Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandy asks…

where can I find foreclosed homes in my area?

I live in Colonie NY and I know there are a ton of web-sites that you have to pay to find these homes. I need to know if there is a place that you can go to in my own town where I can find this info for free. I do not want any advice on purchasing foreclosed homes. I just need to know where to find the listings. Thank you in advance. :) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

Go to your County web site, ours is listed on our sheriffs web site it tells you when the auctions will be.

Your Questions About Foreclosures

Donna asks…

How do I find foreclosed homes in the Toledo area?

I have been told that I can get a great deal on a foreclosed home. Do I need to go through HUD, because that seems confusing. Do I need to go through a realtor, I don’t trust them? All the websites with foreclosed listings are expensive. Can anyone help me?

Your Questions About Foreclosures

The Expert answers:

Go to your local court house (or the court house where you want to live and check). These will be auction homes which means you need 20% down in most cases. These are normally handy man specials. Nicer homes that they feel they can get full price for go as normally listing. You still need an agent for either or.

I am buying a foreclosed home in NJ which was posted as a normal listing but it’s in such bad shape (no bids and no one would look at it) it went to an auction house- so I am working with them now.

Your Questions About Foreclosures

Ruth asks…

who do I need to get in contact with to find out how to get into recovery of foreclosed homes?

recovery of foreclosed homes, and how to get in contact with the banks that own these homes. I want to fix them up for the banks and get paid for it.

Your Questions About Foreclosures

The Expert answers:

IF you can handle rejection and are persistent, there may be an opportunity for you to develop a business. You might have to be licensed and insured. This may require some legwork and some “politicking”, BUT IT MAY be possible:

Banks, savings & loans, credit unions, mortgage companies – as well as ALL legitimate lenders have a department: Real Estate Owned or R.E.O [pronounced “Rio” as in “Rio De Janiero”].

From the time a property is siezed for foreclosure until its re-sold to an investor or home buyer, some of the properties require some inspecting maintenance and repairs.

This is what you could or should do:
1] Go to the court house – or several court houses – to the Sheriff’s Office or the office handling the Sheriiff’s sales or foreclosure sales.
2] Ask for a list of sales or take one of the notices for each property on the wall.
3] When you get to your office or home, go through each notice. Make notes of the lender’s name and/or the attorney’s name. You’ll probabl;y see about 10 to 20 attorneys whose names or firms consistently appear.
4] Call or write each attorney and/or the lender’s REO Dep’t. With your proposal. Include a short list of the work you did for others or pictures. You DO NOT have to make a full-blown album or portfolio. You just want to be noticed.
5] Call and make appointments with those attorneys and/or thiose folks in the REO departments.
6] Be on time for your appointments. Make your case/
7] In your presentation, it might help your cause if you mentioned a portion of yuour fee or retainer will be put into an account with that lender or institution.
8] This might require a little further investigation:
If there is a group or organization where those folks have regular meetings, ask about joining that gro0up or organization as an associate or junior member. You don’t want or need voting rights for that organization, but its up to you to attend every meeting of that group or organization AND BE ACTIVE! Get to be known as a “can-do, will-do” type of person.

Invest the money in a good quality business card. Have it printed at a professional printer. You want raised lettering and a logo. The folks at the print shop should be of great help to you.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

Your Questions About Foreclosures

David asks…

Won’t the interest on foreclosed homes go up in the future?

Ok this question sounds confusing so I’ll explain: If a person buys a foreclosed home at low interest and double digit inflation hits hard, then won’t the interest or payments increase in the future on those purchases. I hear on the radio that when inflation hits hard people’s monthly payments will increase and those who bought foreclosed homes will be in trouble too. What’s your thoughts on this.

Your Questions About Foreclosures

The Expert answers:

Such payments will ONLY increase if the buyer has naively taken an adjustable rate mortgage (ARM). If the person buys the house with a 30 year fixed rate mortgage (or any fixed rate mortgage), the ONLY increases they will see are those related to insurance and property taxes. The actual mortgage payment cannot change, via contractual law.

Your Questions About Foreclosures

Mary asks…

What is the catch to buying a foreclosed homes under $30K in Sacramento, CA as an investment opportunity?

I am looking into purchasing a foreclosed home listing under $30K in the Sacramento area as a rental property investment opportunity. What risk am I getting myself into? I am a new homebuyer (inexperience) and would welcome any advice.

Your Questions About Foreclosures

The Expert answers:

There is no catch, as long as you are fully aware of that $30K will bring you. In ANY market, that price is dirt cheap. I’m guessing that the property in question has issues, and not SMALL issues.

Insist on full qualified inspections of the property, as well as thorough searches of whether or not the title is ‘clouded’. Make all such inspections a contingency of your offer. If the inspections do not return the result you expect, you need to be able to extricate yourself from the offer.

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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