Foreclosures?

[blaqb0x]

Hi,

I'm new here but, I have a few questions about forclosures.

I went to yahoo realty and looked up some foreclosures or 'Notice of Default's. Some of these were listed as having loan balances of 12K to 120K.
Which in my area is very small. I'm just wondering how does foreclosure work? Meaning, on average, how long does it take for a house to go up for sale after it been reposessed? Who can bid on it? Can you get on the front of the list? How much can one realistically get for a foreclosed house?

Also there are sites out there with list and details of foreclosures. Are they worth subscribing to? Any suggestions on good legit ones?


ANY insight or links into this subject would be greatly appreciated.

Thanks.

[iameric]

Well the foreclosure process varies significantly from State to State but here is the gist of how this works....someone doesn't pay, a lawsuit is filed, they have a million opportunities to work it out but usually can't, the property is sold at the courthouse steps. Usually its a first mortgage lender foreclosing and if it is the second or subsequent liens are potentially wiped out. As a result if there is a second lender they will often bid on the property to protect their interest. The process if obviously more complicated than that but to tell you what you need to know I have to know what your after...buying, listing or what?

Eric A. Jacobs, JD MBA
Attorney, Broker and Investor
e2properties.com/forums
e2properties.com

[blaqb0x]

I'm interested in buying in my area, California's Central coast. I can probably finance about 125K at the moment. So I'm just trying to find out if it's realistic to purchase houses out here with just that.

Thanks.

[Chief Tutor]

There are a number of realtors from the central coast who are involved in this forum. If I don't see a comment today, I will ping them and get them to reply. Thanks for the question

[iameric]

No....with $125 k you cannot expect to buy anywhere pretty much. You can expect a discount by buying a foreclosure but all that stuff you see on late night TV is garbage. By the way, those foreclosure services, most of them are fine, but all they do is do what you could do by checking the public records. The bottom line is this takes a lot of work, I have a lot of experience with this and its a lot of leg work....if you want more info....I would be happy to chat about it but if you think its that easy, you are kidding yourself....sorry

[iameric]

Eric A Jacobs, JD MBA
Broker, Attorney and Investor
E2properties.com/forums
e2properties.com

[QWREALESTATE]

Who has the key to the Foreclosure Game? After reading all the books it just seems so theoretical?

[Paso Dog]

Blaqbox where on the Central Coast are you looking? I work the San Luis Obispo area.