Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

Are homes in foreclosure as good of a deal as they seem?

There are quite a few homes in my area in forclosure – and I wonder if it’s worth it. Some are crazy deals like a 4 bedroom 4 bathroom newly built home for like $20.000. Is it really that good?

Your Questions About Foreclosures

The Expert answers:

That is the auction starting price… All forclosed homes go to auction, and who knows, you may get lucky. I bought two houses on forclosure in Los Angeles a few years ago and, miraculously, no one showed up to bid against me. I got the two properties, which were side by side, in a prime area of Los Angeles, and the upside was about $400,000.

So step one is to look at home prices in your area and see what a four bedroom/ four bath is going for. A good place to get a good feel is realtor.com because you can take a look at properties in your area and very easily see what they’re going for. Then look at the property itself, the bank that’s selling will be honest so look for things like structural damage and asbestos and factor in the cost of repairs (add it to your purchase price).

Now, when it comes to making a purchasing decision, you need to make an accurate assessment of what you want to be in it for. If it’s a great deal, you could probably buy it, manage it and make money not only when the property goes up in value and by building equity, but also on the month to month cashflow… This is the best way to make money over the long haul (and is how many real estate moguls built the cornerstone of thier billions). However, managing properties is lots of headaches and requires that you be available 24/7 in case of emergencies. Now, if managing isn’t your thing, if it’s a good enough deal, you can always flip it. Flipping is more risky because you have transactional expenses and there’s no guarantee your going to sell, so look at your local market and see if properties are being bought and sold at a steady pace. The last the you want to do is to hold on to something that’s costing you every month, but isn’t bringing any money in. You also don’t want to manage the property if manging isn’t your thing (of course, you can always turn to a management company, but it’ll cost you about 5% of your gross, you’d still pay all the expenses, and you won’t be able to manage costs as well, making positive cash flow less likely).

So look at the numbers and decide what you want. I’m a buy and hold kind of guy, you might be more inclined to flip. So, make a million or two. If you can manage positive cash flow right out the door, closing one a month over the course of a year (even at $20k a pop) will probably make you a millionaire in 5 to 10 years if you leverage your equity. Good luck.

Your Questions About Foreclosures

Sandra asks…

Where can I find foreclosure homes in new york?

any free websites i can check out? most of the sites i been too tellls you u have to pay before you can view anything

Your Questions About Foreclosures

The Expert answers:

Www.hud.gov. On the left hand side of the screen is a link to hud homes, click it and a page opens that has all the states listed. Too the right of that in a box has a link that says other government listings, click that and you get all the other sales, FBI, Customs ect.
Another site is www.ocwen.com. They handle the va homes.

Good luck.

Your Questions About Foreclosures

George asks…

Is there anyway I can find foreclosure homes online without having to pay with my credit card?

I have an apartment and I hate it, I want my husband and I to get one of those cheap little houses as soon as the lease is up here, but every time I look for something online, it tells me I need to register my credit card and well… hell no I’m not doing that. I live in Dallas, TX and I’m trying to find something in my area…

Your Questions About Foreclosures

The Expert answers:

A great site you can use to find foreclosed home is GovernmentAuctions.org they do require a CC- BUT they are verified by good amount of companies. They also offer a free trial. I have used them in the past to find cars actually, but they have a large list of foreclosures as well and a lot in the south.

Your Questions About Foreclosures

Carol asks…

Is there a site that I can see foreclosure homes in Sacramento?

Your Questions About Foreclosures

The Expert answers:

IN the Washington DC Metro Area, FORECLOSURES are listed daily in the Classified Sections of the WASHINGTON POST.

QUES: Have you looked in the major newspaper for Sacramento, Calif bec financial institutions holding the defaulted mortgage loans have passed it to foreclosure firms for auction & disposal etc?

By the way, you do realize you would be bidding on property and have to have the required cashiers check and property is in AS IS CONDITION plus you might have to get the Sheriff to evict defaulted & angry homeowner?

Your Questions About Foreclosures

Helen asks…

any good websites to look for updated foreclosure homes?

Besides zillow, yahoo, and realty track. I would like to find a website that doesn’t charge u and is updated. Thanks in advanced

Your Questions About Foreclosures

The Expert answers:

First thing…please don’t buy a house based on how it is currently owned. Decide to buy the house that meets your needs at the best location and best price. That may be a foreclosure- but also compare those to ones that individuals own- you may be very surprised.

At least in my area all foreclosures including HUD owned properties are listed in the MLS that Realtors belong to. And in this area almost every single Realtor I know offers a search-able website that allows you to see all the active houses for sale in the entire MLS –for free.

These website are updated minute by minute based on what the listing agent has updated. Sometimes the listing agent does not update- so that prevents all websites from being able to update that listing.

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