How would I find out about "foreclosed homes" for sale?

Discussion in 'Homesteading Questions' started by hanlonfive, Jul 12, 2006.

  1. hanlonfive

    hanlonfive seeker of knowledge

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    We have also been thinking about buying a foreclosed home or fixer-upper if we don't have enough money right off the bat to buy land......and save up for it. I've seen places online about buying foreclosed homes but they always want a monthly fee to use their services, I would like to know if there is any way I can find out about these types of homes in different states on my own without having to pay the fees. Any help would be much appreciated!

    Kelli
     
  2. CraftyDiva

    CraftyDiva Is anybody here?

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    Had a friend who did this for a living, flipped homes for profit. He had friends in the bank who would give him a heads up on homes going on the market. You might try looking into banks in the areas you want to move and contact them for any homes they have in foreclouser.
     

  3. rambler

    rambler Well-Known Member Supporter

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    Different states have different laws on forclosures - some allow the property to be recalimed by the first owners for a period of time. If you go out of state, be aware of differences.

    Seems like those selling info on this are retired used car salesmen. They say it's an easy way to make money; but they are trying to make money off of you...... Not the sort of person I'd want to get info from! :)

    Kinda end up living off someone's misery to get a forclosed home for cheap. Just how it is, fair enough, but would make me pause a bit....

    --->Paul
     
  4. mberryrfd

    mberryrfd Well-Known Member

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  5. hanlonfive

    hanlonfive seeker of knowledge

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    Thanks mberryrfd!!!!

    Kelli
     
  6. Cyngbaeld

    Cyngbaeld In Remembrance Supporter

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  7. woodsmokeinherhair

    woodsmokeinherhair it's bout quality of life

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    ummmm .... my home had been foreclosed on, (the previous owners lived here just a year or two) and it was in litigation when I saw that it was uninhabited with a for sale sign on it. When I inquired, it wasn't even available yet .... they told me when it would be up for sale at auction, but apparently, there was so much money invested that the original lender was going to be bidding on the house trying to get their money back, they even told me how much I would have to minimum bid. So, I went in search of other foreclosed homes, thinking that I wanted a great deal, not just a good deal. What I found out, is that banks typically don't have very many homes for sale at one time. And what they have, might be located anywhere .... so, for me, it was a one in a million shot .... Anyhow, I did get a good deal on my home. I paid about 1/6 less then the owner who bought it 5 years before me. Not a great deal, but a good deal and I am very happy with it cause this is where I want to be locationwise.

    I'm afraid that unless you can get someone to work with you, like a realtor, banker, lending office, I don't think you are going to get anywhere very fast. It's kinda one of the great myths, lol ..... lots of people see it and want it, but very few actually do it.

    I wish you luck! And if you find an easier no cost way .... let us know! :)

    Woodsmokeinherhair!(who needs an acre or two close by to enlarge her garden and keep a goat or two! lol)
     
  8. hanlonfive

    hanlonfive seeker of knowledge

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  9. KindredSpirit

    KindredSpirit Well-Known Member

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  10. hanlonfive

    hanlonfive seeker of knowledge

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    Thanks woodsmoke!!!!

    Kelli
     
  11. Jolly

    Jolly Well-Known Member

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    It's a tough way to do things. Remember, you will be bidding against people who do this for a living, and know pretty much what it will take to renovate, and what the home will bring on the market.
     
  12. hanlonfive

    hanlonfive seeker of knowledge

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    Thanks Jolly and Kindred!!!!

    Kelli
     
  13. Jennifer L.

    Jennifer L. Well-Known Member Supporter

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    I don't know what you are looking for, but my neighbor's son is getting married in September and he bought a repossed doublewide manufactured home. They take them in, redo the insides completely so they are pretty much like new, and then resell them for much less than new. My neighbor's son got a real deal on one, something like$27K for one that would have been much more if it were new, and this one was only 2 years old in the first place. So if you want to get land, and then go for a house, this might be a good way to do it.

    Jennifer
     
  14. porboy298

    porboy298 Well-Known Member

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    Here in Texas the post all the sales in the County Courthouse and sometimes in the local paper.
     
  15. hanlonfive

    hanlonfive seeker of knowledge

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    Thanks Jennifer and Porboy!!!!

    Kelli
     
  16. XLT

    XLT Well-Known Member

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    I do this for a living, and I will tell you that often I get outbid by people just like yourself. People who are planning on living in the house (or using the property themselves for raw land) for any length of time can afford to have a smaller margin as opposed to people who are turning them on a shorter term basis. Sounds like you are wanting a good deal but may nor require the "one in a million" deal to get ahead. Most of the times the foreclosures here go for close to the minimum bid. They are pretty much always require to post the list of foreclosed properties on the courthouse "door" and usually the printed list is available for a couple of bucks from the courthouse (for printing costs etc.)

    That being said, be careful of encumbrances on the house. Purchase money foreclosures (mortage company foreclosures) require more research than tax sale foreclosures.
     
  17. kmaproperties

    kmaproperties Well-Known Member

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    I also do this for a living, however we buy bank owned only.
    These are after the forclosure, sheriff sale, and the bank bought it back. go talk to a realtor and ask for bank owned houses that have been listed for 6 months or longer. The banks are willing to deal on these. they will be in rough shape, typically we put 12000 in materials plus labor to bring them up to like new. labor is 15000-20000 we buy them from 10000-50000 and sell for 75000 to 130000 for a profit of about 20000 on average. not bad for 6 weeks work and a little scouting around.
     
  18. KindredSpirit

    KindredSpirit Well-Known Member

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    Hanlonfive, I believe the link I gave you for FNMA is bank owned property. I know I checked into a property that was listed there and it had already been through the sheriff's sale and was owned by FNMA, so I assume the others are.