RealtyTrac for foreclosure sales? Or input re: foreclosure sales in general?

[Carol]

I'm considering the purchase of some property, and I'm seeing several foreclosure listings in my price range. However, getting the details online requires purchasing a subscription to RealtyTrac -- which concerns me a bit as some of the listings are showing as over 1 year old, and showing as "off the market" on other real estate web sites.

The area where I'm looking is 2-3 hours away from where I currently live so I'm doing my best to get some info ahead of time.

I am aware that a foreclosed property may have some significant issues. I'm considering this because I have a strong network of folks who have a wide range of skllls, and many are willing to assist me in rehabilitating the property in exchange for occasional lodging once the place is rehabbed.

Any additional words of wisdom with regards to buying a foreclosed property would be appreciated, if anyone cares to share. :asian:

 

[Touch Of Death]

I'm considering the purchase of some property, and I'm seeing several foreclosure listings in my price range. However, getting the details online requires purchasing a subscription to RealtyTrac -- which concerns me a bit as some of the listings are showing as over 1 year old, and showing as "off the market" on other real estate web sites.

The area where I'm looking is 2-3 hours away from where I currently live so I'm doing my best to get some info ahead of time.

I am aware that a foreclosed property may have some significant issues. I'm considering this because I have a strong network of folks who have a wide range of skllls, and many are willing to assist me in rehabilitating the property in exchange for occasional lodging once the place is rehabbed.

Any additional words of wisdom with regards to buying a foreclosed property would be appreciated, if anyone cares to share. :asian:

Many properties are simply in limbo right now. Try a buyers agent, but they get the run-around too.

 

[ballen0351]

Don't bother buying a subscription to any service. A realtor will have all the same listings to show you for free. I bought a foreclosure in 2003 and it was a total gut job but it was cheap. I flipped it a few years later and made a good profit. Depending on how long they have been empty the more issues that it may have

 

[elder999]

Having gone this route a couple of times, I'll say that it can be profitable.

It's also inexorably slooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooow, when compared to buying other property, for a variety of reasons.

So, while you know and apparently have some understanding for the material pitfalls around purchasing foreclosures, like kitchens that ......aren't kitchens anymore, you need to do some research on the legal and financial ramifications of these kinds of purchases-the things that make it so slow.

The best way to purchase these kind of properties, in my opinion, is at auction-when they've reached that point, most of those legal and financial hurdles are no longer a consideration - though there are other considerations for this avenue as well.

With the current state of the market, in many communities properties are simply in-or not quite-in limbo. In some areas, some properties are simply vacated-not on the market, not "foreclosed" yet. Find some of these properties, make ownership inquiries with the county, track those people down and make them an offer-this is the very best, though most difficult route....

I wouldn't purchase any service to do these things, unless you're planning on making a business of it.

*Not a lawyer, a realtor, or a banker-just some guy who's danced this dance more than a few times.......

 

[jks9199]

C'mon... A room that used to have stoves, sinks, etc. can still be called a kitchen. Perhaps a proto-kitchen?

I'd have joined the volunteer list, Carol, but it's a wee bit out of my way. That said, I'd be reluctant to sign up for any subscription that's more than $20 or so... You'll likely have to work with a realtor given the distance, anyway, and they should have all the subscriptions as part of earning their percentage. If you're going to work more independently (I know, who'd ever think Carol would try to handle something independently? ), then I guess the subscriptions could be worth it.

 

[Tez3]

I was going to ask what a 'not kitchen' was! surely it doesn't matter what room is what because once bought you can make a kitchen wherever you want? Our houses that have been repossessed by the banks or mortgage people are usually sold in auctions, All houses now have to have a legal pack which gives you all the info on anything at all you need to know legally, costs the house owner and is done independently but saves the buyer a packet if the house has problems for example being built of pre cast concrete which means mortgages are impossible to get so you'd have to pay cash. It also has to have in it any problems with neighbours etc!

Are realtors as badly thought of as their equivalents here lol? Estate agents are lower than lawyers, journalists and social workers here on the scale of reputable professions and people you wouldn't trust. :uhoh:

 

[Buka]

I was going to ask what a 'not kitchen' was! surely it doesn't matter what room is what because once bought you can make a kitchen wherever you want? Our houses that have been repossessed by the banks or mortgage people are usually sold in auctions, All houses now have to have a legal pack which gives you all the info on anything at all you need to know legally, costs the house owner and is done independently but saves the buyer a packet if the house has problems for example being built of pre cast concrete which means mortgages are impossible to get so you'd have to pay cash. It also has to have in it any problems with neighbours etc!

Are realtors as badly thought of as their equivalents here lol? Estate agents are lower than lawyers, journalists and social workers here on the scale of reputable professions and people you wouldn't trust. :uhoh:

Around here, I would trust a Realtor as much as I'd trust a terrorist.

 

[tshadowchaser]

Why not just go to some of the banks in the area and ask what they have for sale that they have foreclosed on

 

[Carol]

I was going to ask what a 'not kitchen' was! surely it doesn't matter what room is what because once bought you can make a kitchen wherever you want? Our houses that have been repossessed by the banks or mortgage people are usually sold in auctions, All houses now have to have a legal pack which gives you all the info on anything at all you need to know legally, costs the house owner and is done independently but saves the buyer a packet if the house has problems for example being built of pre cast concrete which means mortgages are impossible to get so you'd have to pay cash. It also has to have in it any problems with neighbours etc!

Are realtors as badly thought of as their equivalents here lol? Estate agents are lower than lawyers, journalists and social workers here on the scale of reputable professions and people you wouldn't trust. :uhoh:

Usually when a house goes in to foreclosure its because the owners are in dire financial straits. Its not unusual for the owners to rip out anything salvageable when they are foreclosed upon -- including things that are not normally thought of as removable such as stoves, cabinetry, etc. I ran in to that when I bought my condo. The Federal Housing Administration here in the States will back certain home loans, such as loans for veterans or loans for first-time homebuyers. Its easier to get an FHA loan approved, but there are also certain restrictions. The loan cannot be more than a certain amount (based on average home prices in an area), and must be in reasonable condition -- the kitchen can't be gutted, for example.

I think realtors used to have a bad reputation here because of mismanagement of expectations. My parents ran in to this in earlier times. Real estate brokers work for the seller, not the buyer. Therefore, anything you tell a broker can be revealed to the seller, including your price range and how much your bank has pre-approved.

Its possible to retain a buyer's broker who works for you, but the stipulation is that the buyer's broker must be paid when you buy any piece of property within an X mile radius, within Y months. They can be very helpful for busy professionals looking at higher end properties, and for people who know what they want. But a buyer-broker is not as useful for a bargain hunter like me watching every dollar. I think I'm a decent negotiator. I've had no issues in the past working only with seller's agents and found that they appreciate someone with a good business sense who knows what they are looking for.

 

[Carol]

Why not just go to some of the banks in the area and ask what they have for sale that they have foreclosed on

I've never seen real estate for sale at a bank, have you? I work full time so I can't spend much time during the week wandering around the Whites, unfortunately

 

[Carol]

C'mon... A room that used to have stoves, sinks, etc. can still be called a kitchen. Perhaps a proto-kitchen?

I'd have joined the volunteer list, Carol, but it's a wee bit out of my way. That said, I'd be reluctant to sign up for any subscription that's more than $20 or so... You'll likely have to work with a realtor given the distance, anyway, and they should have all the subscriptions as part of earning their percentage. If you're going to work more independently (I know, who'd ever think Carol would try to handle something independently? ), then I guess the subscriptions could be worth it.

I will likely be working with a realtor, but I've found that boning up on as much possible knowledge beforehand has typically worked to my benefit.

 

[ballen0351]

I will likely be working with a realtor, but I've found that boning up on as much possible knowledge beforehand has typically worked to my benefit.

Another place to try is the court house tax sales. Ive seen houses go pretty cheap there. I know here they actually hold the auction right at the court house. its usually posted someplace insise the courthouse it will list the date of auction and address that are being sold

 

[Carol]

Got a chance to talk to a realtor today. He essentially advised against an outside service (given my price range) because foreclosures rates up in the north country are well below the national averages.

Going back to the bank next week to discuss prequalification, we'll see what comes of it...

 

[Carol]

This is a bit comical.

"A home inspection is not possible. Residents are not to be disturbed under any circumstances" -- on a home in pre-foreclosure.
Mmmm...I'll see what happens after the execution order takes placed.

"Not for the faint of heart" -- on a vacant cabin in disrepair
I'll take your word for it.

 

[K-man]

Foreclosures usually happened when you are not able to pay your monthly mortgage well. It is very important to invest your savings in buying your very own house. You will be able to remodeled it the way you want to.

Welcome to MT.
Why don't you pop over to the "meet and greet" thread and introduce yourself?