Foreclosures

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*amy*

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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.
 
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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:ohmy:

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?
 
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Unless you have an overwhelming reason to sell, you are probably
better off just sitting tight and letting the market stabilize.
 
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.
 
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.
 
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.
 
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.
 
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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.
 
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.
 
You are sure right, Dave. My home is paid off, like Amy's, but I'm very glad I don't need to sell right now because I'd never get what it's worth in a more normal market. If I had to move, I would find a renter for my current home so that at least my property taxes would be paid, look for the best deal I could find on a fixer-upper in the area I wanted/needed and buy it, and then wait the market out until it became profitable to sell my original home. This would require a lot of work but it may be an option for Amy if staying in her current home til the market changes just won't work for her anymore.
 
When a foreclosure sale takes place, it is generally advertised in a local paper. In general, foreclosures are sold as is, where is, and for cash, and bid. This is not strictly true, but you should have your money or line of credit in place prior to bidding. Closing is typically in 10 days and you will lose your deposit if you cannot perform. Foreclosed homes and foreclosure (sherriffs) sales are two different things. HUD probably has the largest inventory of foreclosed homes in the nation. You can get information from HUD.gov. I am a real estate appraiser, and mostly what I see are too many knowledgeable people chasing too few deals. In general, you will be competing with professionals in this market. Do your homework before bidding. It is easy to be forced to perform or lose your deposit.
 
When a foreclosure sale takes place, it is generally advertised in a local paper. In general, foreclosures are sold as is, where is, and for cash, and bid. This is not strictly true, but you should have your money or line of credit in place prior to bidding. Closing is typically in 10 days and you will lose your deposit if you cannot perform. Foreclosed homes and foreclosure (sherriffs) sales are two different things. HUD probably has the largest inventory of foreclosed homes in the nation. You can get information from HUD.gov. I am a real estate appraiser, and mostly what I see are too many knowledgeable people chasing too few deals. In general, you will be competing with professionals in this market. Do your homework before bidding. It is easy to be forced to perform or lose your deposit.

Thank you for the tips/info.

I entered a Dream home giveaway awhile back - just for fun. ;) Wish me luck.

Dream Home : Dream Home 2008 : Dream Home 2008 Sweeps Main : Home & Garden Television

Dream Home : Dream Home 2008 : HGTV Dream Home 2008 Slide Show: Outdoor Areas : Home & Garden Television

Dream Home : Dream Home 2008 : HGTV Dream Home 2008 Tour: Front Bayside and GMC Yukon Hybrid : Home & Garden Television
 

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