Information and Advice for new or experienced foreclosure buyers
I’m in the foreclosure industry and a realtor just recently informed me that by law agents can not represent investors when buying foreclosures. Is this true?
And what do you think the ratio is between investors to regular home buyers when buying foreclosures?
Please advise
My husband and I are thinking about buying a home that is in foreclosure, but are unsure of a few things.
*The property we are considering has been in this other family’s hands for ten years, but a couple of years ago they took out a $350,000 2nd mortgage. So between the first and second mortgages they owe close to $700,000. The property now is only worth about $425,000. From what I understand, it is the second that they have fallen behind on.
So, if we were to purchase this property, would we pay what the home is worth, or would we somehow be responsible for the entire debt?
Also, does anybody know anything about the HUD Officer Next Door program? (It’s where officers can buy HUD homes for 50% off) The website says their are no homes in my desired area at this time. Do they use foreclosed homes for this program, and if so will it be just a matter of months before they are flooded with available homes?
I have been interested in foreclosures for the longest time but never decided to research further or take advantage of the market. Because it is a good time to buy I was hoping someone out there can offer some advice (in addition to the recent research I’ve been doing).
Because I don’t know much about the process I will throw around a couple terms I’ve heard lately: REO, gov’t tax lien certificate sales, title & bankruptcy search, property inspection, and HUD foreclosed.
I wanted to try a tax lien certificate but after doing research I’m seeing that this may not be the best way for me since I am so inexperienced. What is the best way for me to purchase a foreclosure and how do I get started? How long does the process generally take? Is there a way that I can see the property before bidding at an auction? If a property is a REO then I should be able to see the property before purchasing, right? Last question, When can I get the property inspected and a possible appraisal (before or after the property is bought)?
Whomever reads and answers this question, thank you in advance! I know this is a long question but I am serious about buying a foreclosure and doing the research necessary to attain this goal. Thank you.
My cousin is thinking about buying a foreclosure home to live in, not flip. She has the neighborhoods picked out and will wait until one of those houses go into foreclosure. How much cash do you need to come up with? Is it like taking out a regular loan for a home? There are a lot of stages to foreclosure which one will give you the better price (pre-foreclosure, bank owned…) ? Is the price you see the total price or are there hidden cost? Could you end up buying a place with a lean on it? Thanks.
My boyfriend and I are going to start saving money to buy a house. Today I was looking at the houses for sale online and a link to foreclosure properties came up. The prices for the foreclosure homes are super cheap. For example a house built in 2004 with 5 bedrooms and 2 bathrooms for about $20,000. Does anyone know if this is true or what is the process of buying a foreclosure property?
My wife and I live in Southern California and have been renting for 6 years now. Our twin daughters are graduating from college this year and my wife finally received a settlement from a car accident she was is. In our area most newer homes are out of our price range, but need a tax write off for IRS taxes next year. We heard you can go to the courthouse and make minimum bids on forclosed homes. If any one knows how the process works and the best way of laying the foundation first to purchase a home – it would be greatly appreciated!
What do I need to bring in order to buy a foreclosure?
Is there a way to evict without having actual deed? It may take 6-8 weeks to receive the sheriffs deed. The sheriff will evict but that takes at least 2 months from confirmation of sale. I want to use local municipal court which is much quicker.Is a writ of possession from sheriff enough in an eviction?
