Anyone Buying Foreclosed Homes?
 

Anyone here investing in foreclosed homes? What resources are you using to find foreclosed homes in your area? I've googled and a lot of the sites seem like scams. Any tips or advice?

email me jw at jwmedia.biz and ill show you some real good sites

Not yet. The market here hasn't stoped going down here in south florida.

I just passed on a duplex for 75K, which could be fixed and sold for 150K.

Go to your county courthouse. They post Sheriff sales there. You can find the info you need and date of sale with each listing.

You can also look up all Sheriff sales in your local "legal notices" paper. Either way is the same. In fact, I bet your local county sheriff just hangs up the foreclosure sales listings FROM the local legal paper.

Foreclosures are a tricky business. If you don't have room for a mistake, you might try something less risky. If you've got the cash . . . go for it! GOOD LUCK!

Market really has not started to nosedive here yet just planning a head. I own a small construction company and I am seeing the slow down start so the time to buy will be very soon.

Ya I thought of this. I really want listings for my whole state and surrounding states. I like BOA they have a nice data base although their prices seem way too steep.

Im not looking to flip the house. I will be living in my first one until the market rebounds again, and can handle any repairs that are needed esp when I will be paying 100% cash with no debt.

I'm sure you know to be extra careful when buying property in areas that you don't know so well. Just think how much you know about your current city and the subtle variables which can make a HUGE difference in Real Estate value. One street GREAT, the next street over NOT so great. Again, good luck, be careful and let us know how it goes!

Ya it can be tricky. Im well connected in my surrounding states. I would not buy property anywhere I do not know about.

Thanks for the encouragement. Im sure Ill brag about my fist house lol :thumbsup

im waiting for the market to go down more a little

Im guessing next summer in cold weather areas will be prime time to buy. Thats why Im planning now. Oil prices will make a lot of people lose their homes :(. Bad for them good for me.

Be warned, a LOT of the homes are totally stripped. I'm putting an offer in on one Monday. Good place to find homes is http://www.foreclosure.com/?rsp=20773 But its not 100% right, as some places might already be gone and some of the new listing might not have made it to it yet.. Then use http://maps.live.com/ to get a nice Bird's eye picture of the house. Of course, reference the MLS and have your realtor pull listings in your price range, your going to need a agent as most banks will only take the offer though them. If your a cash buyer, talk to the agent and ask for 50% of his fee also... why not, your the one doing the work.

We got a smoking deal on a place in Vegas a couple weeks ago... There were so many homes at 50% of the list price from 3-4 months ago it was insane, I want to buy another one. Plenty in great condition too, no copper pipe missing etc.

Vegas is INSANE right now I know people from Toronto who are buying up 1 - 3+ homes in Vegas hoping to resell them for a profit in a few years..

I was there a about a month ago with my pops checking out property... My parents already own houses in Vegas as rentals.. They got no problem renting them out..

they are having a hard time even selling foreclosed homes all over the place. How much below the foreclosed asking price did you get?

Thanks Gerco for the tip.

Unfortunately my area isn't going down (in fact, just got my tax assessments and everything went WAY up). But I'm keeping my eye on anything that pops up.

My neighbors live in Naples FL and property has been at the bottom for quite some time and started going back up in April. We've formed an LLC and are looking for foreclosures. We were offered what we thought was a GREAT short sale until we found out they had a huge 2nd. Now just waiting for that one to hit the courthouse steps ;)

Of course your tax assessments went up. Thats what they do best :Oh crap

Yeah, what's funny is that the current tax commissioner is running for another political office. You'd THINK he wouldn't have pulled this right now.....

Honestly, some of my stuff went up over 50% and I saw one piece (not mine) where it went up 15X!!! My neighbors have a mirror piece of property to one of mine, yet theirs was assessed at $32K more than mine.

And somehow I magically have 4 bedrooms when LEGALLY (in GA a BR must have all of the following: a door, window and closet - my MB is in a loft - no door and I guess they are calling the other BRs the rooms in my basement which again - no door) I only have 1.

The sent out over 35K increases in a county with 20K people so you know there's going to be a long, long, line at the appeals office :thumbsup

My ex's place is being foreclosed on for the second time in 4 years. First time, they filed bankruptcy and someone bought it out from under for them to sell it back to them about 18 months later. This time they can't file bankruptcy.

Why he didn't have the brains to buy a house outright with the divorce settlement he got in 2000/2001, I'll never understand.

PK

He's wasn't smart enough to stay with you and be a good husband - 'nuff said :thumbsup

Well they arn't gonna go down even if home prices go down... democrats will be sure to raise taxes when they get in office.

These aren't taxes being raised, per se. They can raise the millage rate w/o having to raise the assessment values and still get the same amount of milk out of the cow.

Home prices where I live AREN'T going down, ergo why the assessments are going up.

Check out http://findforeclosures.foreclosure.com

more than a million listings across the US. :winkwink:

I spent a LOT of time and a little money looking into it. The banks are ridiculous. Around here it seems like the little banks you've never heard of let them go at the auction for a good deal to avoid the cost of the foreclosure process but for the most part the banks are buying them all back at the auction and then listing them on the market for an unreasonably high price. I live in a place where it gets cold in winter and people usually wait until spring to move so I know prices are not going to go higher soon, then not in winter, so 11 months is the soonest here, lol. I'm slow playing it. If McCain wins he has already said he isn't bailing mortgage holders out so prices will fall more. It will be interesting.