How to find forclosures?

eagerbeaverOctober 13, 2010

Does realtor dot com tell you or do you have to use an agent?

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"How to find foreclosures?"

Swing a dead cat. They are everywhere.

However, they are not necessarily good deals. If you are looking for a bargain, I'd recommend buying from someone motivated to sell AND aware they are competing with foreclosures. Foreclosures themselves can be a major headache.

    Bookmark   October 13, 2010 at 8:33PM
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Foreclosure sales are listed in the newspaper before the foreclosure auction for at least a couple of days.

Look in the classifieds under 'legal notices.'

It is not for the impatient or faint of heart.

    Bookmark   October 14, 2010 at 9:25AM
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They are also listed on that requires a membership fee of about $50 per month.

I don't get why they are not listed on or if they are, identified as such. Trulia does list them..but by town the pull from realtytrac, which only provides the name of the town/city...not an address without a fee.

    Bookmark   October 14, 2010 at 2:34PM
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M and T Bank, with which I do business, has given me a listing, but, as things are in "paperwork and legalities turmoil", its of very little use.
Mush better to buy at an auction, usually.
Private is also good, but RE has 99% of the trade - not good.
When buying anything, the fewer fingers in the pie, the better.

    Bookmark   October 20, 2010 at 7:17AM
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"Mush better to buy at an auction, usually. "

Only if you have a lot of cash.

Many auctions have rules requiring a large certified check ($10,000 to $20,000) to even participate.

You also may need already lined up financing since no contingencies are allowed.

    Bookmark   October 20, 2010 at 8:37AM
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There are plenty of good deals out there. As an agent, people ask all the time, how can I buy a foreclosure? Most people think they are getting a $500k house for 100K. The truth is, they may be priced a little lower, but they are market value based on their condition. Most of the time, foreclosures are in very poor condition, (if they can't pay their mortgage, they can't maintain their house)and also, alot of people are very angry and destroy the house before leaving. What you get is a house that needs a lot of work and special financing. Most first time home buyers can't compete with the competition of a foreclosure. Most of the investors are scooping them up for cash because they can do the work themselves. Why limit yourself to just a foreclosure? There are plenty of good deals out there.

    Bookmark   October 20, 2010 at 9:59AM
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