Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Susan asks…

how do you buy foreclosure homes and auctioned homes with bad credit?

Your Questions About Foreclosures

The Expert answers:

Use cash. Without cash you need a loan. Bad credit tells a lender that you have a history of not repaying your debts. For them to loan you money you will have to make a large down payment, at least 25%-40%, pay a high interest rate, 6-12 points over prime and points up front, 6-12. These numbers a possible high and low value that will be set by the lender as they look at your credit history.

Your Questions About Foreclosures

Mark asks…

Anyone with experience buying foreclosure homes?

Please explain the procedure. It seems to be the old bait and bump style of sales.

Your Questions About Foreclosures

The Expert answers:

Purchasing a foreclosed home is not much different that a non foreclosed home. First, banks don’t sell their foreclosures direct, they list them with Realtors. Find a Realtor that is experienced with the sale of foreclosed homes. There’s no bait and switch. When you submit an offer on a foreclosed home you must include proof of funds (cash to closed) or mortgage approval. They will not consider an offer without that. Your offer should contain a 10 day inspection provision. Once FNMA (most foreclosures are FNMA owned) verbally accepts your offer the 10 day inspection window starts.

Don’t make low ball offers. Before FNMA offers a property for sale, they have two appraisals done. They know the value. Some times a home will sell for more than the list price. This happens if a bank recieves more than 1 offer within 24 hours. The bank will then request your “highest and best” bid. It’s not a bidding war per sey as you only have one chance to change your offer.

You do get title insurance, but expect to pay closing costs that the seller usually pays; transfer tax, title insurace, etc.

Realtor.sailor

Your Questions About Foreclosures

Joseph asks…

How do I get the foreclosure listing for homes?

Were looking into getting a home but I’m not sure how to get the number to get the listing of foreclosed homes. i live in south carolina

Your Questions About Foreclosures

The Expert answers:

Any local real estate agent would be happy to provide you the list for free. You can get it automated to email you instantly whenever a new REO is available. There is no cost.

Your Questions About Foreclosures

Daniel asks…

Need to find foreclosure homes free on line and without using my credit card?

Your Questions About Foreclosures

The Expert answers:

If you don’t know a foreclosed house from a pre-foreclosure then even if you had a free lead would you know what to do with it ?

I will amend this answer later today but feel some thought might be provoked from the brief and somewhat harsh answer above. Pre and post foreclosure investing is not for everyone and takes a huge level of learning to become proficient at.

BTW websites like realtytrac dont buy leads from some person that went to the courthouse. The company DataQuick collects data daily from recorders offices for government monitoring. Defaults, and notices of trustees sales, lis pendins in the southeastern states, are also on the reels and sold under bulk rate contract to websites. The cost makes the timely data too expensive to offer for free online. How do I know this you ask ? I used to own the marketing rights for realtytrac to the real estate course and seminar industry. My personal mentor ( also a top answerer on here wrote articles and I set up the contracts for him )

Heres the ammended answer, sorry the original response was a bit harsh but the complexities involved in real estate investing whether during the pre foreclosure stage, at the trustees sale, or post foreclosure, all require specialized knowledge. A person with such know how will already know how to locate their leads and what to do in each situation. You can get lists of pre-foreclosures free from your local title company or at the county courthouse. You can subscribe to the daily journal of commerce for your area and locate them there also. In pre-foreclosure situations having a lead and getting a suitable deal are not automatic. There is a lot of work involved and still the homeowner may refuse to speak with you and be in total denial. At a sheriffs sale or trustees sale you need funds in hand to bid and might be bidding on a home you are only guessing at inside condition on. Then you have to evict the resident and hope they dont trash the place and loot the appliances. Foreclosed homes can be a bit easier as the properties are vacant and often viewable but still you are buying as is and taking the risk of remediating existing conditions. There is a lot more to foreclosure investing than just viewing free leads.

Your Questions About Foreclosures

William asks…

Tax foreclosure homes around Portland OR?

Portland is an pretty expensive place to live, and i’m trying to find a promising site or list that will help me find a house that will fit my expenses and what not… Can anyone help?

Your Questions About Foreclosures

The Expert answers:

For houses with an MLS number, http://www.realtor.com and http://rmls.com

Your real estate agent or title company should be able to give you foreclose lists. They are also printed in the newspaper.

Tax foreclosures are often a different thing. There is more information here: http://www.sunschools.org/Public/EntryPoint?ch=6e561c5808c57010VgnVCM1000003bc614acRCRD/

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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