need help on foreclosed homes or auction in Raleigh NC (real estate, foreclosures)

[winfire69]

Wanted to purchase home in Raleigh but I wanted to get a foreclosed home about 5 bedrooms and 3 baths where can I look online without paying those stupid 3-6 months fees to look at the listing any suggestion I already have a 2 family home in NY. I went online to the county clerk office for those homes on auction but I can view the inside of the property and I'm still in NY I know I have to go there to really look but I just want a idea on what I should look for thanks

[MikeJaquish]

Originally Posted by winfire69

Wanted to purchase home in Raleigh but I wanted to get a foreclosed home about 5 bedrooms and 3 baths where can I look online without paying those stupid 3-6 months fees to look at the listing any suggestion I already have a 2 family home in NY. I went online to the county clerk office for those homes on auction but I can view the inside of the property and I'm still in NY I know I have to go there to really look but I just want a idea on what I should look for thanks

Hook up with a Realtor who can set you up with autoemails of new listings for free, and even look for them for you.
Foreclosures are a tough market here, as they are priced for FlipThisorThatHouse TV watching suckers, and most are badly torn up.
5 bedrooms/3 baths is unusual, but they do pop up.

Also, try http://www.hmbireo.com/ncarolina.php (broken link) for HUD homes.
Or, try http://www.ocwen.com/reo/residential...fm?proptype=VA or VA homes. VA homes with Vendee financing can be easy to get into.

Make sure you have a title search done. Lots of liens on foreclosures sometimes. You buy them too, if they aren't cleared.

[saturnfan]

Unless the area really declines, most foreclosures will be in bad areas or junk condition.

[JJingle]

Just wanted to chime in and agree with MikeJaquish. If you are looking to find a nicely kept home relatively inexpensive, you might be surprised. I'm not a Realtor, just a curious neighbor that is aware of what is going on in the community.

[House Lady]

most are not all that great a bargain. The ones that are in good shape will sell for close to market value because so many investors and others are looking for them. The ones that are not in good shape require close inspection to determine the costs of repair/updating. Even the local pros find it very challenging to deal with foreclosures.
There are other better ways of finding homes at good prices, but unless you can lay eyes on them in person I would not recommend it as a business venture. Flipping in general is tough here because we have so many people trying to do it and because the appreciation has been slow and steady, not skyrocketing. The quick profits "as seen on TV" were in areas like CA. Profits in real estate are more likely when the property is held for a good while.

[saturnfan]

My brother in law bought distress properties whenever he moved to get a good price for his personal residence. Worked for him since he is a contractor, knows what to pick, and does almost all the work himself.

For others, these distressed homes may not be a prudent pick.