Offers

[Jorge Ruiz]

Hello BP! Need some help. I'm sure one of you out there has purchased a HUD and/or lender owned property? Will any of these 2 flex on their asking price? Anyone here use foreclosure.com? Is it useful? Is it worth the $40 a month? Thanks for any and all input.

Jorge

[Jeff Copeland]

In most cases, foreclosures end up listed on the MLS after the foreclosure is complete. So all you need is a good agent and an automated MLS alert. I don't see any point in paying a monthly fee for a foreclosure monitoring service.

Even if you're hoping to market to the owners in pre-foreclosure, 1) so are hundreds of other investors, and 2) this information is public record (just do a public records search for a Lis Pendens).

www.hudhomestore.com and www.homepath.com list HUD and Fannie Mae foreclosures, respectively (but even these are also listed and sold through a listing agent on the MLS).

As far as price, every deal and every property is different. Some sell below asking, some sell above asking. Just like any other property, there are may factors that go into determining market price - supply and demand, market conditions, and ultimately - how many other buyers are you competing against and how much are they offering and at what terms?