Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Daniel asks…

How do real estate agents get listings from foreclosures?

I work with a real estate agent who gets his listings from law offices and banks. How do you do it?

Your Questions About Foreclosures

The Expert answers:

Your County Offices and the Daily Record News Paper.

Your Questions About Foreclosures

William asks…

Planning on Moving to South Pasadena, CA and looking into foreclosures in the area?

I’m currently looking to relocate to Pasadena from The L.A area. I want to know some information about the city before I get into it. I own a home and I’m looking to sell it and purchase a new home in Pasadena, South Pasadena preferably. I know it can be a bit pricey so I’m looking for good bargain in foreclosure homes in the South Pasadena area. I just don’t know who to talk to or where to go for this particular information?

Your Questions About Foreclosures

The Expert answers:

Every foreclosure must be posted at the County Recorders Office. Start there.

Attend a foreclosure auction on the courthouse steps. Every weekday at noon or 2pm. After the auction (very informal), ask the guy if he will put you on their mailing list. You will get the repo’s as soon as they do.

Wells Fargo has all their repo’s online at www.PASREO.com

Amtrust at www.AMTRUST.com

Countrywide www.COUNTRYWIDE.com but is switching over to BofA soon.

( I dont’ work for any of these banks and the sites are all free).

Your Questions About Foreclosures

Ken asks…

Does anyone know a reputable way to obtain the names/numbers of companies who are selling foreclosures?

I hear lots of radios about buying foreclosed property but all they want to do is sell you books and such. Is there a way to find out about legitimate sources like banks, who have property to sell?

Your Questions About Foreclosures

The Expert answers:

Definately contact banks. They usually have properties that they have forclosed on and are anxious to sell to get their money back. Check the classified house rentals with the option of rent/to own. Could be the owner wasn’t able to sell the property and is trying to get a rental out of it. Might be anxious to sell at a lower price. Realtors also have lists of forclosed on properties that they are trying to sell. Check the County website of where you are interested in buying. They list the tax foreclosures. My son does this in Missouri. It takes a lot of time and investigation to come up with a suitable property. It sounds like an easy process, but it is not. HUD also has a list of properties, as does the VA. Good luck with your venture.

Your Questions About Foreclosures

Sandy asks…

How long do banks take to accept bids on foreclosures?

Hey

So I put a bid on a foreclosed home owned by the bank on Monday. On tuesday they issued a best and final bid to us and three more people. We submitted our bid Wednesday before 10am this is when it was due in and it is now thursday and we still haven’t heard anything. How long does it usually take? They said it was only down to these four bids. Anyone advise would be great im currently pulling my hair out!

Thank you for your help!

Your Questions About Foreclosures

The Expert answers:

It’s up to the bank

they can take 6 days , 6 weeks or 6 months if they want to , and either hope to get higher bids in the meantime or decide all 4 bids are too low and reject them all .

There’s no guarantee , or timeframe in these type of short sales . I’ve heard of one situation where there were 11 bids , 4 months later they were all turned down by the bank because the bank decided it would lose too much money . If the bank was still owed thousands more than they can get on the current bids they can easily hold onto the property until the market improves .
Cross your fingers and hope for the best but it might be a long wait for nothing .
Good luck .

Your Questions About Foreclosures

Lizzie asks…

How do I invest in foreclosures?

How do I invest in foreclosures? I was snooping around the real estate classifies and saw some VERY good deals on houses. Are these good investments to buy and rent out? Are these good investments to buy then resell later? I’m talking about paying $10k or less for a house worth over $100k! What’s the catch?

Your Questions About Foreclosures

The Expert answers:

You asked what’s the catch? There are many.

1. Investing in foreclosures is riskier than buying real estate through a title company. Why? Because there may be tax liens or assessments levied against the property you are buying. You are buying properties “as is”.

2. There are definite guides on how to buy real estate foreclosures by going through a specific checklist of title searches, etc. The best book I’ve seen on this particular topic is available on Amazon or Barnes/Noble. The ISBN is 0978834682. It’s called the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days by Don Sausa.

3. Lenders do not like foreclosures because of the associated risk. So you may have issues getting a loan for it.

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