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A friend of mine is interested in foreclosed and bank owned home in our area but is having one heck of a time getting "the list" without paying. Any info or tips for her? This is in Tennessee if that matters. Thanks!
A friend of mine is interested in foreclosed and bank owned home in our area but is having one heck of a time getting "the list" without paying. Any info or tips for her? This is in Tennessee if that matters. Thanks!
Is she looking at going into the foreclosure business? Or just looking to pick up one home?
Where I live that info is posted on the county clerk's website. It lists all of the foreclosures coming up in the next 30 days, the default amount + costs (the lender will have a rep on site to bid at least that high), owner name, and name of the lender. If it is not online where your friend is she can go to the clerk's office and get it. This info is public record and is available for free.
Caution your friend that often these homes have other liens or encumbrances that will have to be paid.
Typically, if the house gets listed in the paper or in those "lists", it's already priced too high to be worthwhile. To find really good deals, you've got to find a desperate seller who's looking to get out of his house without destroying his credit. It's also typically got to be an older loan, as most of the recent loans were for such high LTV's that there's no equity left to make the deal work.
Why not hire a realtor? If she uses a buyer's agent the seller will be paying the commission. As someone who markets foreclosure and sees the complexity of most bank contracts I would defiantly advise anyone thinking about a foreclosure to hire an agent experienced in that area.
Also, I wouldn't just look at foreclosures. Talk to an agent and see if there are any short sales out there. We have to disclose in the remarks section. She may have to "work it", but might be able to pick up a decent house... I have one right now that is an excellent deal : ) Does she want to live in Norfolk, VA instead?
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