Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Lizzie asks…

Need help on purchasing homes through foreclosure?

I’m interested in purchasing homes through foreclosure. I know nothing about the process. I visited my local courthouse today and looked at homes on the foreclosure list; but here are my questions: does a person bid on the property? with whom do you speak about (any) taxes or leins and whatever else is owed on the property? who is actually selling the property: my county? the bank with whom the loan was defaulted? if there’s a resource online, it would help. i don’t want to get burned.

Your Questions About Foreclosures

The Expert answers:

Buying foreclosed homes can be very lucrative if done properly and you work hard at it. Buying foreclosed homes at the courthouse can even be riskier, especially if you plan on obtaining mortgage loan financing for these properties. Here are the answers to your specific questions:
1. Yes a person bids on the properties at the courthouse and many times a bank representative will be there to bid on many of the homes as well to make sure they don’t sell for too cheap.
2. You need to do your own research on the property to find out about taxes and liens in advance of the auction. You can check at the courthouse in the county clerk’s office to find out that information.
3. The county is in charge of the sale. The bank has foreclosed on the home and should be listed as the seller and you would be the buyer if you won a home at auction.

You really need to do your homework on these properties. You can not get inside the properties to see them unless you stop at the home before the auction and someone is still living there and they will let you in. However, if a homeowner is losing their home to foreclosure this could create an awkward situation. You need to pay 10% down with certified funds or cash at the time of the winning bid and the remainder is due within 30 days. After 7 days interest starts to accrue on the balance that is due. Most lenders require a full appraisal and with a home being sold sheriff sale you will have a problem most likely getting an appraiser into the home as the sheriff’s department will not let you in and if you break in if no one is living there it is trespassing. This is one big obstacle with trying to finance these types of properties. If you have the cash to buy the home, then you don’t need to worry about appraisals and mortgage lenders though. However, if you can’t get into the house to see it beforehand, how do you know how much work really needs to be done to the home and how much damage their is inside. Chances are if the house is vacant the upkeep of the home was not the greatest.
Let the Buyer Beware is what you will read at a sheriff’s sale. Once you win a bid you are agreeing to buy that home. You can not back out without losing your 10% down payment and being held in contempt of court. You really need to know what you are doing when buying homes in these types of sales. Below are some links about buying foreclosed homes and investing in real estate. You may be better off buying foreclosed homes that are being sold by a Realtor. You can still get some good deals and you have the ability to check out and assess the home beforehand and then decide if it is worth the investment.

Your Questions About Foreclosures

Charles asks…

Where on the internet can I find a free list of bank foreclosure homes in my local area?

Your Questions About Foreclosures

The Expert answers:

Try and go to USHud.com hope that helps. Happy Hunting !!!!!!!!

Your Questions About Foreclosures

George asks…

how does buying foreclosure homes work?

there are tones of homes around my neighborhood under $50,000 and there are in pretty
good shape….. is this really too good to be true??how do banks recover the money they invested
on a the original loan deal?????

Your Questions About Foreclosures

The Expert answers:

Banks may be able to go after the original owner for the money they lost in the transaction (depends on the loan documents signed and the state’s policy), but the easiest way to describe the situation is everyone loses. They often have to write it off.

The banks are trying to minimize their loss and cash out QUICKLY so they price it low. In areas, like it sounds like you live, it is hard. The banks can’t just price it below retail (what home-owners are selling it for), but have to price it below wholesale (what other banks are trying to get rid of it for).

Is it “to good to be true?” Maybe. But I believe in what Warren Buffet says; “when people are greedy, be scared. When people are scared, be greedy”.

With that being said, do your research about your particular market and talk to a good real estate agent or/and investors. This time is a period that I think will make those who have a strategy and plan in place, prosper.

Good luck!

Your Questions About Foreclosures

Paul asks…

I would like to find a list & details of foreclosure homes in md area.?

Is there any way I can get the list and details of foreclosure, hud, and Bank Owns property in my area without actually paying for the list?

Your Questions About Foreclosures

The Expert answers:

For md area and more I found a VERY (V_E_R_Y) good article about foreclosure here:http://buy-a-foreclosure.blogspot.com/Good luck!

Your Questions About Foreclosures

Lisa asks…

Is there a reliable, free source to find homes in foreclosure? How do I go about finding one?

Your Questions About Foreclosures

The Expert answers:

I found a VERY (V_E_R_Y) good article about HOW to buy a foreclosed property here:http://buy-a-foreclosure.blogspot.com/

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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