Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandy asks…

How to find homes that are foreclosed?

So I’m going threw a divorce and I’m not the type that wants to put 600 into an apartment when you can’t have pets, paint your walls, and fix up things on your own. But so anyway i’m trying to find foreclosed homes and all the websites cost money, but how do i go about looking for them..

Your Questions About Foreclosures

The Expert answers:

Is there any reason you want a foreclosed home? They are often trashed nightmares with all kinds of liens attached. Unless you really know what you are doing, you don’t show up to the courthouse steps and bid.

If you are asking about homes that are already foreclosed, they are not necessarily any better deals. Http://www.realtor.com lists all homes for sale, including foreclosed homes and short sales.

You should be shopping for the BEST DEAL, regardless of it the home was foreclosed on or not.

Your Questions About Foreclosures

Ruth asks…

What does 0bed/0bath mean in foreclosed homes?

I have been looking at foreclosed homes in nyc because I am moving there june 1, 09′. I have noticed that alot of the listings on all the sites I go to say 0bed/0bath. Can anyone tell me what this means? I know a 2000sq ft house does not have 0bed/0bath. Does anyone have advice on forclosed home buying?

Your Questions About Foreclosures

The Expert answers:

The 0bed/0bath thing just means that the data is not available at the time of print. There are definitely bedrooms and bathrooms.

However, some advice… I would steer away from Foreclosed homes. Why?? Because normally you do NOT get to inspect the home before you buy it. You’re buying it at a foreclosure auction and you may be able to drive by the home before going to the auction but that is it. In addition, you don’t have time to find out if there are liens against the property. Sure, the mortgage may be gone, but who’s to say if there isn’t a 2nd mortgage attached?? Perhaps there are legal judgements attached??? Unpaid bills? Tax liens? There’s a LOT that can be attached to the home in the form of Liens.

Last but not least…. Most foreclosed homes are trashed inside. The people who got foreclosed on, for whatever reason, think it’s a good idea to sabotage a home when they’re being evicted. These suckers should be thrown in jail but they still do it and you have to fix it up.

I suggest this instead…. Go for a bank-owned property. On Bank-owned, you are buying the house through regular means but the owner is the bank instead of a regular home-owner. When you buy the house, you’re buying the title free and clear from liens since you work with a title company and are paying for title insurance with your regular closing costs. You will still probably have to fix up the home a bit as these can be like foreclosed homes that have damage from previous owners.

Your Questions About Foreclosures

Joseph asks…

Do banks advertise low prices on foreclosed homes hoping to generate lots of buyers, and then make them bid?

…. and in doing so, the buyers will then bid the price up? I found a great price on a foreclosed home today. It is a great home according to a neighbor I spoke with. But all of the fliers
have already been taken from the box, so lots of buyers are
interested. Is this the intent of the bank… to get lots of buyers
interested, and then make them bid the price up? Thanks.

Your Questions About Foreclosures

The Expert answers:

Not necessairly. Some forclosures sell directly others, but the house up on silent auction. These are usually very clear in their actions and all foreclosures have to be listed in a newspaper in my provance.

We look closely at those because you get a good home VERY cheap. Either way you will get the house cheaper than what its retail value is.

Your Questions About Foreclosures

Donna asks…

Can i make money purchasing foreclosed homes?

I want to purchase foreclosed homes and fix them up and sell them for profit. All work would be done by my father and I, He is an extremely skilled carpenter and i am a designer.
All work work would be done by people I know.
So what do you recommend?- Waiting, for a better market or maybe purchasing these homes for cheap fixing them and renting them out and hold them for a couple of years until the value increases

Your Questions About Foreclosures

The Expert answers:

The only way to make money with any investment be it houses, stocks, gold, whatever is to buy low and sell at enough profit to recoup your expenses.
So you could make a profit if you can find cheap places, and if you are able to sell quickly in this depressed real estate market.
All that is to say – impossible to predict if you can make money. Too many variables!

Your Questions About Foreclosures

Mark asks…

Foreclosed homes?

How do I get into that kind of market? Is a foreclosed home a purchaise that a regular person can make? Where can I get access to foreclosed homes?
Thanks!

Your Questions About Foreclosures

The Expert answers:

You usually can buy homes at your county’s sheriff’s sale. You would go and bid for the property, but be sure to get a title report on each piece and go look at the actual property so you do not get stuck w/ a horrible piece of land or have other debts owed on the property that are your responsibility. See if there is a real estate investing group in your area. They will most likely have information for you.

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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