Anyone who is in the market might be interested in looking to buy straight from the horse. Other than the links below , does anyone know of other lenders who have their currently owned (foreclosed on etc) property listed online for viewing?
Beauiful Work, Green for you. This is exactly what I was looking for, and although I do not want to jump in yet it will be nice to track the way prices go on these. Yet another way to take advantage of the banks.
Now I am thinking how exactly does one buy? Is it all cash payment? Are these foreclosed properties? and how much work we need to do in terms of DD.....
Any ideas?
stsarvet
Senior Member
posted: Feb. 20, 2008 @ 6:56p
Sorry if this seems like stupid question.
While the bank owns the property, does it have to pay the property tax just like if an individual owns the property? If yes, does it generally pay at the same rate as an individual?
sidshah94
Ancient Member
posted: Feb. 20, 2008 @ 7:46p
I tried some of these links. Like chase, Bank Of America. They all end up at some real estate agency who does not give you much info and if they do then they are leftober properties.
The realtytrack is not free. They will attract you with a listing that may or may not be current and ask you to buy their service.
so far no luck...
Hope someone find the link that gives the listings for free.
thescott
Broke Member
posted: Feb. 20, 2008 @ 9:58p
stsarvet said: Sorry if this seems like stupid question.
While the bank owns the property, does it have to pay the property tax just like if an individual owns the property? If yes, does it generally pay at the same rate as an individual?
Yup. The county won't let banks get away without paying, and the banks would prefer not to have their collateral foreclosed on by the county. The bank pays the same rate, except perhaps without whatever occupancy exemptions are offered by the taxing authority. For example, here in TX we have the homestead exemption that lops off $15K of your value just because you live there. Banks wouldn't qualify for that, obviously.
Scott
Aron2roy
New Member
posted: Feb. 20, 2008 @ 11:16p
You can't buy straight from the horse. If you notice all of the banks listings refer you to a real estate agent. Banks have a process they follow with foreclosures, at the end of the process they have a BPO done by a broker, then they let the agent list the property. Your best bet is to find a good realtor that works with alot of foreclosures. Or buy the properties at foreclosure sell through the county sheriff. Either way there aren't many deals out there right now, banks don't want to accept the fact that they allowed the former owner to finance too much on the house and now the house isn't worth that much. They'll try to sell it for what they have in it, and they think they are due all of the late fees and penalties accrued by the former owner. Good luck.
Aron2roy said: You can't buy straight from the horse. If you notice all of the banks listings refer you to a real estate agent. Banks have a process they follow with foreclosures, at the end of the process they have a BPO done by a broker, then they let the agent list the property. Your best bet is to find a good realtor that works with alot of foreclosures. Or buy the properties at foreclosure sell through the county sheriff. Either way there aren't many deals out there right now, banks don't want to accept the fact that they allowed the former owner to finance too much on the house and now the house isn't worth that much. They'll try to sell it for what they have in it, and they think they are due all of the late fees and penalties accrued by the former owner. Good luck. This generalization has plenty of holes. First of all, you are buying straight from the horse. The horse has just decided to hire an intermediary, but the decision is still made by a bank lackey. Second, some REOs are moving. Granted, many banks still have unrealistic expectations. That shouldn't prevent you from writing a contract. Third, you don't need a real estate agent to do that. I agree that it's certainly not easy, but having bid on a few over the last year, some good deals have been made.
Has anyone heard or dealing with GoZone properties down south. IRS gives you depreciation exemptions for first few years which you wont get with normal homes.
I still think some places still have high property taxes are high. Even if house prices are going down, property tax are not.
I know we all want the cheapest option possible, but does anyone have a suggestion on the paid foreclosure listing websites? It would be a lot easier to view everything at once instead of going to all the different banks' websites. Also, you can see notice of default filings on many of the paid foreclosure sites. Any recommendations?
Also, I wanted to add that the local newspaper has been the best foreclosure resource for me. It doesn't really help in markets where so much is owed on the home that no one would even think of bidding at the courthouse, but for stable markets a lot of the best properties with the most equity never make it to the REO process. I was able to purchase a property that after I put in the needed repairs has about 40% equity.
There are more risks buying a foreclosure on the courthouse steps than an REO...likely you won't be able to do any kind of inspection and maybe you will get to peek in the windows, or if you are really lucky the house will be listed, but typically driving by is the best you will get. You also can't get traditional financing and must come up with the cash very quickly.
brokestudent
Broke Member
posted: Apr. 23, 2008 @ 8:33a
Aron2roy said: You can't buy straight from the horse. If you notice all of the banks listings refer you to a real estate agent. Banks have a process they follow with foreclosures, at the end of the process they have a BPO done by a broker, then they let the agent list the property.
This is not necessarily true for local banks (not the big ones on this list). There are several local banks in my town of about 100,000 that sell their REOs directly to a select list of real estate investors. They pay cash and the banks dump the property quickly.
This is slightly off-topic, but I wanted to bring up one point. Beware of misleading REO listings, even when it's posted on the bank's site. For instance, Downey lists this 1600+ sq ft 3/2 SFR home as having "Central A/C, porch, fireplace, dishwasher, disposal, range" in Sunnyvale, CA. Sounds great, right? Wrong. I went to check it out yesterday, and the house is pretty much gutted; there are no appliances left of any kind, let alone central A/C! It looks like the previous owners even tried to rip out the light fixtures.
Tread lightly with foreclosures.
chris58950
Member
posted: Nov. 4, 2008 @ 5:13p
subdude said: This is slightly off-topic, but I wanted to bring up one point. Beware of misleading REO listings, even when it's posted on the bank's site. For instance, Downey lists this 1600+ sq ft 3/2 SFR home as having "Central A/C, porch, fireplace, dishwasher, disposal, range" in Sunnyvale, CA. Sounds great, right? Wrong. I went to check it out yesterday, and the house is pretty much gutted; there are no appliances left of any kind, let alone central A/C! It looks like the previous owners even tried to rip out the light fixtures.
Tread lightly with foreclosures.
You will often see this. Alot of REOs are also broken into and there might be squatters.
Bump! Figured this would be good to refresh everyone's mind. Don't want it to get archived.
dhiru2000
Addicted Member
posted: Jan. 18, 2009 @ 7:43p
Is it good to look at these foreclosures directly and contact the realtor selling it or hire a realtor and go through him. I dont want to save 2-3% just for the sake of it since there are lots of things which can go wrong in foreclosed home.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
