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Anybody specialized in foreclosure?
Looking for property at foreclosure to purchase.
#3 All Forums Contributor
- Investor
- Virginia
Hi Chris. I know that. That's why I'm asking if someone is specialized on that. I made a few with a third party company but I'm looking for more properties to purchase at a mid point between forclosure value and market value...
Finding and buying foreclosures takes a lot of leg work.
Are you looking for bank owned REO? If you do a little digging there is probably a realty company that specializes in REO listings in your area. You can get put on their email list. You can also check individual bank sites for homes that they own and want to sell.
If you are a cash buyer and can close quickly with as little red tape as possible, the main thing you'll want to do is make sure people in the area know that they can call you for a quick sale. You can place "I buy houses" ads in the area you're looking at. You can also let local realtors, churches and charities know that you are looking to buy houses quickly "as is" but you only pay 60-70% (or whatever your policy is) market value.
Look at the HUD home website for buyers. Also auction.com and xome.com can be helpful but I'd be cautious bidding on those sites as the auctioneer will up the bid until the reserve price is met. Also it's important to see the house before you bid on it.
Thanks!! I will check those sites.
We have to create a kind of zillow but only with Distress home.;)
at
#2 All Forums Contributor
- Real Estate Consultant
- Mendham, NJ
- 6,508
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#2 All Forums Contributor
- Real Estate Consultant
- Mendham, NJ
You are only buying foreclosures if you have cash. Period.
Are you trying to buy on the courthouse steps at auction or are you talking about modified foreclosures, after they pass the courthouse, as REOs. Hubzu and Xome are the "best" of the foreclosure sites and they suck, have buyer premiums, and ghost bidders.
It sounds like you are pretty green so foreclosures are not going to work for you. True foreclosures are no access to the inside, cash, accept liens that come with it.
Ariel
Looking for property at foreclosure to purchase.?
My question to you is why...
I know your answer you think is better deal & better price?
answer not all the time, if is bank own couple of years abandoned by owner the house could be in very bad condition with many repairs..
Search for the best deal
Luis Maqueira MMP