Duration : 0:10:0

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Duration : 0:0:34

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Duration : 0:3:9

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So far, I have found a couple of houses I may be interested in, but there really isn’t enough information for me to act on things right now.

I would want to know how much repairs to the house(s) would cost and any other relevant factors you can think of.

Thank you for your time.

You should be prepared to pay closing costs, and accepti the propety as iit is. You would be wise to foot the bill for an inspector, but that can get expensive. Check out the roof, the plumbing, flush the commodes, look for water damage from leaky pipes in bathrooms and kitchen. Check to make sure the furnace, water heater, ac condensors are infact still there. Make sure it’s not in a flood plain. If it’s occupied lby tenants, you need to know what the rental contract says. And, no matter how much you think it will cost and how long it will take, double that. Hopefully you are paying cash and do not have a mortgage payment to deal with. Have fun and good luck.

Duration : 0:6:49

Technorati Tags: buy, cheap, CT, for, foreclosure, homes, houses, in, Meriden, properties, property, REO's, sale, wholesale

All of the websites I have found require a membership and, although I am willing to pay for a service if necessary, I’m reluctant to join one of these sites when I don’t know anything about their legitimacy. There are countless sites to choose from.

Thanks!!

These websites are mostly scams. I would say all scams but since I don’t have proof, just let me say I have never seen or heard of one that was legitimate.

It would be foolish to buy a house simply because of why it is being sold or simply because of who owns it.

If you want to get the best price on the best home then use an agent and have them help you search the Multiple Listing Service. Every bank that forecloses on a house, every couple that gets a divorce, everybody that goes thru bankruptcy or has any other financial problem puts the property in the Multiple listing service. (Again- I am sure there are a very small number of exceptions but the number would be VERY small)

I also have two properties for myself. One is for my primary residence and the other one is a rental property. I would like to know if the foreclosure will affect my other properties such as 2 house, cars, and 401k? Will the lender put lien on any of this?
My realtor tried to short sale it. We had two offers but the 2nd lender refused it. I received a letter that it will be on bidding last Feb 20. As of now, I still don’t receive any papers from them saying that they are taking back the property. We purchased it for $535,000 and the offer we got was $420,000 and $445,000. In case the bank sold it for less than what I owed, will i be responsible for the difference?

I specialize in foreclosures in California. No, your other properties and assets will not be touched or affected. Your credit is just ruined and you can be 1099ed for the loss that the bank took.

Regards

The disadvantages and risks are more numerous. Simply to participate in the auction you must have sufficient funds available (either cash or a cashier’s check) to cover 10% of the purchase price. You also must be able to arrange for financing within thirty days to complete the purchase or you risk losing your deposit. Next, you’re buying the property as-is, without inspection. The condition of the interior of the home is usually a complete unknown. You’ll have to be sure that the price you pay is low enough that you can still afford to make significant improvements or repairs.

Buying at pre-foreclosure has two main advantages over buying at a foreclosure auction. The homeowner may be desperate and may be willing to do almost anything to avoid actual foreclosure. In addition, you can enter the property to inspect it before purchasing, so you’ll know exactly what you’re purchasing. For those reasons, pre-foreclosure investing is a wave many real estate investors are now riding.

Let’s look at the pre-foreclosure process. Pre-foreclosure purchases are in many ways similar to a normal real estate purchase: you negotiate with the homeowner, sign a contract, and proceed with the transaction. The main difference is that instead of the homeowner listing the house for sale (and thereby being willing to sell), you’re finding potential homeowners to contact in order to try to buy their house, often when they’re under duress.

You can easily find homeowners in the early stages of foreclosure by checking public notices. You can also go to the county clerk’s office and read the postings. A public notice in the newspaper will list the bank’s attorney. You can contact the lawyer for information.

You can also contact the bank that originally made the loan and speak to someone in the bank’s delinquent mortgage department.

Or, if you choose to, you can also contact the homeowner directly to attempt to purchase the property. Keep in mind, though, that in all likelihood the homeowner has already been contacted by real estate agents and other investors. If you’re interested in buying the home to live in, you may stand a better chance because homeowners in financial difficulty are likely to feel that investors and agents are out to “steal” their home.

With a little research, you may find a homeowner willing to sell their home at a bargain price. There are as many reasons for foreclosure as there are individuals, but people facing foreclosure fall into several broad categories. Let’s take a look at a few of them so you’ll understand the situations you can be dealing with.

• Absentee husband or wife: If one or the other party has left the relationship (and possibly the area), a transfer of property requiring both signatures simply won’t happen. Banks facing situations like this know that the foreclosure process will take a long time, making them even more eager to sell the property if it eventually does become bank-owned. If you choose to, you can keep in touch with the bank and monitor the progress of the foreclosure. Eventually all formalities will take place, and a sale will take place… but not at the pre-foreclosure stage. Instead it will occur at the auction or bank-owned stage.

• Businessperson facing business collapse: If a business owner’s once-promising venture is failing, your offer to buy the property may be of interest. After all, you’re offering the individual a way out that is more socially acceptable than foreclosure. Business owners typically are more realistic about cutting losses, selling assets, and making other rational business decisions, no matter how personally painful. You won’t know, of course, whether you’re dealing with this type of person until you call and they offer the reason why they’re in foreclosure proceedings… and the average homeowner probably won’t be forthcoming.

• Fiscally irresponsible homeowner: Easy credit has made many individuals ever-hungry consumers… as long as people will permit them to keep consuming. At some point the parties that extended easy credit want to be repaid, and the homeowners find themselves in financial trouble.

The main difficulty is identifying all the possible obstacles to purchasing the property. The homeowners can possibly have other judgments against them. They may not be honest and straightforward in their dealings with you – a great reason why you should always use an attorney to help you with any real estate transaction.

The upside, of course, can be huge. Buying pre-foreclosure properties can be a great way to obtain properties at bargain prices, and with a distinct advantage over buying auction properties: You can fully inspect pre-foreclosure properties. Remember, the biggest unknown involved in buying auction property is the condition of the house – since you can’t inspect it before purchase, you have no real idea what it looks like inside… and in some cases you’ll be in for a nasty surprise after you’ve purchased the property.

When you buy a pre-foreclosure property you can inspect the house, and if necessary bring a contractor in to provide an estimate, and create a detailed and accurate summary of the cost (and time) involved in refurbishing, rehabbing, or improving the property.

In effect investors purchasing real estate at the pre-foreclosure stage can make an educated assessment of the investment potential in each property – buying pre-foreclosures eliminates the guesswork.

About the author:
Mark Sumpter is an investor who is also an expert in the field of buying and selling pre-foreclosures. Mark’s website http://www.ShortSaleExpert.comoffer 52 free coaching tips related to building wealth in real estate investing and short sales.

Tired of Not Being the Winning Offer on Bank Owned Properties? WE CAN HELP. Check out our large inventory of bank owned listings: http://www.brentdelhamer.com/listings.asp

Our Real Estate Firm, American Eagle Real Estate, is San Diego Countys Top 3 Listing & Selling Firm of Bank Owned / REO / Foreclosure Homes. Over the past 3 years we have sold over 750 Bank Owned / REO / Foreclosure Homes. We specialize in helping Buyers utilize our strategic methods & insight to avoid being another Buyer being outperformed when bidding on properties. San Diego Homes for Sale & San Diego Real Estate.

Duration : 0:0:38

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