Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Michael asks…

Foreclosure homes?

Does anyone know about buying a foreclosure home? I see some beautiful homes online for way too cheap. Whats the catch? How does the process work?

Your Questions About Foreclosures

The Expert answers:

Go to www.hud.com

Your Questions About Foreclosures

Lizzie asks…

foreclosure homes?

I was wondering homes that are foreclosured and sold are cheap because I saw on tv that I woman bought a $1.5million home for like $600,000 from an auction(not a ad or infomecial) . Am I imagening or is there money to be made in foreclosure homes. Can homes be that cheap?

Your Questions About Foreclosures

The Expert answers:

But you do not know how much she was required to put as down payment, it could have been as much as $400,000. While purchasing a foreclosure can be a good investment if purchased at the right time and right price. Remember foreclosures are bid on at sheriff sale. You have to bring cash or certified funds. Some may have equity, most do not and most need expensive repairs. The get rich quick schemes are just that, hot air. If you are truly interested in being an investor in real estate, consider buying properties for rentals. All these folks losing their homes are going to need a place to rent.

Your Questions About Foreclosures

George asks…

How do I search for foreclosure homes without having to pay?

I am trying to google foreclosure homes in my area of Evansville, IN and every site that I come to wants me to become a member and pay to view the information. I know there has to be an easier way to search for these properties. Any ideas?

Your Questions About Foreclosures

The Expert answers:

Try realator.com Foreclosures are in the MLS.

Your Questions About Foreclosures

Steven asks…

What is the easiest way to find Foreclosure homes in your area?

So we are in the market for a new home and need to be pointed in the right direction

What is the easiest way to find foreclosure homes around your area?

Your Questions About Foreclosures

The Expert answers:

For those much wanted tax foreclosures(cheap)- you can try google searching tax auctions in (insert) your county and state. They are usually provided by the county financial department or sometimes a private auctioneer is listed.
For bank foreclosures- watch your local mls listings- almost all bank foreclosures are listed here including all HUD properties, maybe hook up with a real estate agent to keep a eye out for you. Like the other person said HUD, VA and USDA properties are availble to- they have a website -go through and find your state.
Http://www.resales.usda.gov/
http://www.hud.gov/homes/index.cfm
Although theres tons of places out there trying to charge you for their services of collecting those foreclosures- most are listed on the MLS- public information.
Theres also a few auction houses that do bank sales for the smaller banks – you can check out www.auctionzip.com and maybe find some of those.
Also try to find a agency in your area who specializes in REO properties, theres usually one in a large city nearby – try a google search.

Your Questions About Foreclosures

Sandra asks…

What is the difference Between resale and foreclosure homes?

I found some very nice homes that I like but the listing is listed as RESALE can someone please explain to me what is the difference between foreclosure and resale.How much more paper work do you need when buying a resale ?how long will it take for the deal to go through?

Your Questions About Foreclosures

The Expert answers:

I think you may be thinking of short sale and not resale. Resale is most simply any home that is not new construction. If you are buying a home that someone has owned before (not a construction company) then it is resale. Even if the owner built it themselves and lived in it a year without ever selling it it is resale. Foreclosure, commonly called REO, Real estate owned or bank owned, generally take the same amount of time and paperwork as regular transactions but the banks often do not pay all of the sellers side closing costs and often sell As-Is.

Short sales are a totally different game. It is when the seller/owner owes more than the home will sell for. It is generally the same amount of paperwork but while while the buyer and seller agree on a price the lender must ultimately agree to the payout amount and may not allow the sale to proceed. A resale, new construction, or REO is generally 30 days or whatever is stated in the contract. Short sales can take much longer and I have heard some that have taken over six months just to get the bank to consider the price.

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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