Houses for sale after reposession?
I require information of where I can find Realestate that is for sale after banks have reposessed housing. Obviously the banks must somehow recoup their losses.
when banks take back a home they put it up for auction at the court house of the county its located in.
it is open to the public. Be aware most banks or lenders will have a rep there bidding with you in other words the lenders rep will bid against you to get the price they want! because the lender owns the property they only have to pay the doc stamps and tax and not the auction price. if you win the bidding you will have till the end of the bussiness day to pay in full. personal checks not accepted! so be prepared to have money in the bank and after the bidding get a cashiers or certified check for that amount form your bank.
a little foot note for you if you are considering this i give you this advise stik to getting homes close to you in your county!
you have the best idea of good areas and bad ones. a rule of thumb most investors use is no more than 30 min form thier home 1 hour max!
Good luck!
November 28th, 2009 at 7:15 am
ask the banks you would be interested in doing business with for their listings. or subscribe through a service such as foreclosures.com . i have used the real info company. they came out to house installed a program on computer. the charge was about 50 a month and they mail a hard copy of information to your house every week. i found it had better info than what i was getting for less expensive services online.
References :
November 28th, 2009 at 7:24 am
when banks take back a home they put it up for auction at the court house of the county its located in.
it is open to the public. Be aware most banks or lenders will have a rep there bidding with you in other words the lenders rep will bid against you to get the price they want! because the lender owns the property they only have to pay the doc stamps and tax and not the auction price. if you win the bidding you will have till the end of the bussiness day to pay in full. personal checks not accepted! so be prepared to have money in the bank and after the bidding get a cashiers or certified check for that amount form your bank.
a little foot note for you if you are considering this i give you this advise stik to getting homes close to you in your county!
you have the best idea of good areas and bad ones. a rule of thumb most investors use is no more than 30 min form thier home 1 hour max!
Good luck!
References :
November 28th, 2009 at 7:32 am
Some will post what they have in inventory on their websites. My best advise to you if you are in the market to purchase, get a Realtor experienced in handling these. They are the easy deals most people think. And you won’t necessarily get one for a dime on the dollar!
References :
November 28th, 2009 at 8:00 am
First they don’t reposess homes, they foreclose. They are called REO’s (Real Estate Owned) and they are listed in MLS just like all the other homes are. Get yourself a Realtor and they will be able to help you.
References :
Appraiser