REAL foreclosed houses?

[OoMesKoO 10+ year member]

I hear it all the time. Foreclosed houses, CHEAP CHEAP CHEAP. Well... everywhere i go it seems to be a crazy runaround. Does anyone know a website where I would be able to get some real houses, for sale, with adresses? Thanks!

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[Anonymous User 10+ year member]

i dont know for sure, but cant you go to your local city hall or something about those kind of houses?

 

[jadon087 10+ year member]

realtor.com I saw on the news yesterday that a 4 bedroom house in Detroit sold for 7000$ yesterday crzy man.

 

[iceteebone 5,000+ posts]

realtor.com I saw on the news yesterday that a 4 bedroom house in Detroit sold for 7000$ yesterday crzy man.

trust me, it isn't worth 7k //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

i've seen them as low as $1500 and there is a reason for that

 

[Chevillac 5,000+ posts]

Check out HUD homes.

 

[WhoSayWho? 5,000+ posts]

I hear it all the time. Foreclosed houses, CHEAP CHEAP CHEAP. Well... everywhere i go it seems to be a crazy runaround. Does anyone know a website where I would be able to get some real houses, for sale, with adresses? Thanks!

You don't necessarily get a break just because the house has been foreclosed. That's really just a myth. It is possible that you can buy under market value -- but it's certainly not the lender who owns it (or the company they have sold it to) is giving them away.

Often the "value" comes from the fact that the houses were not maintained and you have some fixer up skilz you can bring it back up to habitable status yourself. But buying a repo is a bt of a pain in the *** to.

If you do buy a repo, make dam sure you buy owner's title insurance.

 

[Chevillac 5,000+ posts]

The other problem with rehabing houses that have been repoed and such.....if you plan on selling them (fast at least) you have to have a free and clear title. Most of the properties (at least here) that have been repoed and such have judgements against them. You cant sell it at that time. Also a lot of title companies wont give you title insurance with a house that has too many judgements, or if the title isnt free and clear. I think its just the lack of people wanting to deal with it, this happened with the last house i tried to buy. I posted about that whole fiasco.

Im learning more as I go though.

 

[Team Hammer 10+ year member]

You don't necessarily get a break just because the house has been foreclosed. That's really just a myth. It is possible that you can buy under market value -- but it's certainly not the lender who owns it (or the company they have sold it to) is giving them away.
Often the "value" comes from the fact that the houses were not maintained and you have some fixer up skilz you can bring it back up to habitable status yourself. But buying a repo is a bt of a pain in the *** to.

If you do buy a repo, make dam sure you buy owner's title insurance.

I would never buy a house without a Title Search. The best 500.00 you will ever spend for those that have tax leans.

 

[iceteebone 5,000+ posts]

some forclosures are good investments here. the ones you see going for 7k are not worth it, but due to the auto makers falling apart, lots of people here are loosing their jobs and can't make their mortgage payments so you do get a well-maintained quality home fairly cheap

 

[squeak9798 5,000+ posts]

You don't necessarily get a break just because the house has been foreclosed. That's really just a myth. It is possible that you can buy under market value -- but it's certainly not the lender who owns it (or the company they have sold it to) is giving them away.
Often the "value" comes from the fact that the houses were not maintained and you have some fixer up skilz you can bring it back up to habitable status yourself.

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif

I can't recall ever getting a foreclosed house back that was in well maintained and good, or even decent, condition. Every one has been ran into the ground. And I've been involved in the foreclosure and liquidation of 20+ properties. The reason they sell so cheap is because there is a lot of work that needs to be done. The lender typically does attempt to sell the property for the maximum amount the market will allow.

But honestly, the best way to find foreclosed houses in your area is to contact your local lenders and asking them if they have any properties. Also, the court house likely provides lists of houses going up for Sheriff's sale in the next X amount of weeks sales.

 

[iceteebone 5,000+ posts]

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif
I can't recall ever getting a foreclosed house back that was in well maintained and good, or even decent, condition. Every one has been ran into the ground. And I've been involved in the foreclosure and liquidation of 20+ properties. The reason they sell so cheap is because there is a lot of work that needs to be done. The lender typically does attempt to sell the property for the maximum amount the market will allow.

But honestly, the best way to find foreclosed houses in your area is to contact your local lenders and asking them if they have any properties. Also, the court house likely provides lists of houses going up for Sheriff's sale in the next X amount of weeks sales.

there are actually a lot of nice home here that are in foreclosure simply because the auto industry has cut back and the family simply can't afford to make the mortgage payment anymore

the ones that are around 7k like mentioned before, are ones that are only worth no more then 20k, because they are in neighborhoods worse then new orleans post katrina

 

[WhoSayWho? 5,000+ posts]

Squeak's idea about checking the court records brings about a possibility of making some real money, if you can find just the right opportunity. Specifically, if you can find where there has been a Notice of Foreclosure filed but the foreclosure is less then complete AND there is equity in the house.

In that instance, you may be able to convince the owners to let you buy the house for the payoff amount --- hence you would get a house with instant equity. The owners may be motivated to agree to this in order to avoid foreclosure.

Again, you need to be careful and have your funds lined up. This is not for someone who is going to struggle through underwriting because you are going to have to act quickly.

A title search AND the purchase of owner's title insurance is crucial. Chances are that if someone is going to lose their home due to foreclosure that they are going to have judgments and/or other liens.

 

[Chevillac 5,000+ posts]

Squeak's idea about checking the court records brings about a possibility of making some real money, if you can find just the right opportunity. Specifically, if you can find where there has been a Notice of Foreclosure filed but the foreclosure is less then complete AND there is equity in the house.
In that instance, you may be able to convince the owners to let you buy the house for the payoff amount --- hence you would get a house with instant equity. The owners may be motivated to agree to this in order to avoid foreclosure.

Again, you need to be careful and have your funds lined up. This is not for someone who is going to struggle through underwriting because you are going to have to act quickly.

A title search AND the purchase of owner's title insurance is crucial. Chances are that if someone is going to lose their home due to foreclosure that they are going to have judgments and/or other liens.

Like a quit deed. Something my mom's friend tried to explain to me. Sounded... ehhhhh. You definitely have to have the money for that.

 

[Chevillac 5,000+ posts]

What he would do though, is either get them to quitclaim the deed to him, catch up what they owe, raise the rent and say(in a contract) if you miss payment (which he said they always did) that they have 2 weeks to get out of the house. or he would get pay them money to get out. Some shit, he never really fully explained the whole process.

 

[WhoSayWho? 5,000+ posts]

No, you would actually be buying the house from the owners. You would want to insist on a Warranty Deed not a Quit Claim Deed.

The only difference is that the owners would be that you are basically dictating the price (the payoff amount) because they are in a huge hurry to sell before the foreclosure. It may seem like you are taking advantage of them -- and you are in a way. What's in it for them to sell at a discount? They avoid having a foreclosure on their record and they will be able to rebuild their credit easier.

The funds from the sale to you would actually go to payoff their loan.

BTW, the payoff amunt needs to come from their lender -- who may direct you to contact their lawyers who are handling the foreclosure. The payoff amount is NOT the amount shown as owed on the owner's billing statement. That amount will typically be less than the actual payoff amount - because it does not include all of the interest though the date of closing, escrow shortages, atty fees, prepayment penalties, etc.