Thread: foreclosures

There is no real story...it's just another house on the market sold as-is. The cash down has to do with your mortgage company and nothing to do with the fact that it is a foreclosure.

so how do i get a look a some of these properties without having to pay someone for a list. Is there a reason the bank would sell to me rather than having to deal with some internet get rich scam were somebody tells me to give them 200 dollars for the list of all lists

signed,
new and confused

A real estate agent can get you into these properties and neogiate the best price.

It takes time, sometimes a lot of time. Banks do not work within our time limits on a sales contract, they have a system in which they handle a short sale, pre-foreclosure, and foreclosures and they won't be rushed!

There are a lot of great deals out there to be made, even once you find one the bank may come back and say no. I have clients currently that have found the right home and before we even put ink to paper the bank has raised the list price making it unaffordable for my clients. That has happened twice to us now!

A lot of these properties need a lot of work and not just cosmetic. I showed a home where the owner left the foreclosed home with substantial damage done on the way out.

What are you looking for? short sale, Auction, REO It is a little different for each. Auctions are generally cash, at least here in Ca. Short sales and REOs you can use conventional financing.

If you don't know where to begin because you're new in there, ask a Realtor. That's you best bet...
You can check the MLS in your area (just google it) and put the word 'foreclosure' or 'bank' in the search (if allowed)

I find that banks are dumb, they have the properties and instead of fixingt them sell them dirt cheap to people like me so that I can fix them, and then pull in the huge profits.

Banks should flip their houses and the mortgage market would be saved.

I take that back, banks should get out of real estate and stick with money.

It helps if you have money for the downpayment. Believe it or not the banks look favourably upon this. Particularly if you are lending through their banking instruments. That really helps with the negotiations.

Though it is not necessary to put a large some down on a REO. That is ultimately between you and your lender. There are some 100% financing options out there as well as FHA loans that only require 3% or so on the downpayment.

There are many ways to skin a cat. Just choose the right people to work with and you'll get the best deal.