Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

George asks…

are foreclosures a scam or can you really purchase a home that way?

I don’t have a lot of money to make large monthly payments but I would rather own then rent. So, I was thinking of purchasing a home that is in foreclosure because the monthly payments will be affordable since the dollar amount is lower. Can something like that really be done?

Your Questions About Foreclosures

The Expert answers:

I am doing it. Cost is at about 70%.

You will still need to qualify for a loan, have a down payment and all of that. It really isn’t much differant then a regular sale, only it can take forever.

Your Questions About Foreclosures

Ken asks…

How do you find real estate foreclosures to buy without buying a list from some marketing firm?

Most of these marketing firms generates the same lead info at a high price? Isn’t this info part of public information? Is it fairly easy to research and find with alittle effort?

Your Questions About Foreclosures

The Expert answers:

You can go to your county records office,
my county publishes a daily newspaper, that lists all the foreclosures, addresses and $ amounts associated

as far as Foreclosure auctions, I have been to a couple and they are relativly informal. There is a list of properties that were to come to auction that day
many of those properties are taken off the block prior to auction (due to countless reasons including paper work not turned in, property owner working to get current etc…)
once a property is auctioned, there is a minimum price (in my area seems to be about 3-5% above default rate)
if a property is not sold at auction it becomes bank owned real estate.

Notes on auction, you have to have the $ or cashiers checks that can be endorsed over I think they prefer the checks so they do not have to walk around with a bunch of $

bank owned realestate I think is offered by one agent that represents the bank, so a regular agent might not know much about bank owned properties.

Hope this helps.

Your Questions About Foreclosures

Helen asks…

Foreclosures?

I am in Wisconsin and I have been looking into buying a house. Since we don’t have a lot of money right now being colege students. My boyfriends dad has bought foreclosures before and it seems like its a good investment for the most part.

We have no idea what we are doing and would love some advice. It seems like we get different answers from everyone.

It seems like having a realtor would be best for us just so we have someone else to help us out.

This is just all so confusing for us.

Your Questions About Foreclosures

The Expert answers:

Since your boyfriends father has bought multiple foreclosures you should ask him for some guidance. He can answer your questions as they come along.

Your Questions About Foreclosures

Thomas asks…

Foreclosures?

Where can I go to find a listing of foreclosures. I’m looking to get a deal on a home but cannot seems to find the list of foreclosures anywhere? anybody know?

Your Questions About Foreclosures

The Expert answers:

I found my home through the legal notices in the newspaper. They post foreclosures once or twice a month here in Denver.

Be careful about that scam where they want you to send them money for a list of foreclosures in your area. That’s how they get them is out of the paper. Our local Fox station did a scam report on those companies.

Also check out HUD homes you can get some GREAT deals there.

A friend of mine and her husband just bought a HUD. Sure it needs some work, but for what they gave for it, they could gut it and redo it and still come out smelling like a rose!

Your Questions About Foreclosures

William asks…

Foreclosures?

In the next few months my wife and I will be on the market to buy our first home. In the mean time, I want to educate myself on the process, what to look for and what to watch out for.

We’ve been looking at foreclosed on homes and they look like a steal. This has gotten my spidey-sense tingling though, since if it looks too good to be true, it usually is.

So what’s the deal with Foreclosures? Also, where can I go for the 411 on buying a new home?

Your Questions About Foreclosures

The Expert answers:

While foreclosures may appear to be great deals, they come with alot of baggage too, if you know what I mean. This kind of property isn’t for the faint of heart. But if you educate yourself and understand how things basically work, then you should avoid a disastrous purchase. First thing is no matter what you select to purchase, have a whole house inspection, even new construction! It is money well spent.

Foreclosures, typically are in marginal to bad condition. A good inspector can save you from making a mistake. Most need basic maintenance, probably all new flooring, new appliances etc. If they couldn’t pay the mortgage the chances are they didn’t take care of anything else. Now you could consider an FHA 203K type of loan, which gives you some money (escrowed) to fix up a home. What you might consider really looking at are “short sales”. These are homes the owner is still living in for the most part and are livable. Some can be pretty bad, but for the most part in average condition. Of course you can elect not to look at either of these types of properties.

Not sure what you mean by “411”. But any Realtor worth their weight can help you with the whole process, including buying foreclosures. I would simple make a list of the things you have to have and a list of the things you would like to have. Give it to your Realtor and you’re on your way to homeownership. Good Luck and thanks for being in the market!

Powered by Yahoo! Answers

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