Questions about the purchase of a foreclosure

[disneychick0412]

There is a home that I know is in the process of foreclosure that might be something I am interested in purchasing. I know that sometimes foreclosures go to auction, but do they always??? I don't know how far along in the foreclosure process this person is, but the house has been empty for several months. (This is my parents neighbor, so I am familiar with the situation somewhat, but don't know details). The homeowner has moved to another state and we are trying to reach her, but not having much success yet.

This is something that may not happen, but I figured it might not hurt to gather some information and hear about other's experiences.

 

[momrek06]

There is a home that I know is in the process of foreclosure that might be something I am interested in purchasing. I know that sometimes foreclosures go to auction, but do they always??? I don't know how far along in the foreclosure process this person is, but the house has been empty for several months. (This is my parents neighbor, so I am familiar with the situation somewhat, but don't know details). The homeowner has moved to another state and we are trying to reach her, but not having much success yet.

This is something that may not happen, but I figured it might not hurt to gather some information and hear about other's experiences.

We did this in 1990. We relocated to MA after my DH had been with the railroad for many years. He was hired by a small town in Central MA as their Town Engineer. Great job. BUT we had to live in THAT town. Not much on the market back then in this town we HAD to live in. We found a bank foreclosure and contacted them. As I recall there was an article in the local paper that at this property the bank would be holding an auction. I remember we contacted the bank that held the mortgage and was able to get into the house and liked what we saw. We then went to the house the day of the auction and come to find out we were the ONLY ones bidding. We bid low and was accepted immediately.....I always always wished I had bid lower than I had....(keep that in mind, OP, bid LOW)!!!

Anyway, we moved in and lived there for 15 awesome years. Did not have to do much at all. The previous owner had lost his job and had moved out of state. Very sad.

We sold the house in 2005 and made some serious coin on that experience.

Good Luck, OP!!! Go for it!!!

 

[hiwaygal]

Contact a realtor and ask about HUD homes...and where you can keep up with new listings.

My current home was a foreclosure that was purchased by HUD and I was able to get a really good deal on it!

You may also be able to go to the county/city tax assessors office or records/deed office and find information on who owns the house and POSSIBLY who the lien holder is (the bank that financed the loan). You might be able to get some info there as well.

Good luck.