Free Sites for Forclosed homes

[katiesmommy01]

Hey, i'm looking for houses and would love to find a forclosure/bancrupcy website listings...but have only found pay sites (which doesn't seem right to me)...does anyone know how i can find these houses? TIA!

[pryan67]

well, first, be VERY careful...know what you're getting into if your'e going to buy homes that have been (very likely) totally trashed...you DO know that quite often (possibly always) you're not allowed into the home prior to purchase, right?

 

That being said, I don't know of any free websites...but keep an eye on the "legal notices" section of the classifieds in your local newspaper

[elena_398]

You can get an area listing on your local government site. I know mine (in Ohio) has a direct link to foreclosures in the area and a detailed listing of auction days of foreclosed homes in the area. Our auctions are held in the court house every Monday. Details on page on what to bring to bid. Its amazing how low houses go (although mostly you are bidding against the bank as they mostly buy them up)

[nnmfam]

Call your local realtor they can direct you to free listings. Always get at lest one engineering inspection on a foreclosed on for that matter any home. Be sure to check the credential of the inspector as many are not licensed.

We are looking at a foreclosed home close to my husbands work due to gas costs . The engineer inspector told us it is in really good shape it is only 3 years old. I am lucky we will not have a mortgage but wonder if we should due to the property taxes. The house is worth almost double of what hey are asking and maybe in a neighborhood of really rich snobs. That is just scaring me. I am very friendly and love people so to be near snobs would be living hell for me.

[samisma]

i second the engineering inspection.

 

also pull the mls/tax sheets on the home if you can as well as the comps for other homes that have sold within the past month. normally it's the past 3 months, but with the way the market is - you want a month.

 

also know, that if it's bank owned and the bank lists it for say... $225,000 and you offer $200,000 there is still a good chance they'll say yes. It's not firm at all.

 

all do the sexual predator search for that zipcode to make sure you're not moving in next door to one. probably wouldn't hurt to look up the 'crime log' for your neighborhood to see if it's increased at all in the past few months.

 

good luck!

[smallwood]

A good Realtor can provide you with the info you need. The local title companies can provide to them lists of foreclosures for your area (all foreclosures are not automatically listed with an agent or put on an MLS system). If you have a friend or associate that works for a title company, they could most likely provide you with that info directly.

 

Please also read the fine print and requirements for the foreclosures in your area. Some (not many) have assumable notes. Others require CASH or CERTIFIED FUNDS ONLY (or proof thereof) at the date of the auction, if they're being auctioned. Some will SPECIFICALLY state that they will not accept a conventional loan (...they may know that the home has mold problems, structure problems, etc, and would fail an inspection...).

 

When talking to a Realtor, make sure that he/she HAS EXPERIENCE with foreclosures. You could also talk to some title companies and ask for a short list of a few Realtors that fit your needs. Experience is important, as foreclosures can sometimes be a nightmare.

 

I disagree with only pulling comps for the last month. If there's not much that's been selling, the comps won't be accurate (due to short sales, etc). As professional inspectors and good Realtors do, pull the last 3-6 months. That can also give you a good indication of market trends (have values stayed the same for the last six months, or does it show a marked, consistent decrease of say, 13% each month?). You will then adjust the comp price accordingly to current market conditions/trends.

 

Oh - also keep in mind that if you're getting a conventional loan, the lender will require an appraisal. And depending on your area, that can result in a reduced appraisal price, or they may simply note it as a declining market area. Which means the lender may require 3% or more down out of your pocket to close (100% financing at a good rate/points/closing costs is almost impossible to find anymore). Talk to a reputable lender - not just a brick-and-mortar bank, but also include a broker, also, as they often have access to programs traditional banks don't have (e.g. = your local Chevy dealer can't sell you a new Ford).

 

Any of the "pay for a list" services are a ripoff. Don't do it.

 

And the government sites don't list all the foreclosures, only those secured by the Feds, or those being auctioned. The County should have a pretty good list. But a private note and trust deed that's being foreclosed on (individual seller or hard-money lender) can be harder to sniff out, brings us back to the title companies.

[pickinp]

Try http://www.firstpreston.com/ Under Home Buyers click on property listings. I bought a HUD house almost 6 years ago that was listed here.

[lescas]

Check the local papers in the area you want to buy, they have to run in the legal section for three consecutive weeks prior to the sale, thats the law. We won a bid on a foreclosure home in Feb. 2008. I knew of the home situation before the sale, they had walked out because of divorce, bankruptcy etc. not as much just the housing market. So they did not want the home. We were able to walk through and give it a once over, only because I knew them, it was dirty It was built in 2004, 2400 sq. ft. and beautiful pool on 1/3 acre. We went to the auction, we were the only bidders, we won the bid at the $382,000. which was the opening bid. Its in an area 1.5 miles from our home in southern Maryland. Have not settled yet, waiting for the judge to sign the final radification of the sale. Then we start with trying to sell ours :) wish us luck. Edited April 7, 2008 by lescas
typo

[davephillyj]

here at alabamalegals.com lists all forclosure notices that have been in the newspapers in one place. We have looked there a lot. Your local Realtor will be able to help you. But with foreclosures, if it is not listed with an agent (buying at the courthouse auction) you have to have cash in hand. at least 10-20% that day! That's the bad part.

[mikis123]

Here is a company that does auctions for foreclosed homes. They also have days when the homes are open for inspection before the auction. I don't have any experience purchasing a home with this company but I put myself on their mailing list so I get a book in the mail listing the properties before the auctions.

 

http://www.ushomeauction.com/

[Ripn]

These 2 sites were mentioned on the Clark Howard show

 

http://www.emailforeclosures.com/

 

http://www.homesales.gov/homesales/mainAction.do

 

Clark's rule of thumb: Buy 20% below fair market value for homes and 30% below fair market value for condos. Just be wary of buying investment property in areas like Michigan and parts of Ohio where economic growth is not happening because of declining population, decreasing job availability, high taxes or strong unions.

[davephillyj]

These 2 sites were mentioned on the Clark Howard show

 

http://www.emailforeclosures.com/

 

http://www.homesales.gov/homesales/mainAction.do

 

Clark's rule of thumb: Buy 20% below fair market value for homes and 30% below fair market value for condos. Just be wary of buying investment property in areas like Michigan and parts of Ohio where economic growth is not happening because of declining population, decreasing job availability, high taxes or strong unions.

The first site is not that accurate. I looked at the ones for our area and the prices are actually lower than they say. They are already listed with Realtors, too.

[freesia39]

Here is a company that does auctions for foreclosed homes. They also have days when the homes are open for inspection before the auction. I don't have any experience purchasing a home with this company but I put myself on their mailing list so I get a book in the mail listing the properties before the auctions.

 

http://www.ushomeauction.com/

i look at their auctions frequently. if you do go to their auctions, anyone, make sure you read how much money you need to bring with you to secure your bids.