Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Lisa asks…

many owners of foreclosed homes leave some furniture. where can i buy some of that furniture.?

I’ve seen stories on TV of owners of foreclosed homes leaving sofas, dining sets, even big screen TV sets! They have no money for storage or space to store furniture with relatives , so they just leave furniture behind. The moving companies hired by the banks to clear the house of all belongings left behind just throw the belongings in the dumpster that they bring in. i was shocked! Surely some charity accepts these as a donation.

Your Questions About Foreclosures

The Expert answers:

The banks are not selling furniture. A few of the clean out companies might donate, but there is the time issue. They need to clear it out fast, no time to pick though it.

There might be some legal issues, health and safety. In CA they worry a lot about dirty needles in homes.

Your Questions About Foreclosures

Daniel asks…

Pros and cons of buying foreclosed homes?

I’m a first time home buyer and have credit issues and I want to know what are the pros and cons of buying a foreclosed home. I’ve seen a lot of them that I love and the prices I love them more, but I’m a little unsure!

Your Questions About Foreclosures

The Expert answers:

Ok, I can tell you first had because I just went through it. I also have credit issues. The first thing you need to do is to get pre-approved. Not pre-qualified, a lot of the banks that own these homes won’t accept offers from people who don’t have the pre-approval. Also, when looking you may see that they want earnest money. In my case many of them wanted 1000 or more in earnest money.

Make sure when you work with the broker you ask for a sellers consession. We were able to get the bank to agree to a 6% seller consession which means that the seller (bank) has to pay the buyer (me) 6% of the total sales price to cover the cost of closing fees and other fees associated with purchasing the home.

The worst thing for me was waiting for the buyer to answer on our offer. It took 2 weeks beyond the agreed upon date but if you really want it you will have to wait it out.

Even if it is a forclosure you have the option to have an inspection done – DO IT. It is the best $300 bucks you will spend. The inspector will be able to tell you what is wrong with the house and help you set up a list of priority repairs. Most of the forclosed homes are sold as is and you will have no recourse if you sighn the final sales contract. You can write in “pending inspection” in the offer to the buyer. This is a great out if you find a major issue that you can’t afford.

Good Luck and I hope this information helped.

Your Questions About Foreclosures

Steven asks…

Totally free list of bank owned foreclosed homes?

Almost every site wants my credit card number and money to look through the foreclosed listings, I am looking for a totally free site to find local bank owned foreclosed homes in Michigan. Out of the free sites I have found, some don’t give you any pictures to even see what the outside looks like, and others give you no info on bedrooms, baths etc., does anyone know of any sites that would help me out? Thanks in advance!!

Your Questions About Foreclosures

The Expert answers:

The foreclosures are required to be sold on the open market. Those “lists” are just scams.

Any local RE agent can provide you a list of foreclosures for free.

Your Questions About Foreclosures

Sandy asks…

Is there a database for foreclosed homes from Wells Fargo?

Is there a legitimate, searchable database of foreclosed homes owned by Wells Fargo on the web? Preferably an OFFICIAL Wells Fargo database, not one of those websites that make you register, make you pay, etc. For what it’s worth, I’m not a broker/investor/agent. Thanks for any help!

Your Questions About Foreclosures

The Expert answers:

Yes. Wells fargo outsources their REOs (real estate owned aka homes that they now own through foreclosure) to a company called “Premiere Asset Services”. Here is the official website:

http://www.premierereo.com/reo/

Regards

Your Questions About Foreclosures

Linda asks…

Foreclosed homes too good to be true?

I found foreclosed homes for people even with bad credit on craigslist, they have legit numbers and everything. is this too good to be true or not?

Your Questions About Foreclosures

The Expert answers:

Yes, it is too good to be true. You won’t be able to buy a home with bad credit in any reasonable way. If these advertisers are going to provide the financing for you, expect a nightmare, at best. Your interest rates will be extremely high, and you will face a foreclosure at the slightest hint of not fulfilling your financing agreement.

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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