Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

David asks…

What percentage of the purchase price do Foreclosures typically sell or auction for?

I’m trying to figure out how much property tax income would go down in a given area, based on the amount of homes that are going into foreclosure.

Your Questions About Foreclosures

The Expert answers:

That varies widely.

In very active sellers markets I have seen the prices at trustee’s sales of foreclosed properties go as high as 85% of what the property would have sold for in good condition and marketed properly.

In a buyer’s market where there is a glut of property on the market and a glut of foreclosure properties it is not uncommon for the purchase price at trustee’s sales to drop below 70% of what the property would sell for in good condition and marketed properly.

As a practical matter most people in foreclosure continue to refinance the home often with hard money lenders until the hard money lenders will not finance the property any more.

Generally that limit if 64 to 70% of the fair market value of the property.

Often there are no bidders willing to go that high at the trustee sale. The lender bids the loan amount plus accrued past due amounts plus penalties plus fees and gets the property back at the trustee sale.

Your Questions About Foreclosures

Sharon asks…

Is there a free way to find listings of home foreclosures in my area?

I live in the Metro DC area (Suburban Maryland) and I want to find homes that are in foreclosure. I know there are alot of home owners with subprime loans that purchased more home than they can really afford. Many of those loans are resetting at rates these people can’t afford. Is there a list of home that are about to be or are currenlt in foreclosure? Is there a free database with this info?

Your Questions About Foreclosures

The Expert answers:

Yes just work with a Realtor. I will not cost you anything to work with them. Plus with Foreclosure you will need them.

Your Questions About Foreclosures

Maria asks…

How do I learn about buying real estate foreclosures?

All of the websites seem to be fake and want to make me join etc.
I am wondering how to invest in real estate foreclosure listings for real!

Your Questions About Foreclosures

The Expert answers:

You dont need to join a website to get listings. However, what we have done at the office is purchase a marketing kit from http://www.getthoselistings.com it worked well because we were able to target specifically the listings we wanted…and my boss was thrilled because our completive advantage increased drastically! But check it out, and if you have any questions I’d be glad to help (or I’m sure you can contact the site owner).

Your Questions About Foreclosures

Steven asks…

Expect higher condo association fees be higher in complex with many foreclosures?

If a condo complex has a lot of foreclosures can HOA fees be increased dramatically from what is shown in the MLS listing? I am looking to purchase a condo in Las Vegas, but worried HOA fees will increase alot after closing to make up for fees not paid on other foreclosed condos. Also concerned long term maintenance might have been differed and be hit with special costly assessments. Do I have valid concerns? How do I protect myself? What questions should I ask?

Your Questions About Foreclosures

The Expert answers:

You cannot protect yourself very well. The Los Angeles Times Sunday Real Estate Section recently covered this very subject. When units are foreclosed upon, the association is usually stuck with the shortage. It is imperative that you read the very long CC&Rs and financial statements very carefully. They should provide you with a reserve study showing how much money has been set aside for future repairs and how much should be accumulated. Most associations are woefully underfunded. Be very careful.

Http://www.latimes.com/business/la-fi-perfin-20101107,0,921835.column

Your Questions About Foreclosures

Sandy asks…

Since there are so many foreclosures, why do you have to pay to get the listings?

Are there any ways to find foreclosures and bank owned homes without signing up for a service that costs you money?

Your Questions About Foreclosures

The Expert answers:

The foreclosures are required to be sold on the open market. Those “lists” are just scams.

Any local RE agent can provide you a list of foreclosures for free.

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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