Seems like they all either are total scams, paid sites, or just have NO homes anywhere remotely near to us...
Anyone know any legit sites?
I had a friend that just bought a foreclosed home (a short-sale). I think the only real honest way to get this information is to go through a realtor. I'm not sure exactly how to get on the MLS without being a realtor, but I'm sure there's a way (legally). You might also want to check out the HUD program.
Posts: 11799 From: Auburn, Georgia USA Registered: Jan 2002
The County Tax Assessor will have a listing of all current foreclosures, with the address of the property and the name and address of the person/company/bank that is in legal possession. In more rural areas, the prominent newspaper in the county may even have a listing in their legals section. In my county, with a population of about 50,000, the foreclosures has a complete section of its own.
You might also be able to do a search for Tax Assessors in your state to find a property map with other details about any property you're interested in.
Posts: 53788 From: Raleigh NC Registered: Jan 2001
Having just gone through a similar purchase it seemed that once the government (Fanniemae) gets a hold of the property and it does not sell on MLS it goes to another government funded agency... HUD the property I purchased was handled via First Preston Management, Inc. http://www.firstpreston.com/
I actually found the home monitoring Craigslist for a year or so, and then found it was listed as a foreclosure, turned out it was owned by FANNIEMAE but it had not gone through foreclosure rather was given up by an estate rather than take on the mortgage.
Note that foreclosures mean it was taken from someone by a court system and liens/debts should have been satisfied by the court but you definitely still want to get a Title Search to ensure an insurable title even if it is a cash buy!!
I would suggest you not offer more than half the asking price... plus from my recent experience you need a Realtor with HUD access and they submit your offer and a computer counters and back and forth until you reach the number then the seller gets notified. I just got a house that was listed on MLS starting at 125k a year ago... down to 99k last October... went on Auction (10K min) then on HUD at 89k and I offered 45 and got it for 55k cash, and the recent property tax assessment is 180,000 (which I just challenged to my 55k) as that is all it is worth in this market!
Good Luck.... BBTs half cents worth
Posts: 20784 From: Orlando, FL Registered: Dec 2002
They still list if a property is a foreclosure or not. Just because it is "in foreclosure' does not mean its "for sale". My son tried to buy a foreclosed property, and got a runaround from the bank for MONTHS. Upped his pretty-reasonable offer. Still nothing.
The banks have been bailed out, and can afford to sit on bad properties. I have seen very few true "short sales" houses just sit empty, and somebody wants way too much for them.
Good luck, Rumor. Maybe things are moving better now.
Posts: 534 From: Harrison Township, MI Registered: Sep 2003
I've bought two so far. Both times I used a local realtor. The banks which are usually not located in the state where the property is use local realtors to sell their foreclosed properties. I'm sure there's someone in your area that specializes in this. My realtors got new listings just about every day. I told them what I was looking for, area, price, etc. They then had a program that selected homes that matched & I get an e-mail every morning with the new listings that match. If anything peaks my interest, I call & get in to see it the same day. Around here at this time of the year, you have to move quick & have cash. My realtor can get some of these financed but most have code violations that need to be corrected first & that gets to be a hassle as you can't buy with financing & then fix up. It has to be the other way around. Most communities take the opportunity to inspect foreclosed homes before giving an occupancy permit & the banks won't loan money on a home without an occupancy permit. Good luck.
Gokart Mozart Member
Posts: 12143 From: Metro Detroit Registered: Mar 2003
You can also do a search for your county's website. In my county, we can look up property taxes, etc. online. They also list foreclosure sales. These will only be the ones actually being sold at a foreclosure auction, though. Lots of deals can be had on pre-foreclosure homes that wouldn't be listed on a county site.
You have to be care full do rigid inspection ,, the former home owner in many cases sabotage the homes , I looked at one they had removed all appliance or just destroyed them & wet down the inside walls so they would mold.. Homes will be cheaper for many more months,, Our economy has been destroyed & the treasury printing presses ar running day & nite further destroying us ,,so keep up the search,there is no hurry..
As long as Americans want a hand out & hate american products & insist on driving foreign cars this will work to your home buying advantage ,,you have to get your home before the Republicans restore American pride ..
If you are a handy man look for one of the total disasters in a good neigborhood ,& make a low offer,work it?? you have to have CASH,, better to have your own home than a $30,000 car,sell everything!! buy your own home ,,I am renting now, Hate it,, as long as the foundation is sound with good timber under the roof ..LOOK at it like you are building your home. look at homes in your buget.. better to go smaller & have your own shack. .. there is nothing wrong with having ONE bathroom..I added a sort of mens porta potty in washing machine/dryer area then built 2nd bathroom around an existing wash room sink..be inovative
Realtors have access to county records so if you miss a mortgage payment, I know about it. I promise not to tell anyone...unless I really dislike you
I can give you a list of homes that are in the process of being foreclosed on and even give you the dates they go to county auction. If they fall through the auction (99% do), then they go back to the bank who assignes them to an agent. That agent will usually need a few weeks to clean up, evict, etc. so I can let you know before it actually goes on the MLS what is coming up.
That takes some leg work but that is why you get a Realtor in the first place. There is no charge. If you like what you see just let me refer you to another agent in the area and, if you buy through that agent, he will give me a small referral fee for my efforts out of his own pocket. It costs you nothing for me to help you. You can't beat a deal like that with a stick.