House Forclosures

Does anyone know any good sites to search for house foreclosures?

Call your uhmm... city hall (i think) I was thinking about doing this for a while, most sites online require a subscription.

no, but if you want a house, i'll sell you mine real cheap.

yeah I'm looking for a house and thought I can get one cheaper by finding a foreclosure...

i never understood foreclosures. It's like it almost seems too good to be true. Get a house for a third of the cost with no drawbacks? How come everyone doesn't do this? There must be some sort of catch. I don't know what it is, or if there even is one, but if you find out, could you let me know???

When I sell my house, I'm going to an apartment and if I could own for the same price I would pay in rent, I would love to do that.

[quotec192583aaa="TravMan162"]i never understood foreclosures. It's like it almost seems too good to be true. Get a house for a third of the cost with no drawbacks? How come everyone doesn't do this? There must be some sort of catch. I don't know what it is, or if there even is one, but if you find out, could you let me know???

When I sell my house, I'm going to an apartment and if I could own for the same price I would pay in rent, I would love to do that.[/quotec192583aaa]
It's simple. Banks are looking to get their payoff if possible, but in a downturn economy like this, they're often satisfied with just a portion of the payoff, to get it off their books quickly. So they tend to go on the market at a fraction of their market value.

The problems with shopping foreclosures is that they don't tend to stay on the market very long (for obvious reasons) so the good ones are hard to find, and they often need work due to being somewhat (or even greatly) trashed by their former owners when they're evicted.

So there's no special bank clause for them to continue recouping their money? You can really just get a $200,000 house for $75,000 and there's no catch minus some possible work? Jesus. I screwed my life up bad hahaha.

Realtytrac.com was mentioned on AIM Daily News... it is legit and needs subscriptions.

[quote664f429e57="dmorris68"][quote664f429e57="TravMan162"]i never understood foreclosures. It's like it almost seems too good to be true. Get a house for a third of the cost with no drawbacks? How come everyone doesn't do this? There must be some sort of catch. I don't know what it is, or if there even is one, but if you find out, could you let me know???

When I sell my house, I'm going to an apartment and if I could own for the same price I would pay in rent, I would love to do that.[/quote664f429e57]
It's simple. Banks are looking to get their payoff if possible, but in a downturn economy like this, they're often satisfied with just a portion of the payoff, to get it off their books quickly. So they tend to go on the market at a fraction of their market value.

The problems with shopping foreclosures is that they don't tend to stay on the market very long (for obvious reasons) so the good ones are hard to find, and they often need work due to being somewhat (or even greatly) trashed by their former owners when they're evicted.[/quote664f429e57]

Yeah we looked at one already and the people left a bunch of shit behind, like toys and clothes, it was just all over the place, the lady said to just ignore that stuff and look at the actual house, lol

So far we're seeing houses that usually cost about 170 going for about 110, not to bad.

www.zillow.com is a good site to see how much houses are actually worth

Call your local title companies, they have websites that they use for foreclosed homes that then go to auction. Keep in mind you are taking the home "as is" and that you have to pay the debt that is owed by the past owner in order for you to take the home.

just drove around for a couple hours, there is tons of houses for sale right now dang... now the trick is finding the foreclosure ones

What HUD Owned houses?

[quote1983a14d27="sweeedfish"]Call your local title companies, they have websites that they use for foreclosed homes that then go to auction. Keep in mind you are taking the home "as is" and that you have to pay the debt that is owed by the past owner in order for you to take the home.[/quote1983a14d27]

This can be finance right?

[quote269ac2f4f6="puppeteer"][quote269ac2f4f6="sweeedfish"]Call your local title companies, they have websites that they use for foreclosed homes that then go to auction. Keep in mind you are taking the home "as is" and that you have to pay the debt that is owed by the past owner in order for you to take the home.[/quote269ac2f4f6]

This can be finance right?[/quote269ac2f4f6]

Yes and no. FHA loans have "minimum standards" that the home has to meet in order to be financed. Do a search for HUD standards and you will eventually find it (it was hard because requirements changed 3-4 years ago). This includes things like no peeling paint (older lead based paint homes), good roof, working heating, safe electrical, working plumbing, windows open (for fire escape reasons), bannesters around open areas, etc. This does not include appliances like a Fridge, Stove, etc. Stair rails are no longer required either (so if a site you find says it is then it is outdated). I think a trashed home is OK as long as it has the minimum safety features.

If the plumbing/heating/electrical doesn't work you won't be able to get an FHA loan until it is fixed.

Conventional loans may have lower requirements. I haven't researched them though.

Oh and I'm sure FHA wants a clean title (which you want anyway).

Here's a start.

http//www.countrywide.com/purchase/f_reo.asp
http//bankofamerica.reo.com/search/
http//www.citimortgage.com/Mortgage/Oreo/SearchListing.do
http//www.pasreo.com/reo/
http//services.mandtbank.com/personal/mortgage/reomort.cfm
http//apps.indymacbank.com/individuals/realestate/search.asp
http//www.us.hsbc.com/1/2/3/personal/home-loans/properties
http//mortgage.chase.com/pages/other/co_properties_landing.jsp
http//www.bbt.com/bbt/applications/specialassets/search.asp

Most homes in the REO stage are already going to have been weeded through by the various people that a foreclosure goes through though (lawyers, judges, clerks, bank personal, realtors, etc) so you're not going to find that great of a deal as if it was something really good, it gets snatched up real quick.

The best deal is to look for houses that are on the market that are just beginning the foreclosure process (Lis Pendens) as many would rather take the loss (a short sale) rather the going through the entire foreclosure proceedings and taking the hit on the credit report for years to come.

Alan

Thx for all the info alan )

Is Lis Pendens sorta like Pre-Foreclosure?

Yeah, it's the stage where the lender notifies the owner that they are going to begin the foreclosure process.

Alan

[quoteec368f3667="Trainn-Alan"]Yeah, it's the stage where the lender notifies the owner that they are going to begin the foreclosure process.

Alan[/quoteec368f3667]

And then at that point they will try to sell the house lower to avoid foreclosure?

Another thing--congress just passed a bill to where you get $7k in tax credit if you purchase a foreclosure. Most people think it just boosts the price of all foreclosures by 7k but still, cant complain about free cash.

For Pre-Forclosure houses... how does that work because the owner COULD still make a payment right? Does pre-foreclosure mean the house is for sale or who do you contact about a "pre foreclosure"??

Basically how do you approach a pre foreclosure house?

I believe once foreclosure proceedings have been initiated, it's too late to "make a payment." The only thing that could save the owner is coming up with the money to payoff the mortgage -- pretty unlikely if they're entering foreclosure to being with. Nobody's going to lend them the money at better terms than what they already had, because their credit will be trashed by that point. It takes time, usually several missed payments, before a person gets to the foreclosure point.

I am also curious about this process....is there a site that has a list of homes in the pre-foreclosure stage, or is there another way to get a list? I have seen a few sites with houses that are already in foreclosure but none for pre.

[quoteee2e5d232b="Jeremiah1218"]I am also curious about this process....is there a site that has a list of homes in the pre-foreclosure stage, or is there another way to get a list? I have seen a few sites with houses that are already in foreclosure but none for pre.[/quoteee2e5d232b]

www.RealtyTrac.com has some good info. I believe it was posted up above )

Oh ok thanks...I wasnt sure if that was for foreclosures only but ill check it out.