Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Laura asks…

Why would anyone buy full price homes when there are sooo many foreclosures?

just curious. don’t know an awful lot about foreclosures. i know that the the banks are trying to get rid of them by selling them cheaper than the actual market price but yeah..is there some downside to them that i don’t know of??
cheers

Your Questions About Foreclosures

The Expert answers:

It’s because foreclosures can be a pain in the butt to deal with. Yes, they are cheap. However many are not in excellent condition (they haven’t been maintained, or the owners were ticked that they were getting foreclosed on and took fixtures, appliances and such they could sell, etc). Also, many can take a long time to get an offer approved because they have to wait for the bank to finally sign off on it, and they can also take a long time to close.

A foreclosure is a great deal if you can find one in good condition that the bank is anxious to get rid of. Sometimes though they aren’t worth the hassle.

Your Questions About Foreclosures

Ken asks…

Which, if any, of the “foreclosures for sales” websites provide legitimate usable info?

Would like to buy a foreclosure in the Carolinas, but am wary of these foreclosure websites. Has anyone used them with good success? Or what’s a better way of finding out about foreclosures across the country?

Your Questions About Foreclosures

The Expert answers:

NONE. All the information they provide is only part of the information. And most of those listed have not completed the foreclosure or redemption periods and can’t be viewed or sold. So don’t pay for that information. If you are interested in purchasing a foreclosed or bank owned property, all lenders are listing them with Realtors. Find a Realtor you trust and who knows this part of the market and let them help you thru the process. Lenders don’t abide by local customs when it comes to selling properties. They do it their way and they tend to take a long time as well. So be prepared to hurry up and wait.

Your Questions About Foreclosures

Jenny asks…

How Do I find Foreclosures in my Neighborhood?

I am interested in possibly purchasing a foreclosed property. How do I find out where they are without paying those weird companies for a list?

I am in NYC but would look into any in the tri-state area.

Thanks

Your Questions About Foreclosures

The Expert answers:

Any real estate agent can help you locate one at no cost to you. The fee sites are scams.

Your Questions About Foreclosures

David asks…

Whats the best way to get information about foreclosures?

Do you really have to pay monthly fees to get foreclosure listings and info?? I would like to get a foreclosure and rehab it but everywhere I look is some kind of free trial, then a monthly fee to get the listings. I did one free trial and it seemed like the info was worthless because I found the same listings on other websites for free. Any advice?

Your Questions About Foreclosures

The Expert answers:

Your best bet is to team up with real estate agents who specialize in foreclosures and undervalued property and tell them what you’re looking for and how much under market value it needs to be before you consider buying it.

I work with a couple of rehabbers in my area.

Regards

Your Questions About Foreclosures

Robert asks…

Do you you believe the economy can recover fully before the banks work through all the home foreclosures?

Furthermore, don’t the home prices have to settle at a reasonable level before a realistic recovery can be sustained? Isn’t it unhealthy to keep people in homes they cannot afford propping up home values artificially? Won’t this draw out the whole process?

Your Questions About Foreclosures

The Expert answers:

Home prices are almost aready down to what they should be. Historically. I based this off medium house price payment, to medium income. (I know the medium income could never afford the medium home becuase 20% can not affor a home at all) The payment is based off the interest rate. I created a quotent. The medium home should dip to 180-190K.

Yes, housing should be let adjust first. Lets just hope it already has.

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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