Should I consider foreclosure properties to purchase?
96518
Sure.  Foreclosures are sometimes a great value.  However, be sure to do your homework on each property.  Foreclosures are usually sold subject to encumbrances such as back taxes.  Sometimes these amounts may exceed the value of the property!  This is the main reason most banks just end up buying these things back. To be clear I am talking about foreclosure auctions usually conducted by a sheriff or court appointed trustee.  There are many stages in a foreclosure process.
187755
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
1143296
You don't say what State you are in or looking to buy in.\n\nI'm guessing you are talking about bidding on the house at the foreclosure sale.\n\n Foreclosure sales are published in the legal notice of Newspaper\n\n1. Bidding- There are 3 types of bids\n    Total Debt- This the total amount due on the house including fees/cost etc.\n     Specified Bid- A percentage of the Total Debt Bid\n     Range Bid (if applicable in that state)- Lender has the chance to place mulitple bids \n\n2. Contact the attorney who is handling the foreclosure sale- don't go thru the Sheriff-  Ask what if there is an opening bid available yet- sometimes they don't get them from the lender until the day of the sale.  Ask their sale requirments- if cashier's check is due that day or if they have " X" amount of days.\nRemember they are very limited on what they can release to you.  Be nice- they are not always obligated to release even the bid to you.\n\n3. If it's money is due at the time of the sale go get a cashier's check for the highest amount you want to pay. \n   Or atleast be have a letter of credit from our back\n\n4. Bidding is pretty fast \n\n5. Not all states have redemption rights. If not you are the owner when the Deed is recorded. \n\n6.  You will be responsible for eviction \n\nAgain the title issues  vary state by state. \n2nd mortgages and other liens may be wiped out at the time of sale \n\nYou may be responsible for back taxes, some lenders will pay them and include them in their bid\n\nJust remember you are buying as is.
97831
I'm assuming you want to ask your local bank if they have any houses in foreclosure you can buy.  Best way to find out about that is to get a foreclosure list.  (Ask your local title company)  It will show what houses are going into foreclosure and where they will be up for auction.
367587
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
151599
Most investors don't have a problem spending, at most, $30 to $50 a month (until cancelled) to get a list of properties where every single one of those properties can be purchased for tens of thousands of dollars less than other houses on the market. By the way, what do you consider 'useless'? If you are unable to purchase the property that you want, it's not the fault of the person who sold you the list. But, if they flat out scam you by providing you with a bogus list, you can always take it up with your credit card company or law enforcement. I suggest that if that amount of money is a problem for you, avoid auctions. Good luck!\n\nSomeone mentioned sites that list foreclosed properties. We are one of them, although we typically charge for those lists because we verify everything ourselves.
916280
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
89847
not sure how anyone could advise you to buy based upon an online description. without seeing the property that is downright silly. the real estate market is currently at or near a top based upon all available data. read the newspapers, mortgage rates are going higher, sales are down, builders are offering big incentives to buy... that is usually the sign of a major slowdown.\n\ndon't know where you are located, but i would proceed with caution. the buildings across the street could overshadow your intended purchase and make your property worth less to a potential buyer down the road. i would never buy across the street from unknown construction. what happens if they don't finish the project and leave a shell across the street that scares people away. what if they build something that is ugly, or creates traffic problems. \n\ndid you check out how many town house units are owner occupied or rented to others? that is a major factor. renters don't treat the property the way an owner does.\n\nyou have much homework to do. good luck
856189
have you checked on prior sales and similar homes currently on the market in your area?  That would be the first place to start....
638554
well there are a couple different ways. Contact your local real estate broker and ask if there are any foreclosures being sold. Also look for public foreclosure auctions in your local newpapers.
1033854
First I would call your mortgage lender and explain your situation and work out a repayment schedule. They rather have you pay your loan than having to foreclose. Since you are back at work I assume you will have enough income to pay them at least something.\n\nIf you have some equity in your house I'm sure you can sell for a lower price than it's worth. There are always real estate investors looking for deals. You give up equity and they get a house they can sell for more, you avoid foreclosure. But again first talk your lender.
638680
Unless you are the buyer or the seller, it's really none of your business. If you try to approach potential buyers, and you do not word things in exactly the correct way, you could get sued when they decide not to buy. The buyers will be having a home inspection prior to closing; hopefully they've selected a good home inspector who will catch these things. But you should stay out of it unless you have a financial interest in the sale of the home, or unless you like getting sued.
494664
Hello,\n\nIt is usually a lot of work to buy foreclosures.  I believe it needs some experience in home hunting, dealing with problems in such properties and handling complex situations. As you must have seen the problems could be deeper like structural or just aesthetic.\n\nThe reason why bankers and foreclosure "vultures" do it well is their seasoned approach to this.  It is a specialized trade in itself.  For an inexperienced buyer, you will get properties that only the professionals let go. That implies that it is no more cheap for the problems that it has in it.\n\nIn my opinion a good way to buy such a property would be to work with a Realtor with an expertise in Foreclosure properties and he agrees to work with you as a Buyers Agent.\n\nDisclosure:  I am a Licensed Realtor in California and work with Century 21.
250071
Call a real estate agent in the area.  They can do a CMA (Comparative Market Analysis) which should give you a pretty decent idea of property values there.
293597
Depending on your market you can find existing Section 8 properties for sale or  you can buy, develop and rent/sell them yourself. You will have to decide if you are more interested in single family homes or multi-family properties. Both have their advantages and disadvantages and your investors will probably dictate the amount of risk they will accept. A good place to look are real estate agents who deal heavily in foreclosures and "REO" property that has reverted back the the lender and is being sold at a discount.
572120
It is silly to let a house go into foreclosure unless you've exhausted your other options.\n\nIf the house is worth at least the amount of the loan, you should put it up for sale immediately.
1133270
There are always foreclosures listed in the paper.  Try starting there.