"Discover Cooking, Discuss Life."

Go Back   Discuss Cooking - Cooking Forums > The Back Porch > Off Topic Discussions
Reply
 
Thread Tools Display Modes
 
Old 02-19-2008, 12:21 PM   #1
Head Chef
 
Join Date: Jun 2007
Posts: 1,783
Foreclosures

I was watching channel 2? news, & saw a story about a realtor? that had access to lists of hundreds (if not thousands) of foreclosures. Went on line, but, the sites that came up were about free trials, sign up. Is there a way to get a list of foreclosures in a certain area? Saw another News story about tour busses showing foreclosed properties to bid on. Anyone have any experience in this area? Can one have the property inspected prior to bidding. I'm lost here on this foreclosure thing. The reason for my query is - I desparately want to sell my home, but the market value keeps dropping. I might feel a certain amount of guilt, if I were to purchase a property where the owner lost the property due to bank's foreclosing. At this stage of "the game" I have serious concerns that my property value will continue to drop & don't know where to turn. If my mortgage wasn't paid off, I would walk away & let the bank foreclose. Saw another News story where a woman did just that, & got a lot of flack. TIA for any advice.

ETA: I'm torn about spending huge $ for upgrades - i.e. granite countertops, hardwood flooring etc, because my property may still sit on the market unsold, & I'll be out big bucks.

__________________

__________________
*amy* is offline   Reply With Quote
Old 02-19-2008, 12:35 PM   #2
Executive Chef
 
LEFSElover's Avatar
 
Join Date: Oct 2004
Location: ...lala land..............
Posts: 3,670
Amy, I'd love to know that too. When I've gone in to these sites, you have to sign up, I don't want to, I just want to see the listings
__________________

__________________
...Trials travel best when you're taking the transportation known as prayer...SLRC
LEFSElover is offline   Reply With Quote
Old 02-19-2008, 12:39 PM   #3
Head Chef
 
Join Date: Jun 2007
Posts: 1,783
Quote:
Originally Posted by LEFSElover View Post
Amy, I'd love to know that too. When I've gone in to these sites, you have to sign up, I don't want to, I just want to see the listings
I want to see the listings as well.

For those that live in the US, homeowners will be receiving a check (I've heard on the News) to help the economy/bank defaulted loans? A $600-$1000 check will not, imo help solve the economy or housing problem, when so many people have lost their homes.

I decided, I can't drop my selling price - it would be like giving my home away. What to do?
__________________
*amy* is offline   Reply With Quote
Old 02-19-2008, 12:42 PM   #4
Head Chef
 
GrillingFool's Avatar
 
Join Date: Jun 2007
Location: usa
Posts: 2,223
Unless you have an overwhelming reason to sell, you are probably
better off just sitting tight and letting the market stabilize.
__________________
GrillingFool is offline   Reply With Quote
Old 02-19-2008, 12:56 PM   #5
Executive Chef
 
Join Date: Jun 2007
Location: San Antonio, Texas
Posts: 3,619
I have signed up on one of these sites and you end up getting the addresses of foreclosures within a zip code that you specify but they provide very little information and no pictures of the property. I think these sites are primarily for investors. I discovered you can go to the courthouse and get a weekly listing of bank foreclosures (which is what these companies do.) Again, there is not much info. Have you tried this site?
HUD Homes
HUD homes are interesting in that they run the gamut of pricing and types of housing but you can get some incredible deals if you can do cosmetic work yourself or have a trusted contractor who is reasonable. The thing to remember for HUD homes is that you can bid whatever you want - the listed price is just based on comparables. Houses that have been listed for longer are good bets for placing a very low bid. Also, they have detailed inspections and lots of info in the listing. I have purchased several HUD homes and then rehabed them. I don't know what the HUD market is in CA but it might be worth looking at. There are also some excellent programs that are specific to the area which provide No Down/Low Interest loans, even $1.00 properties to buyers who work in certain occupations - teachers, firefighters, law enforcement. Again, I don't know what your needs are but most people don't know about these things.
Another good source is an agent who commonly deals with HUD homes. They often advertise that fact. Those agents generally keep up with the foreclosures in the area, too, and if you let them know what your requirements are, they will usually leave you alone unless they have something available you might be interested in.
__________________
Fisher's Mom is offline   Reply With Quote
Old 02-19-2008, 02:01 PM   #6
Chef Extraordinaire
 
GotGarlic's Avatar
 
Join Date: May 2007
Location: Southeastern Virginia
Posts: 16,915
Quote:
Originally Posted by *amy* View Post
I want to see the listings as well.
Our local newspaper lists HUD foreclosures in the weekly real estate section.

It's extremely difficult to have an inspection done of a foreclosure home, unless the homeowner has been evicted. They usually don't want to move, are upset about the foreclosure, and won't be cooperative.

Bob Bruss used to write a real-estate column that appeard in our local newspaper (he died last year). He was a licensed real-estate agent and a R/E lawyer. Here's a column he did on buying foreclosures: Bob Bruss Real Estate Center

There are lots more articles there on various real-estate topics. HTH.
__________________
The trouble with eating Italian food is that five or six days later you're hungry again. ~ George Miller
GotGarlic is offline   Reply With Quote
Old 02-19-2008, 02:16 PM   #7
Head Chef
 
David Cottrell's Avatar
 
Join Date: Sep 2007
Location: Norwalk, Ohio
Posts: 1,194
Quote:
Originally Posted by GrillingFool View Post
Unless you have an overwhelming reason to sell, you are probably
better off just sitting tight and letting the market stabilize.
Amy. GrillingFool has it right - there is no free lunch or magic out of this spot. Wish there were for you - I remember your previous post on the subject. Just don't wreck your credit with the idea that there is a free way out, or spend more money on the place because you won't get it out with a sale. Trust me, ex licensed agent.
__________________
David Cottrell is offline   Reply With Quote
Old 02-19-2008, 02:19 PM   #8
Master Chef
 
jennyema's Avatar
 
Join Date: Mar 2002
Location: Boston
Posts: 9,280
Quote:
Originally Posted by *amy* View Post
I want to see the listings as well.

For those that live in the US, homeowners will be receiving a check (I've heard on the News) to help the economy/bank defaulted loans? A $600-$1000 check will not, imo help solve the economy or housing problem, when so many people have lost their homes.
This isn't actually true.

I think what you are referring to is the rebate to taxpayers as part of the economic stimulus package.

If your mortgage is paid off, why do you want to sell? Like GF said, most experts would probably encourgae you to ride out the storm. Real estate has always been an excellent investment, albeit it one with large swings either way.

Most of those "tours," lists, etc. are pretty worthless. Forclosures must, by law, be noticed which almost always involves printing the notice in the newspaper's legal notice section. It will have the address of the property on it, as well as other information on its disposal. Read those first.
__________________
Less is not more. More is more and more is fabulous.
jennyema is online now   Reply With Quote
Old 02-19-2008, 02:22 PM   #9
Executive Chef
 
Join Date: Jun 2007
Location: San Antonio, Texas
Posts: 3,619
Quote:
Originally Posted by David Cottrell View Post
Amy. GrillingFool has it right - there is no free lunch or magic out of this spot. Wish there were for you - I remember your previous post on the subject. Just don't wreck your credit with the idea that there is a free way out, or spend more money on the place because you won't get it out with a sale. Trust me, ex licensed agent.
I may have misunderstood. I thought Amy was looking to find another home that was affordable (because the area she is currently living in has become troublesome and not a safe area) while she was waiting for values to go up so she can sell her home she owns outright. I guess I just assumed she would rent her current home to someone - not walk away from it.
__________________
Fisher's Mom is offline   Reply With Quote
Old 02-19-2008, 10:03 PM   #10
Head Chef
 
David Cottrell's Avatar
 
Join Date: Sep 2007
Location: Norwalk, Ohio
Posts: 1,194
I think you are right Fisher's Mom - seems like Amy was feeling unsafe which is an entirely different matter that's true. I just kinda remember her being upside down in the mortgage then and if that's true her situation has probably worsened. Hope not.

Amy, see a good reputable realestate agent in the area. A good one does earn their commission! All the very best. Just please don't think granite counter tops and things like that will pay back dollar for dollar - look for maybe fifty cents on your additional dollar invested right now.
__________________

__________________
David Cottrell is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



» Discuss Cooking on Facebook

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 12:50 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.