Comments on: Purchasing Foreclosed Properties

By: 52donnie

52donnie — Fri, 05 Feb 2010 16:22:51 +0000

By pass the Agents and the Lists and go directly to the banks in your area. The banks have foreclosure lists that are on their books. They want them gone because they are a drain on their cash reserves. They will be happy to give you their foreclosure list and will probably help you with financing as well. Why pay other people when you can do it yourself?

By: Ewan

Ewan — Fri, 05 Feb 2010 02:46:11 +0000

"I like to sit in the car and write the check on the glove compartment door."
Jake Blues

By: Krissy

Krissy — Wed, 03 Feb 2010 14:23:58 +0000

The financial institution just wants to get their money. They do not usually care about property values and neighborhoods. We purchased our house for $205,000 and it was appraised for 330,000. It is an absolutely great way to buy a house. You should be aware of forclosures usually needing extensive work and the closing could take a couple of extra weeks. Also, be wary of site-unseen property. (Don't buy it unless you have seen it inside.)

Good luck.

By: tagi_65

tagi_65 — Wed, 03 Feb 2010 08:43:44 +0000

There is so much involved in buying foreclosed properties, and investing in Real Estate Period. To learn how the business works spend some time calling Realtors that specialize in selling REOs. The are a great source of free Information. Go to your local library and do a search for books dealing with foreclosure. Look at the different systems and techniques used in these books, because you will need a systematic approach to be successful at this. Next write a detailed business plans on how you are going to execute, when the time comes. Good Luck.

By: Native Artist

Native Artist — Tue, 02 Feb 2010 23:57:58 +0000

It's not an ordinary purchase. You have to "BID" on them and believe me, if you haven't done this before you can either lose to a better bidder, or lose your shirt over repairs afterwards. If you think you are going to get a bargain because it's been foreclosed, think again. Right now all real estate is a bargain, interest rates are still at a 40 Year low! And some areas are experiencing reductions in price. This change has been occuring for the past 2 1/2 almost 3 years. I hope it's almost over because we need buyers, not sellers!

So go by a home and provide for all of us in the economy! If you'd like more, just send me an email.

By: St. L

St. L — Tue, 02 Feb 2010 21:04:29 +0000

I wouldn't purchase it using your VA benefits. If you've got 20% downpayment go conventional. If you buy it then you have to leave (bought it as investment property) you can rent it out right away.

This way you won't have any issues…

By: The Nothing

The Nothing — Tue, 02 Feb 2010 14:41:56 +0000

the asking price usually has nothing to do with what is owed on it, but rather is based on an appraisal in it's current as is condition.

By: Nick

Nick — Tue, 02 Feb 2010 10:52:55 +0000

The buyer. You may need to work with the county sheriff. It's a mess and not something for the casual investor.

By: Cesaria Barbarossa

Cesaria Barbarossa — Tue, 02 Feb 2010 10:30:04 +0000

It is being sold as is and owners are notorious for trashing it. Be sure you look at it again before the closing date. I have heard many stories about it looking good at the 1st look and getting trashed before closing. If that happens the bank WILL NOT fix anything!