How do I go about buying a foreclosed home?
I keep getting the run around with everything .. I just need to know the basics and who I should contact about getting information on a specific property
I have the property already picked out , I saw it on the internet for $13,000 its 1.5 acres and it has a 3 bedroom 2 bath house on the property that is in need of work , but my husband and I drove over there to see it and the "owner" was there , he told me that he was trying to sell it for $69,000.. I told him that it was listed on the internet for $13,000 and he said that I saw the wrong information.. so I decided to look the property up online again and it said that now they only want $12,000 for it and that its bank owned… so I looked up the "owner" and it says that he has a mortage on it but that its deliquent or whatever.it does list the company that he has it through but they wouldnt release any information to me. I think that he may be getting forclosed on and he is tring to sell it before the bank can and make a profit.. I am looking for my mother who lost her house in south florida during the last hurricane, she only got a little money from her insurance company …
I just dont want her to get screwed by this guy .. how can i get the mortgage company to tell me how to purchase the property… its an amazing deal and I dont want my mom to pass it up ($12,000) but she is afraid that if we go through the guy that he will maybe take her money and run ..what should I do ??
Call any local mortgage lender. They should be able to help you locate the person to contact.
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May 16th, 2010 at 7:26 am
you first need to have it foreopened
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May 16th, 2010 at 7:43 am
Call any local mortgage lender. They should be able to help you locate the person to contact.
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May 16th, 2010 at 8:23 am
If you’re looking for foreclosed home that’s already been taken back by the bank or mortgage lender, you would need to contact the bank or mortgage lender. Ask about their REOs and if they have a list. If you have a specific house in mind, all the better.
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May 16th, 2010 at 9:00 am
Most states require foreclosed properties to be auctioned and usually require that they be sold for at least 70% of fair value. Properties not sold at that level are taken into other real estate owned (OREO property). They are usually sold by realtors just like any other property for the bank although banks usually will not invest any further money in them to fix them if they have problems and sell them as is with a deed that carries no warranty.
Start with the newspaper and watch the legal notices. Everything you need should be in the notice. Be prepared to pay at least 70% of value and have the money ready on the spot in the form acceptable to the lender (they may require the bidders to deposit the funds in their bank, present a letter of credit, or a loan approval letter).
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May 16th, 2010 at 9:17 am
you should first consider the feelings of the Foreclosed. before you continue your way.
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May 16th, 2010 at 9:22 am
Call me, send me an email. I can help with foreclosed properties and also HUD and VA repos as well.
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May 16th, 2010 at 9:37 am
Buying foreclosed property can have it’s advantages and also disadvantages.
Let me get to your question about a specific property. Look in the telephone book and find a title company, ask to speak with one of the title reps or customers service. If they give you customer service, tell them you are looking to find out about a specific property and you need a property profile,if at all possible. Keep in mind you are praying for a miracle,because if they give it to you it will be one. Whether they give you one or not tell them you need an account executive for future references.
Now about foreclosures, there is too much information to tell you in this medium, but here is a company that will send you some preliminary information about pre-foreclosures and a little about building wealth buying them.
http://www.masteringshortsales.com
They will send you a DVD and some other material that should get you started, there are several books on the subject as well as the get rich gurus on TV late at night. now I am not going to tell you not to purchase their product on TV, but if you find a really good well written book or books about buying and selling pre-foreclosure and foreclosure properties you will learn just as much. If the product on TV is not out of line with what you want to pay go ahead and get one, but you only need one.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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