Whats the best way to search for foreclosures/quick sales? Any advice on this process? Pros/Cons?

[greatone632]

So I have my lease up at the end of February and am considering looking to get a good deal on a house if I can scoop up a foreclosure/quick sale.  I've gotten good advice on NT with pretty much everything else, so this shouldn't be any different.  First of all, whats the difference between the 2 processes?  How long does this usually take from start to finish?  Is there a website to look these up or should I leave this up to a realtor?  What kind of stories do you have on these pick ups?  

 

[crcballer55]

If you're going to buy at the courthouse, you're going to need a check in hand for the purchase price. In most cases, you can contact the realtor servicing the house for the bank and try and negotiate. You're likely going to get the best deals on a house that has either been sitting on the market for a while, a house that's not owned by a larger bank, or a house that needs some serious repair (cosmetic or otherwise). If you're in California, you might not get a great deal just because it's a foreclosure since that's still over half the market and the banks are still holding onto a significant portion of their inventory. As a result, I believe that prices will still fall a bit more in most areas due to the surplus, but that's just my opinion.

If it were me, I would only buy right now if you can get at least a 10-15% discount on the property based on the area comps.

 

[odog24]

Short sales can take up to a year.
And foreclosures are like a 2 month process

It also depends on where you live.
Also depends on if your looking for ready to move in ir fixer upper

 

[grizzlyboy]

Homepath.com

 

[mojodmonky1]

be prepared for to wait and wait and wait.

i didnt buy my place at the foreclosure sale, but purchased a REO property (after bank had foreclosed and retaken ownership of it). It was an 8 month escrow from the time I put my offer in to the time I got my keys.

 

[crcballer55]

Originally Posted by Mojodmonky1

be prepared for to wait and wait and wait.

i didnt buy my place at the foreclosure sale, but purchased a REO property (after bank had foreclosed and retaken ownership of it). It was an 8 month escrow from the time I put my offer in to the time I got my keys.

What took so long?  Typically banks like to get them off their books within 90 days.

 

[l smokecity l]

Originally Posted by crcballer55

Originally Posted by Mojodmonky1

be prepared for to wait and wait and wait.

i didnt buy my place at the foreclosure sale, but purchased a REO property (after bank had foreclosed and retaken ownership of it). It was an 8 month escrow from the time I put my offer in to the time I got my keys.

What took so long?  Typically banks like to get them off their books within 90 days.

I'm wondering the same thing because 8 months is a really long time. Bank owned properties in California can close in 45 days or less after acceptance of offer using FHA or conventional financing. Cash transactions can close in 14-21 days or less.

 

[l smokecity l]

Your first step if you haven't already done so is to get per-qualified by a loan officer. This will educate you on how much money is needed for the down payment, monthly payment, closing costs etc. Depending on what type of financing you will be using it can limit the types of properties you will be looking at. If you are using FHA financing then fixer uppers will be eliminated.

Next step is get in touch with a very solid realtor to help you narrow down your search criteria. Let them know your situation with the lease and what exactly your looking for when it comes to the type of home your trying to purchase.

Bank owned properties can close in under 45 days vs short sale listings that typically take 45-90 days just to get a response to your offer and can take months and in some cases up to year depending on the situation with the house and the seller.

You can get a good deal in Real Estate right now but remember this is a buyers market. There are alot of people in the same situation that are able to afford houses so in many cases especially in the bay area there can be competition which in some cases doesn't allow you to get the deal you may want on a house. Prices have nearly dropped in half so in actuality you still are getting a good deal.

Good luck and get started on that per-approval if you haven't already just so you can educate yourself because that's very important when it comes to making this big investment.

 

[pushak513]

Just got a house off Zillow.com it was a forclosure..house is paid for in full and its been almost a month and I still don't have my keys yet...It does need some work so I'm really tryin to get to it before winter sets in..like to have it livable in a month or so from the day I start workin.

 

[mojodmonky1]

Originally Posted by crcballer55

Originally Posted by Mojodmonky1

be prepared for to wait and wait and wait.

i didnt buy my place at the foreclosure sale, but purchased a REO property (after bank had foreclosed and retaken ownership of it). It was an 8 month escrow from the time I put my offer in to the time I got my keys.

What took so long?  Typically banks like to get them off their books within 90 days.

former owner sued the bank claiming that the foresclosure was not legal.  it was a baseless claim, but she kept filing different motions and appeals to bog down the process.  obviously i didnt want to buy with that title defect on record and had to wait until the courts finally threw the case out for good.  what is mind boggling to me is why that woman didnt just use that money she burned on attorney costs to pay her mortgage to begin with.
  

 

[al audi]

i use a great program called prop trend

we can see the foreclosures before the general public
we just had a 2 family house inspected yesterday were looking at.