Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

How can I find Foreclosed homes in my area?

Whats the best website for finding CHEAP foreclosed homes. I think I may start looking into flippling some houses with all these forclosures going on.

Your Questions About Foreclosures

The Expert answers:

There are quite a few sites out there. If your looking for frequent updates this site is pretty good though.

This website has a trail period so you can see if its right for you before making any purchases. I like it though I’ve found homes as low as 15k. I’m mostly into Tax foreclosures and this serves as a pretty good reference. Even if the evicted tennant ends up buying the house back from me I still usually end up making a 20% profit on a six month investment http://tinyurl.com/homeforclosureupdates

Your Questions About Foreclosures

Paul asks…

How to apply for foreclosed homes?

My husband and I have been trying to find a house and obviously been looking at foreclosed homes. How do I go about applying for them? Is it hard getting one? I am new to this and would like some information. Thanks guys.

Your Questions About Foreclosures

The Expert answers:

You don’t ‘apply’ for a foreclosed home. You offer to purchase one, just as you offer to purchase any other type of real estate. You will need a mortgage, just as you would with any other real estate purchase (unless, of course, you happen to have the full amount of the sale price in ready cash). I suspect you’ve been listening to TV ads about ‘cheap foreclosed homes’. Understand that you get what you pay for. If you buy a ‘cheap foreclosure’, chances are that it has been trashed and/or stripped of many items of necessity. You get what you pay for. Talk to a lender to see what amount of money you qualify to borrow, and then to a real estate agent to get ideas of the prices of area foreclosed homes.

Your Questions About Foreclosures

John asks…

How many homes in the United States have been foreclosed on or under foreclosure?

What is the Current amount of foreclosed homes in The United States

Your Questions About Foreclosures

The Expert answers:

I don’t know but I found out another shocking fact I would like to share with you- I am in the middle of buying a foreclosed home and it’s title is screwed up. I was told it’s going to court if it’s an easy fix it will be done on the 24th but anything extreme, I will have to find another house. My lawyer said the titles and paperwork is so messed up with wrong titles and incorrect foreclosed papers there is over 1 million homes/property in America were no one will ever be able to legally live or own them in my life time. I am only 31!

This is the estimate I found but it’s for 2007 because they don’t do it until the year is over- 650,000 foreclosure for 2007 According to the U.S. Foreclosure Market Report.

Your Questions About Foreclosures

William asks…

How would i go about starting a company that cleans out homes that have been foreclosed upon?

Who would I need to contact to get business cleaning out foreclosed homes? I just read in the paper that these companies are extremely busy due to the financial mess in the usa right now. Any advice would be greatly appreciated. I already know how to start a company/llc, but I don’t know who I would contact to actually try and get business doing it…… thanks

Your Questions About Foreclosures

The Expert answers:

I’ve had a chance lately to talk to some people doing that in my area because of the abandoned homes. They work for a company that contracts with the U.S. GOVERNMENT… Try the DEPT. Of HOUSING and URBAN DEVELOPMENT.. You can also talk to the LOCAL REAL ESTATE BROKERS and get their input.

Some of the people I’ve talked to, don’t just stop with cleaning out the houses. They also do the routine upkeep, like mowing the lawns or shoveling snow to keep the property looking nice for selling.

I saw the story on one of the Cable News shows and it does look like a growth industry in the U.S.

Your Questions About Foreclosures

Daniel asks…

Offer to banks to rent out foreclosed homes instead of selling them cheaply?

My friend and I (whom have a LLC) want to offer banks our service to find renters and manage the homes that have been foreclosed. The bank would be able to ride out the bad times by us keeping the house around for them until the market recovers and the bank can sell for a higher price. My friend and I can profit of the rent.

1) Sound like a good plan?
2) Who to contact to get this started?

Your Questions About Foreclosures

The Expert answers:

1. I think it is a great idea but that’s not how it works. A lot of mortgages have mortgage default insurance so the mortgage is paid by the insurance and is no longer owned by the bank. It’s owned by the government. Even if the house is owned by the bank they are more interested in selling it and recouping the loss from the defaulted loan. Banks aren’t in the rental business. They are in the mortgage business. They will sell you the house but most likely will not let you rent it out.

2. Should you wish to contact banks you should try to get some investors together. I see ads all the time in the local paper (Houston Chronicle) for investors wanted. You should then contact the mortgage person at your local banks and see which properties they have for sale. There is one problem with this…they may not own any local properties that you are interested in purchasing.

I went to RealtyTrac on Yahoo! And found properties that I was interested in purchasing. From there I wrote down the street name and entered that into our local appraisal district’s web site and found the property that was owned by the bank or mortgage company. Then I looked up that name on the internet. After I viewd the property I was ready I contacted a realtor.

You can also find HUD lists in your area. These are foreclosed homes that you can buy for around 80% of the asking price which is the amount left on the loan. The other 20% is a write off for the bank or mortgage company. I found a realtor that would send me a weekly list of HUD homes in my area. One problem there is you have to live in the home for over a year before you can move out and rent it. Then if you purchase again you are considered an investor and you must put more than $1500 down.

I also worked for a management company. They actually purchased over 450 properties from a company in Austin then managed them. From the rental income they were able to pay the note to the bank every month. But these guys were in the home building business before they did that so they had a lot of capital to invest.

I hope this helps. Good luck! Maybe flipping houses is a good start.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures