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Old 11-13-2009, 10:38 PM
 
89 posts, read 228,294 times
Reputation: 23

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I am trying to wrap my brain around all of these foreclosures and short sales.

It seems like there are a TON of foreclosers in Lee and Collier Counties. I am shocked at the prices for some of the foreclosures. For example, a house in a really good, established neighborhood is going for around $99,000 in foreclosure. Would someone really have the opportunity to buy the house for that price? Or am I missing something? I don't really know much about foreclosures except for a thread I read earlier today.

Why would some houses be listed for under $10,000? Does that mean the house is in really bad shape, or is it a typo? It seems crazy to list houses under $50,000. I can't wrap my brain around that.

I know lots of investors will buy low to rent, so what are the chances of a regular person being able to purchase a house in forclosure? Do you have to fight with the investors?

thanks in advance,
pool_ready
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Old 11-14-2009, 05:20 AM
 
2,143 posts, read 7,201,112 times
Reputation: 1141
Just make an offer, same as any other purchase. If the bank goes for it, you're all set.
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Old 11-14-2009, 06:21 AM
 
Location: Jupiter
1,108 posts, read 3,691,668 times
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You are in a better position to buy...than a person who is buying to rent...the buying to rent group can only spend so much before it no longer pays to buy the property...you on the other hand are looking to buy to live in the property...ALL PROPERTIES ARE AVAILABLE FOR VIEWING BEFORE BIDDING STARTS...you just have to find out where and when...you have to know your values and what the house will cost to fix before you buy...if you should find a house that you have to have...you might want to consider hiring someone to do a home inspection of the property on one of the viewing days...this way you will have a better idea of what might be wrong...

Something I heard and do not know if it is true...but sometimes at auction...not all liens have been discovered...and after you purchase you might find someone knocking at your door looking to settle an unknown lien...I am sure someone out there knows if this statement is valid...but you might want to consider hiring an lawyer to represent you during the buying process....
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Old 11-14-2009, 07:01 AM
 
2,143 posts, read 7,201,112 times
Reputation: 1141
Quote:
Originally Posted by rusty78 View Post
You are in a better position to buy...than a person who is buying to rent...the buying to rent group can only spend so much before it no longer pays to buy the property...you on the other hand are looking to buy to live in the property...ALL PROPERTIES ARE AVAILABLE FOR VIEWING BEFORE BIDDING STARTS...you just have to find out where and when...you have to know your values and what the house will cost to fix before you buy...if you should find a house that you have to have...you might want to consider hiring someone to do a home inspection of the property on one of the viewing days...this way you will have a better idea of what might be wrong...

Something I heard and do not know if it is true...but sometimes at auction...not all liens have been discovered...and after you purchase you might find someone knocking at your door looking to settle an unknown lien...I am sure someone out there knows if this statement is valid...but you might want to consider hiring an lawyer to represent you during the buying process....
If a lein is recorded, it's not an unknown lien. If it's not recorded, then it isn't a lien. But you are right- check the title and get an atorney to take a look.
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Old 11-14-2009, 09:02 AM
 
Location: Foothills of the Appalachians
440 posts, read 2,242,547 times
Reputation: 185
What we are seeing often in our region is this. Many of the desirable and really "low priced" properties end up getting multiple offers. A buyer is asked to make their final & best offer to start with as the bank will generally take the highest offer or the offer with the least contingencies. It is a process and since you don't know what the other folks offered, it's tough to guess the winning price. If you've got the patience, you can get some great deals. This may not be true with all properties --- there are plenty of opportunities with properties that are just priced to sell!

That's just our 2 cents!
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Old 11-14-2009, 09:29 AM
 
89 posts, read 228,294 times
Reputation: 23
thanks!
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Old 11-14-2009, 03:05 PM
 
Location: Pittsburgh, PA
1,303 posts, read 2,671,335 times
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Quote:
Originally Posted by Lilybeans View Post
If a lein is recorded, it's not an unknown lien. If it's not recorded, then it isn't a lien. But you are right- check the title and get an atorney to take a look.
Lilybeans,

Are you saying that a title search (purchase title insurance?) should be done before even bidding upon the foreclosed property? Isn't that an expensive proposition? Is buying a foreclosed property a risky proposition without an attorney? Thanks!
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Old 11-14-2009, 03:15 PM
 
Location: Florida
1,313 posts, read 1,375,767 times
Reputation: 462
Quote:
Originally Posted by pool_ready View Post
I am trying to wrap my brain around all of these foreclosures and short sales.

It seems like there are a TON of foreclosers in Lee and Collier Counties. I am shocked at the prices for some of the foreclosures. For example, a house in a really good, established neighborhood is going for around $99,000 in foreclosure. Would someone really have the opportunity to buy the house for that price? Or am I missing something? I don't really know much about foreclosures except for a thread I read earlier today.

Why would some houses be listed for under $10,000? Does that mean the house is in really bad shape, or is it a typo? It seems crazy to list houses under $50,000. I can't wrap my brain around that.

I know lots of investors will buy low to rent, so what are the chances of a regular person being able to purchase a house in forclosure? Do you have to fight with the investors?

thanks in advance,
pool_ready
Look at it like a repo.
Those low prices are what is owed either in principle or back taxes, and'or both
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Old 11-14-2009, 03:42 PM
 
2,143 posts, read 7,201,112 times
Reputation: 1141
Quote:
Originally Posted by Retiredcoach View Post
Lilybeans,

Are you saying that a title search (purchase title insurance?) should be done before even bidding upon the foreclosed property? Isn't that an expensive proposition? Is buying a foreclosed property a risky proposition without an attorney? Thanks!
No, but you sure want title insurance before you close. Having an attorney who wil provide title insurance is no more expensive than going to a title company, but you get some legal representation. I wouldn't buy a piece of property-or sign a contract- without an attorney.
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Old 11-14-2009, 05:49 PM
 
2,499 posts, read 6,400,136 times
Reputation: 2257
Cash talks,bought my foreclosure in Aug,closed in 3 weeks,$600 attorney.Total cost with title ins. around $800.
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