Buying foreclosures? anyone know?

Question

does anyone know where you can obtain a reputable list of foreclosed homes.

does anyone know what exactly you have to do to buy a foreclosed home?

is the list price for foreclosures the entire price of the house? or are there added costs and hidden fees?

can someone just give me the down low on buying a foreclosed house? my husband and i were thinking about it. we would be first time home buyers and dont want to get screwed over. thanks.

Answer 1

Foreclosed homes are owned by banks, and 97% of them are listed with real estate brokerages for sale as soon as the bank takes ownership.  If you want to buy a foreclosure, contact your local real estate agent.

Some of these properties may seem like hot deals, but you must carefully check the condition of the property before you buy, since it might be somewhat or greatly trashed.

Contrary to what you read in most places, these foreclosures are sold by the lenders for as high a price as they can get.  Deals are not that common.

Answer 2

It depends on your area as laws vary by state.  Some Foreclosures are listed in our local paper 3 times and posted at the court house. Then on the listed day a person shows up to be the go between the company doing the foreclosure and those wishing to bid.  The bidder must have a certified check for the whole amount (made to themselves, which will get endorsed over to the deed holder). Check with a bank in your area - see how they would be able to help you, and how they handel foreclosure so you have an idea of where to start - but there will be a lot more involved.  Some prior owners will get vengeance by trashing the house in unseen ways like drilling the plumbing pipes or removing them all together to sell as scrap. And you don't get to inspect the house before you buy.

Answer 3

You really need to know what you are doing when you buy foreclosed homes because you buy "as is" and the list price does not include back taxes and any other court fees that you will be responsible for.

Answer 4

Foreclosed homes are first put up for sale at auction. This is a really risky and in my opinion, stupid way for an individual to buy a home.  You don’t get to see the house at all. You’re literally buying blindly.

The bank sets an opening bid and anyone who wants to buy the house must pay at least that much. You need to have been to your bank and either gotten approval for a loan on such a house or be prepared to pay in cash.  Most of the time, there are no bidders so bank becomes the legal owner and then lists the house with a real estate agent.

The lists of homes being auctioned is available from your county courthouse.

However, for a private individual, especially a first time homebuyer, the smartest move is to first speak with a lender and see what you can afford. Then find a buyer’s agent and let them show you what homes are available in your price range.  Your buyer’s agent’s commission is a portion of the listing agent’s commission. In other words, a buyer’s agent is free help to you.

There’s no distinguishing bank owned from privately owned homes after the auction stage. They’re virtually equal, except that you can count on a longer, harder road to close a sale with a bank, and a bank will not make any repairs to a home.  That does not mean you shouldn’t get a home inspection!!  Contrary to popular belief, you may not save much if any money buying from a bank vs. a private seller, and you shouldn’t limit your options by only looking at foreclosed properties.  

Answer 5

Cute baby.

This is what I would tell you if you were my client.  Don't limit yourself to foreclosures.  There are plenty of good deals to be had out there without going through the extra steps and aggravation that you can encounter with foreclosures.

The lists that are generated by the foreclosure sites are derived from the public notices that are required.  This doesn't mean the house is for sale, or ever will be for sale.  The "price" listed on these sites is what is owed, plus fees, not what the house will sell for at auction.  Don't work from a foreclosure site (waste of money) but work with a Realtor to help you find a property.

Answer 6

http://infoonforeclosures.blogspot.com