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.....
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?
Message edited by: stsarvet on 2008-02-20 18:56:40 CST
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.
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.
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.
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