Thread: Whats with Foreclosures

I'm ready to invest in real estate and I have been looking into foreclosures. I found myself searching in the Bargain Network through AOL. I have come across foreclosures under $25,000 all day long on the website but most have no contact info. Whats the deal here, it is obviously to good to be true or is there some truth to the prices. I don't want to call these people and be made fun of so I will do it on here. Any valuable info about acquiring REO's would be great.

You'll have to pay for the info. Infos going to most probably...Real Estate agents.
Why not knock on a Real Estate brokerage and ask a Realtor to help you?
(S)he has access to all foreclosures in your area, will not cost you any commission, will help you with paperworks, will give you advices on inspection, value, how to rehab, how to resell, how to flip it, how to make money with it, what's good, what's bad, will be your confident, will be in your side, will negociate even lower for you, will be on your side, will guide you into closing, will give you ideas to get the most of it, will....Well, I don't have all day here...But, why don't you go directly to the point?

I started working foreclosures long before the collapse started. The easiest way if you prefer to do it without the service of a Realtor is to contact homeowners directly. You should start by subscribing to the financial newspaper in your area that publishes the default notices. Each state has different foreclosure laws but many states require the bank to publish notice in the paper for a number of weeks prior to the sheriffs sale. This is a good time to contact homeowners prior to the foreclosure. If you are interested in property this is already bank owned you can probably go down to the sheriff's office in your county and request the list. Why pay a national service for the information when you can get it yourself. It will be much more timely information!

Originally Posted by ianpalmer

I'm ready to invest in real estate and I have been looking into foreclosures. I found myself searching in the Bargain Network through AOL. I have come across foreclosures under $25,000 all day long on the website but most have no contact info. Whats the deal here, it is obviously to good to be true or is there some truth to the prices. I don't want to call these people and be made fun of so I will do it on here. Any valuable info about acquiring REO's would be great.

Ian, I know with Minnesota Real Estate close to 90% of the REO's are listed on the MLS. Banks want the market exposure to help justify the price. I have found relying on any other services for listings just does not work. For instance the data on realty trac is always dated and unreliable in the Minnesota Market.

Originally Posted by agentsranking

I started working foreclosures long before the collapse started. The easiest way if you prefer to do it without the service of a Realtor is to contact homeowners directly. You should start by subscribing to the financial newspaper in your area that publishes the default notices. Each state has different foreclosure laws but many states require the bank to publish notice in the paper for a number of weeks prior to the sheriffs sale. This is a good time to contact homeowners prior to the foreclosure. If you are interested in property this is already bank owned you can probably go down to the sheriff's office in your county and request the list. Why pay a national service for the information when you can get it yourself. It will be much more timely information!

I agree with agentranking. Following these steps, you will be one of the 54 persons who'll knock on the homeowner's home, or one of the 87 letters in his mailbox or door, or maybe one of the 459 persons who'll try to call him, if the phone is not disconnected...Briefly, you better do that a thousand time to have a small chance to ever do a deal...

Once the bank owns them and have them on the market they want them sold. Quick responses and 30 day closes are normal. REO's are what's selling in Las Vegas. Short sales are around the same prices but waaaay more of a pain to deal with. Terrible response times.