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Old 02-10-2007, 03:51 AM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,988,540 times
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I am not an investor or flipper. If I decide to invest, itll be in vacent land in semi rural FL while its still cheap and undeveloped. I feel a foreclosure may afford a more affordable option. I checked websites about those deals and they require $9.95 a week to register to view the details. Does anyone know where I can check foreclosures for free?
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Old 02-10-2007, 07:19 AM
 
Location: NE Florida
17,835 posts, read 29,961,812 times
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nah
you might want to check out my post in the "specials" thread
I have gone in to some detail with regards to Foreclosures
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Old 02-10-2007, 08:08 AM
 
Location: Rutherfordton, NC
62 posts, read 295,813 times
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Default Foreclosure information

Especially in response to "need a home" posting. Since I have over 25 years of experience in the foreclosure industry, I thought I might help clarify a couple of things.
1. First we need to decipher what we are talking about. Some folks seem to be referring to "buying a foreclosure" to both buying it at the foreclosure sale and buying after the sale.
When someone defaults on their loan and the bank makes the decision to foreclosure - anybody can buy it at the foreclsoure sale held at the courthouse. The bank can not bid over the amount that is owed to them. As in your example, if 25k is owed and the value if 75k, they can not bid the value. They can only bid up to the total amount needed to pay them off. Yes, you can sometimes find good deals at the courthouse, but typically (since borrower default early in the mortgage) there is more owed than what it is worth. In these cases, the borrower still owns the property until it is "foreclosed" upon and thus you can not get access to view the interior.
Now after the bank/investor gets title after foreclosing - they will sell the property for what the market value is regardless of the amount that owed and foreclosed upon. Most will price it according to the condition the proeprty is in. They typically price it well to sell quickly. The longer they hold it the longer it is a liability to them. Trust me, most of the time they are taking a loss. When the bank is the one that now holds title and is selling the property that they foreclosed on - yes you can view the interior.
Also, you must keep in mind that there are two types of foreclosure processes. One is power of sale which is NC and the other is judicial which would be the case of FL properties. The states wehre judicial process occurs, it takes longer to foreclose.
2. Vandalism, etc - many, many foreclosed homes are vandalized. It is not cost efficient to the bank to try to pursue. First it is hard to prove who did it. Second, if the borrower doesn't have the money to pay the mortgage, then they likely do not have the money to pay for damages either.
Hope this may help to clarify somewhat.
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Old 02-10-2007, 11:22 AM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,988,540 times
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If you or anyone can find for free where I can see foreclosure listings and auctons without paying $9.95/week "membership" fees, I thank you. We will repair a damaged house, its still far more affordable than buying thru "normal" routes. The cheapest ive seen was $135k in PSL. I could be getting that same house for between $70k and $105k with a foreclosure or auction deal and even with the repair costs, its a good deal.
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Old 02-10-2007, 12:09 PM
 
Location: PA
669 posts, read 2,944,858 times
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Quote:
Originally Posted by Need_affordable_home View Post
If you or anyone can find for free where I can see foreclosure listings and auctons without paying $9.95/week "membership" fees, I thank you. We will repair a damaged house, its still far more affordable than buying thru "normal" routes. The cheapest ive seen was $135k in PSL. I could be getting that same house for between $70k and $105k with a foreclosure or auction deal and even with the repair costs, its a good deal.

IMO, you can't say that til you know the cost of repairs. A $105k house could EASILY go up to $150k w/ repairs. Careful what you say.
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Old 02-10-2007, 12:43 PM
 
20,900 posts, read 39,168,910 times
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IMO, that's another urban legend....like that one we had back in the 1960's about the Government having warehouses full of WW-2 surplus Jeeps...still in the crate (of course)... NOT!

We did a pretty thorough discussion of this topic in another forum, to include much input from realtors who know this aspect of the business. Don't expect any bargains. Read the discussion at:
http://www.city-data.com/forum/color...-possible.html

s/Mike from back east
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Old 02-10-2007, 01:51 PM
 
1,025 posts, read 3,764,938 times
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Quote:
If you or anyone can find for free where I can see foreclosure listings and auctons without paying $9.95/week "membership" fees, I thank you. Need_affordable_home

Well, then. Just because it would be novel to see you show any gratitude to anyone here, I accept the challenge. It's easy to get the information at no cost if you are searching locally, but no one will spoon-feed the listings to you. You may have to do some legwork yourself.

So here you go.

A brief quote from an article in today's Wall Street Journal (which also isn't free) for big boys and girls who mean business:

Quote:
Profiting on Foreclosures How Bargain-Hunting Investors Avoid Pitfalls of Hidden Liens, Evictions and Lemon Houses


[CENTER]By JEFF D. OPDYKE[/CENTER]

[CENTER]Wall Street Journal, Weekend Edition [/CENTER]

[CENTER]February 10, 2007; Page B1[/CENTER]


[LEFT]... To find them, get free foreclosure listings from county court clerks or sheriff's departments; some counties post them online. Commercial services provide access to local and national listings. Foreclosurenet.net provides information on bank-owned real estate for about $30 a month. RealtyTrac.com has nationwide listings of homes in foreclosure and offers geographically tailored email alerts for $50 a month. [/LEFT]





[LEFT](You're welcome.)[/LEFT]
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Old 02-10-2007, 06:59 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,988,540 times
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Quote:
Originally Posted by bmurphy View Post
IMO, you can't say that til you know the cost of repairs. A $105k house could EASILY go up to $150k w/ repairs. Careful what you say.

LOL then that house is only worth like $60k cause you gotta factor in repair costs.

Quote:
To find them, get free foreclosure listings from county court clerks or sheriff's departments; some counties post them online.

I cant find any info online for PSL. Guess we will need to visit PSL and check the departments for foreclosure listings, maybe ill find a good deal
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Old 02-10-2007, 07:38 PM
 
Location: PA
669 posts, read 2,944,858 times
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Quote:
Originally Posted by Need_affordable_home View Post
LOL then that house is only worth like $60k cause you gotta factor in repair costs.l
Um, isn't that the point I was trying to make to you? Did anyone else see that that was my point?
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Old 02-11-2007, 04:33 PM
 
Location: Burlington VT
1,405 posts, read 4,380,254 times
Reputation: 544
Quote:
Originally Posted by Need_affordable_home View Post
If you or anyone can find for free where I can see foreclosure listings and auctons without paying $9.95/week "membership" fees, I thank you. We will repair a damaged house, its still far more affordable than buying thru "normal" routes. The cheapest ive seen was $135k in PSL. I could be getting that same house for between $70k and $105k with a foreclosure or auction deal and even with the repair costs, its a good deal.

Need affordable home:

The WSJ article which Figment 07 referred to is well worth a look. It's well worth a trip to the library.

Another observation - State Law dictates a lot of the process. In VT, the mortgage holder can sell the property for fair market value. In other states this is not the case. You'll want to look into this.

Also - How would you pay for the home you bought as a foreclosure?
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