Real Estate Experts... Foreclosure search?

[alexw]

Wife and I are looking to buy a home, thinking about buying a foreclosure, seems like the "in" thing to do these days... Where on earth do you go to search for foreclosures?

I signed up for one website, but it was only a 7 day trial, then they wanted $50/month after that. Is that normal? Is there a better, and um cheaper alternative?

Word.

[Rsully70sev]

Yes that's normal as far as websites go. You ever get something for free in life? And foreclosures are the "in" thing right now. My brother bought a development in Philadelphia that a contractor couldn't finish. 80k for four homes, 80% done-incredible investment.

The best thing you can do is get a realtor, they don't charge you a cent unless you buy something. They have the knowledge, experience, and will to help you in every way, not to mention access to shit like "MLS" [housing database] lockboxes, etc etc.

Plus if you make an offer or a contract, you won't know what the fuck you're doing, I promise you. It's well worth it to get a realtor.

My background: my father is a top producing realtor in Marin and Sonoma County, I have had this stuff crammed down my throat for the past twenty years. I'm currently taking classes to study for my license, I know the housing market front to back, feel free to ask away. [Just so you know I'm not talking out my ass]

[priapism]

"Foreclosures" are overrated. Homes that are being auctioned by banks out here are done on the courthouse steps, and you have to pay cash up front for the house literally then and there. Not really feasible for people other than flush investors. Most short sales and REOs are listed on the MLS. Best way to get a bargain is to sign up with a realtor and start looking for fixers.

[Vedubin01]

go to your local bank and ask them for a print out. Being that they own the homes and most likely would love to have you get a mortgage through them, they will work with you a bit more!

But the housing bubble is not over, its going to crash one more time! So be patient!

[Sagaris]

Wife and I are looking to buy a home, thinking about buying a foreclosure, seems like the "in" thing to do these days... Where on earth do you go to search for foreclosures?

I signed up for one website, but it was only a 7 day trial, then they wanted $50/month after that. Is that normal? Is there a better, and um cheaper alternative?

Word.

Alex, Buy my house in Milwaukee. Feel free to stay in it overnight as a test-drive of sorts. I bought it foreclosed, thats close enough, right?
:up:

[mrsleeve]

But the housing bubble is not over, its going to crash one more time! So be patient!

This


In most places in the country we have not gotten to the bottom yet. Better to keep saving your money so you have some when NO one else does, cuz they are in debts up too their eyeballs, and losing it all.

[alexw]

Alex, Buy my house in Milwaukee. Feel free to stay in it overnight as a test-drive of sorts. I bought it foreclosed, thats close enough, right?
:up:

Milwaukee is way too far of a commute for me ;)

Thanks for all the advice guys. Its our first home. We're both vets and plan on using VA loans too, might make it harder to buy a foreclosure, IDK.

[Sagaris]

If the house needs significant work (For some reason the previous owners of my house gutted the kitchen before the house was foreclosed) you may not qualify for a mortgage from a big bank such as Wells Fargo, US Bank etc. We were approved by US Bank, then they found out our house didn't have cabinets+appliances and then they backed down and claimed that someone didn't do their job right and we nearly lost our earnest money. We had to borrow some money from family to pay cash for the house. Fix the kitchen, THEN get a mortgage and pay them back after US Bank considered the house to be "inhabitable", but the bottom line is that bigger banks don't care about dumpy houses and usually don't finance them so go through a local smaller bank if you do.

[Restoman]

Be prepared for a very long closing. It's much easier if you don't have a house to sell before jumping. Closing can take 6 months and get ready for a whole bunch of upfront fees and a bank that does not want to talk to you. It's usually a huge pain for a house that was foreclosed on for a reason.

[Restoman]

Oh cliffs.....stay the F away from foreclosures and short sales.

[quikveedb2]

Look at the public trustees or county assesors website where every you're trying to buy, or watch the local newspaper for legal notices of election & demand. Basically, it's the banks telling homeowners in legal form; pay up, or gtfo. Scope the location, find a short sale agent, and be prepared to work really hard, and probably for a few months (minimum) to get a good deal and first dibs on a foreclosure. N.E.D.'s are basically the legal precursor to foreclosure.