I have heard 1,000 old people tell me that my husband and I should be looking into bankruptcied homes instead of trying to build right now. I agree the market is favorable for this… but I cannot find a way to locate said houses!!! Every avenue I look down on the internet requires a subscription before the price/location is even disclosed!!! Is there not any other way to find FORECLOSURE LISTINGS???
Why is it that I must subscribe to a web service to look up homes that are being sold due to loan default?
I have heard 1,000 old people tell me that my husband and I should be looking into bankruptcied homes instead of trying to build right now. I agree the market is favorable for this… but I cannot find a way to locate said houses!!! Every avenue I look down on the internet requires a subscription before the price/location is even disclosed!!! Is there not any other way to find FORECLOSURE LISTINGS???
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January 1st, 2010 at 1:31 pm
hire a realtor as a buyers agent to locate these homes for you
January 3rd, 2010 at 8:31 pm
Yes but it will take a little footwork on your part. You can goto the county recorders office and look through county records but that can be very time consuming. In many states you can go down to any title insurance company and they will have whats called a NOD (Notice of Default) listing. This may cost you a little money though. You can also make good friends with a mortgage broker and get them to order it for you and its usually free. I am seeing many more people asking for listings for Bank owned properties. I recently helped a gentleman buy a house for $150,000 under present adjusted market value. WOW! You can get these listings through real estate agents.
Hope this helps.
January 7th, 2010 at 4:52 am
look under yahoo real estate. They have a foreclouser tab, and it is GREAT. It beats paying a service and gets you more info than just calling a realtor and waiting to hear
January 7th, 2010 at 8:00 pm
The 1.000 old people you know are misled and uninformed. While there are plenty of foreclosures occurring at this moment, few are the hot deals they are advertised to be by many. When a bank is forced to acquire ownership of the collateral by foreclosure, it generally seeks as high a sale price as the market will bear. Foreclosures are generally sold ‘as is’, and a thorough inspection of any property is advised before purchase.
Think about it. Why WOULD a lender take less than the going rate for a property, if the lender is already losing money on it due to a non=paying homeowner ?