Forclosure listings

[sl_underwood]

I am looking to buy a house and I am wondering about forclosures and short sales. Is there any place online that you can view foreclosures in your area for free? I keep seeing all these pay sites but nothing that is free.
TIA

 

[JB2K]

If you are in the Southern NJ area, I can recommend someone who has a free website with nothing but foreclosures.

For anyone interested, please PM me for more details (as I don't want to risk violating the TOS).

 

[sl_underwood]

I am in oklahoma and hoping to find an income property for my daughter to live in while attending college (looks to be cheaper than paying room and board)

 

[asoko]

you can see what houses Fannie Mae has available. homepath.com

Freddies should also be available

The HomePath mortgage program does not require an appraisal or mortgage insurance.

 

[jedijohn]

I recommend Google Maps:

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=&mrt=realestate&sll=35.344255,-114.851074&sspn=31.969808,67.631836&ie=UTF8&t=h&ei=srxrSsCxIpCciAPDx_DiAQ&attrid=ee6d68e1e5cb9843_5ce4764c89529344_48fe1fca1b8d0fa9_925624117cd8f097_b494d6b85b8baeb8_b6f29304853e5c2a_&rq=1&ll=40.111689,-96.591797&spn=30.071096,67.631836&z=5

 

[a1tinkfans]

you can see what houses Fannie Mae has available. homepath.com

Freddies should also be available

The HomePath mortgage program does not require an appraisal or mortgage insurance.

Wow, some interesting listings here!
Thank you for posting!

 

[Colleen27]

They'll be listed in the MLS in most cases, though not always noted as a foreclosure (look for 30 days or less occupancy or bank-owned in the notes section). Hud.gov also has links to the agencies they use in each state. We looked at dozens of foreclosures before we bought our current home, and didn't go through any special web site to find them.

 

[kelleyrn2000]

Try homefinder.com

I was just on there tonight, and I saw that our first home we owned was now for sale, and listed as a foreclosure. It was asking $50,000 less than what we sold it for back in 2005! It was listed under a realtor, but listed as a foreclosure. There was also a tab you could click on to see foreclosures. HTH.

 

[QVCshopper]

Can anyone quickly explain the foreclosure process? I saw one MLS listing that's bank-owned right near where we used to live (this is a house, and that was a condo). Anyway, if we were to pursue, what are the next steps? What's the risk involved? I read that foreclosures aren't necessarily great deals b/c banks are trying to make up lost money--opinions? Thanks!

 

[Colleen27]

Can anyone quickly explain the foreclosure process? I saw one MLS listing that's bank-owned right near where we used to live (this is a house, and that was a condo). Anyway, if we were to pursue, what are the next steps? What's the risk involved? I read that foreclosures aren't necessarily great deals b/c banks are trying to make up lost money--opinions? Thanks!

What kind of deal you can get will depend on the local market. Around here, foreclosures are often screaming good bargains because the real estate and employment markets are weak with no sign of any rebound on the horizon, and the banks are just looking to get out before it gets worse. We bought our current home for 1/6 of what it sold for a few years earlier.

If you're looking at foreclosures, remember that the listing agent most likely knows absolutely nothing about the home's history or condition and that the house has likely been vacant for an extended time (here it seems to take about 6-8months from the bank taking possession until the listing hits the market). That makes getting a good, complete, detailed inspection absolutely vital.

Also, in dealing with bank-owned properties you aren't going to get the kinds of concessions you can get when dealing with an owner - your offer will most likely have to be as-is with no contingencies, and you won't be able to haggle over details like appliances (expect those to be missing in most foreclosures) or necessary repairs. Our experience was that the process is very straightforward but leaves you kind of groping in the dark as a buyer - you make the offer and it is accepted or rejected, with no counter-offer or back-and-forth. Of course you're free to submit a better offer if your first one was rejected, but it is pretty one-sided so it is important to have a firm maximum price in mind and be prepared to move on if that offer isn't accepted.

The main risks involved are in buying as-is. You really won't know the full condition of the house until you move in. We've bought two foreclosures and despite a very good inspection by 2 licensed builders, one of whom is the building inspector for our area, there have been issues that we weren't aware of until we got settled in and started discovering little quirks. Other than that, it is just a slightly different process from buying from an owner, and it helps to have an RE agent familiar with the foreclosure market to help navigate those differences.

 

[QVCshopper]

Thanks, Colleen! That was very helpful.

We're still just looking, but I found one that was interesting... my realtor is going to check it out for us ahead of time. I'd say we are casually in the market right now, but I don't think our area has been hit too hard. This foreclosure is listed close to (if not above some of) the other homes in the same neighborhood.

 

[Pumpkinmuffin]

Try emailforeclosures.com 100% free

 

[Tree]

Contact a realtor they will be able to give you a listing of foreclosures in your area. The process tends to be alot longer than buying a non forclosed home.

 

[herdtoDisney]

Can anyone quickly explain the foreclosure process? I saw one MLS listing that's bank-owned right near where we used to live (this is a house, and that was a condo). Anyway, if we were to pursue, what are the next steps? What's the risk involved? I read that foreclosures aren't necessarily great deals b/c banks are trying to make up lost money--opinions? Thanks!

Both homes I have bought have been foreclosures-one owned by a bank and one owned by Freddie Mac. It's not very different than buying a non-forclosed house, except like Colleen said you probably won't get concessions or contengencies. But you can still ask for them if you want. For us, both times we went through a regular realtor, submitted offers, and had inspections. Make sure the wording of your offer states that you will recieve the house free and clear of liens and encumberances. Meaning, you don't want the other guy's water bill or taxes! If you want the home clean or dewinterized, put it in the contract or expect it not to be done. They may or may not do it (I got one house clean and one house loaded with trash).

We had actually put an offer on another home (before we got our present place) that was foreclosed and that particular bank was nuts and countered with an offer with legal wording I wasn't comfortable with-we walked. Be prepared to do so. Banks can be nuts. Know what you are willing to spend, and fix, and make your offer-either they'll take it, or they won't, and don't get emotionally invested until closing

 

[dawson5]

Both here and back home, foreclosures are listed on the sheriff's website. Gives dates of when the sale will be and minimum bid. I know this varies by state/county though. I have a friend who lives in Connecticut and she and her hubby would love to buy a home, but it's so expensive in their area. Told her to look on a sheriff site, we looked every which way we could and could not find it listed that way. I told her to call, they might have more information.

 

[sl_underwood]

Thanks to everyone who responded. DD will head to OSU in August so I have a bit of time to find something that will work. After reviewing the costs of living on campus, I cant help but wonder if this would be a much better option. May not find what I am looking for but I figure it is definitely worth a shot!

 

[horseshowmom]

A young couple at our church bought a foreclosure recently, and they said they got some kind of grant money. I believe they said it went up to $40,000 towards the price of the house, but I don't know any of the specifics. They were telling our daughter about it because she and her husband are in the process of looking for a place. The difference is that the other couple bought in a subdivision, and our DD/SiL want 75 to 100 acres of land (we haven't seen any foreclosures that have a lot of land with them).

We have another couple at our church who is in the process of trying to sell their house. The mortgage company is involved because I know a short sell is an option. He always made an excellent living in the building industry - until the bottom fell out. Their house is gorgeous and, as a contractor's own house, has numerous custom options. Whomever winds up with it will get a bargain. They're only asking the payoff on the house (which is $100,000 under appraisal), and the possible short sale is $50,000 under that). It's on 10 acres of land too. They are so nice, and I feel so bad for them, but the house is going to make somebody very happy.

 

[Muushka]

What kind of deal you can get will depend on the local market. Around here, foreclosures are often screaming good bargains because the real estate and employment markets are weak with no sign of any rebound on the horizon, and the banks are just looking to get out before it gets worse. We bought our current home for 1/6 of what it sold for a few years earlier.

If you're looking at foreclosures, remember that the listing agent most likely knows absolutely nothing about the home's history or condition and that the house has likely been vacant for an extended time (here it seems to take about 6-8months from the bank taking possession until the listing hits the market). That makes getting a good, complete, detailed inspection absolutely vital.

Also, in dealing with bank-owned properties you aren't going to get the kinds of concessions you can get when dealing with an owner - your offer will most likely have to be as-is with no contingencies, and you won't be able to haggle over details like appliances (expect those to be missing in most foreclosures) or necessary repairs. Our experience was that the process is very straightforward but leaves you kind of groping in the dark as a buyer - you make the offer and it is accepted or rejected, with no counter-offer or back-and-forth. Of course you're free to submit a better offer if your first one was rejected, but it is pretty one-sided so it is important to have a firm maximum price in mind and be prepared to move on if that offer isn't accepted.

The main risks involved are in buying as-is. You really won't know the full condition of the house until you move in. We've bought two foreclosures and despite a very good inspection by 2 licensed builders, one of whom is the building inspector for our area, there have been issues that we weren't aware of until we got settled in and started discovering little quirks. Other than that, it is just a slightly different process from buying from an owner, and it helps to have an RE agent familiar with the foreclosure market to help navigate those differences.

Lots of great info, thank you.

The bolded part, isn't that about what you get with any house (unless you can buy some sort of home warranty)?

 

[sookie]

what city are you looking in in OK?