look under the buying link for your state.
Local banks will only have listings for homes that they foreclosed on.
Your local real estate agent should know the foreclosures in the area. Make sure you use an agent with experience buying foreclosures for themselves!
check local sherriff's dept for dates of foreclosure sales
I went to a few banks, and they all told me to get lost.
You can go to your city or county assesor's office and find which pieces of real estate are about to be auctioned off..
Usually the bank that holds the mortgage will be there to outbid you, they pay cashiers check, and they want to minimize there losses..
Dig around a little and you can find which real estate companies work with the bank owned properties in your area.
Again, these folks are hardened from so many of us trying to get houses for cheap, they won't be much help.
I got my house when a colorado bank listed with the local agent in my suburban deteroit home. I think I got a decent deal, the local sour economy not withstanding, the houses on my street sell for around 250, i got mine for 186, needed 14k/15k in repairs.that still puts me at about 80% of the going rate, plus since the economy is so bad here, i can sell for much, much less than my nieghbors and still make a profit!! not bad for a beginner, eh?
More Related Questions & Answers...