Information on Buying a Foreclosure

[bjgrazi]

Does anyone know about buying a foreclosure? Most listings on the net want you to pay. I was wondering if anyone has done this.

 

[piglet too]

If you are really interested in this, contact your county's sherriff's office as they quite often handle the initial sales.

 

[castlegazer]

Note the listings in your paper. They will state the amount of cash you will need to bid on the property - i.e. you will need to bring a cashier's check for $5,000 is a typical statement. You will then be bidding, usually against the bank believe it or not, on the property to whatever level you feel comfortable bidding it to as in any auction. The key to a bank foreclosure sale is to do your homework with a title attorney or company prior to going to the foreclosure sale. You will need to find out all title information and and liens held against the property as they will become your responsibility upon final bid and closing. That is always the hidden costs of a foreclosure sale or law enforcement seizure sale.

Did I just answer the wrong question? Are you looking for sites or place sthat list foreclosure sales? If you are I am sorry. I don't know any other than your local paper and their is agovernment web site too that I don't know off the top of my head.

 

[missypie]

What state are you in? Many states have only judicial sales (which means the sheriff would be involved) and others are mostly non-judicial (which means that a private attorney or mortage company employee would be conducting the sale).

As the prior poster said, it is YOUR responsibilily to check out title, tax liens and the condition of the property. If the property is subject to a federal tax lien and the correct notice was not given, the lien will follow the property. Some sales are of SECOND liens, which means the first lien/mortage would stay in place and you would have to still pay that. The property is always sold as is, so there is no recourse if the roof falls in or the AC breaks.

As for the bid amount, except in rare cases, when I conduct foreclosure sales, I never disclose what the opening bid will be.

 

[Maleficent2]

http://www.hud.gov/homes/homesforsale.cfm

also contact a realtor listings in Tn come out on Thurs Morning...to get one of these homes you usually have to be on top of things and be ready to go immediately...Good Luck


Our first house was a VA repo we paid $16,000 for it and sold it for $75,000 10 years later we could have gotten more but we wanted a quick sale, they knocked on our door and asked if we were painting the house to sell. Now we wished we had kept it for rental/investment since it has sold 4 times since, then last time for $130,000 no improvements since we sold it.


Mal