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AndreaL78 · Guest

Trying to buy a foreclosed home...Help

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I am trying to buy a home in Massachusetts and can't afford one at the going rates so I am looking into foreclosures. Can anyone help out or point me in the right direction? I've been to a number of websites and am a little skeptical about forking over all this money for some information.

Thank you,

Andrea

AaronSold · Guest

Re: Trying to buy a foreclosed home...Help

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I strongly suggest linking up with a Realtor who already does foreclosures. There is so much to this process that I've split commissions with an agent so that he could get me and my client through the process.
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Aaron

Minneapolis Homes | Minneapolis Real Estate

TampaREOman · Guest

Re: Trying to buy a foreclosed home...Help

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that's right! Don't give your money to ANY site. They are all very out dated with thier information and addresses. Sometimes I get calls about foreclosures that I sold over a year ago.

your best bet is probably finding a For Sale By Owner so you don't have to pay as much because foreclosures go for Market Value. The only deductions are for repairs. If you can find a foreclosure that only needs carpet, paint, appliances, and little repairs, then you are good to go. You might be able to get it for about 10k less than market value.

These banks are not dumb, they know that in most markets, a home with a few defects will still grab market value, so that is where they price it. My suggestion to you if you still want a foreclosure is to go to Fannie Mae's website and search for your area's Realtor who deals with thier foreclosures. Chances are that they will have more than just Fannie Mae's foreclosures at thier disposal.

http://www.mortgagecontent.net/reoS...e/reoSearch.jsp

or maybe go to Freddiemac.com
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Jesse Smith
SunRaye Realty
Need a Tampa Realtor and Foreclosure Expert? Let me help you withTampa Real Estate.

judyo · Guest

Re: Trying to buy a foreclosed home...Help

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In IL many foreclosures are listed in the MLS along with all other homes. HUD foreclosures allow a time frame to view properties & put in your "bid." Basically, high bid wins (people that will actually live in the property are first on the list). I've seen these homes go for more than market value. Something about a bidding process makes people want to "win."

Also, there are pros who purchase these places. Bank foreclosures take their time to collect as many offers as possible & make their choice, once again, usually based on price. It's a very competitive market.

You might be better off checking out different financing options such as interest only and start off with a lower priced property, like a condo, to begin with.
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Orland Park Real Estate - Oak Lawn IL - Cook County Real Estate

TampaREOman · Guest

Re: Trying to buy a foreclosed home...Help

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Judy is right. Our listings have so many people interested in them, that when I put them on the MLS, there are already 5 full price offers on 75% of the foreclosures....then the bank tells us to get everyone's best and final offer so there is no going back and forth in a bid war....just the best offer wins.

Judy, I have stopped trying to buy HUD homes because they end up going $25000-$40000 OVER the list price....which always blows me out of the water.
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Jesse Smith
SunRaye Realty
Need a Tampa Realtor and Foreclosure Expert? Let me help you withTampa Real Estate.

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nemmar · Site Admin

Did you get a follow up to the foreclosure question?