Is there a place to see local foreclosure listings? (Raleigh: bank owned, for sale)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Hi--I recently googled foreclosure listings NC and got a bunch of sites teasing me with meager details and promising to show me more with my membership fee.
Are foreclosures listed in the regular MLS? Or are the foreclosures for sale listed separately on some super secret website? I'm looking for curiosity and to get an idea about n'hoods we are looking at, etc. Not interested in paying a "membership" and sometimes that smells like a scam to me.
TMLS will not show all foreclosures. Realtors do not have to disclose foreclosures in listings, and many do not.
Most third party sites are advertising scam sites and very unreliable.
There really is no one reliable site to search for foreclosures.
There are foreclosures on MLS but more often than not, they are not listed as a foreclosure.
They could be listed as "bank owned" or "REO owned" or "homepath" or "HUD owned property".
Most of these require additional paperwork to be filled out by Realtors. I know HUD will not allow a buyer to fill out their forms. They want them to have their own buyer's agent to avoid liability issues.
It may take anywhere from 1 year to 3 years for a home that is GOING into foreclosure to actually be IN foreclosure. You may not know that your neighbors are no longer paying their mortgage for years. Once they are forced to move, the bank/lender may still take a few months to actually put the listing into MLS.
There are foreclosures on MLS but more often than not, they are not listed as a foreclosure.
They could be listed as "bank owned" or "REO owned" or "homepath" or "HUD owned property".
...
Vicki
Or "corporate" or nothing other than Agent Remarks, such as, "Seller requires buyer to present offer through such and such site."
The banks prefer to not list as REOs or Foreclosures, thinking that by concealing that fact, they will not get low offers.
Listing agents play along, and hope to sell getting both sides of the transaction.
There are a few individual law firms that list them, but they would just be the ones being handled by that firm. Try this one Brock & Scott - Brock Search
It may take anywhere from 1 year to 3 years for a home that is GOING into foreclosure to actually be IN foreclosure. You may not know that your neighbors are no longer paying their mortgage for years. Once they are forced to move, the bank/lender may still take a few months to actually put the listing into MLS.
Vicki
I know of several townhomes and homes in our neighborhood that have been in the foreclosure process for years. One finally has a real estate sale sign in front and it has been empty for nearly two years. Others remain empty with no sign of when they might be up for sale.
The foreclosure process takes awhile and then the banks seem in no hurry to get them on the market. Not sure why this is unless no one wants to take the career hit of writing off assets. Perhaps they are waiting for the market to bounce back. Who knows?
One thing I do know is that no dues have been paid on these places for years now. The foreclosure process apparently discharges all liens including those for HOA dues. But even once the banks own them they do not pay the HOA dues and the dues are not caught up when the house sells. Not sure how banks get out of paying HOA dues on homes they own, but they do.
As this means all the other homeowners have to pick up the slack, I would be leery of buying in an HOA neighborhood with a number of what appear to be empty homes. Definitely would worry about buying into an HOA with a number of clearly foreclosed homes. Either a lot of maintenance is being deferred or there's a dues hike in the future.
Do banks respond to inquiries about homes they have foreclosed on and are waiting to put on the market? Perhaps that might be a way to track down foreclosed homes.
One more thought about foreclosed homes. We looked at about a dozen several years ago. They were all in rough shape. The previous owners had stopped maintaining them and then stripped them bare when they left. Sitting empty left them mildewed and musty. The banks all listed them "as is" and made it clear they would be no repairs or warranties. As I recall, there were no disclosure forms either with foreclosed homes. Is this true?
If so, it means that once you bought the place, if you found out the foundation was cracking or whatever, you were on your own. The bank was not responsible for disclosing anything nor responsible for any hidden defects.
We never saw one that was a good enough price to justify all that would need to be done to get them up to speed.
I know many have a different experience because those homes do eventually get sold.
One more thought about foreclosed homes. We looked at about a dozen several years ago. They were all in rough shape. The previous owners had stopped maintaining them and then stripped them bare when they left. Sitting empty left them mildewed and musty. The banks all listed them "as is" and made it clear they would be no repairs or warranties. As I recall, there were no disclosure forms either with foreclosed homes. Is this true?
If so, it means that once you bought the place, if you found out the foundation was cracking or whatever, you were on your own. The bank was not responsible for disclosing anything nor responsible for any hidden defects.
We never saw one that was a good enough price to justify all that would need to be done to get them up to speed.
I know many have a different experience because those homes do eventually get sold.
Many pretty crummy homes are being bought by investors for rentals.
Slap some lipstick on that pig and make some cash flow. Woe to the tenant who wants a nicely refurbished rental.
Do banks respond to inquiries about homes they have foreclosed on and are waiting to put on the market? Perhaps that might be a way to track down foreclosed homes.
doubtful. if one were so inclined, they could check the foreclosed/upset bid records with the wake county clerk's special proceedings office. Wake County Courthouse | www.wakegov.com/courts | 316 Fayetteville Street, Raleigh, NC 27601 this would mean you know what properties have been foreclosed by the bank but thereafter i suspect it may be difficult to get info unless/until they are listed. REO departments for banks are bonkers right now.
NC's foreclosure process is a strange hybrid judicial/non-judicial process, unlike judicial foreclosure states which file an actual civil suit & in which most states will actually list on their clerk (or in SC their master in equity's) websites which properties/suits are up for sale. our firm does NC & SC foreclosure work & i specifically work with SC foreclosures. in that work i find SC to actually be far easier to understand & to offer more information on foreclosure sales. it's not uncommon for me to get phone calls from interested parties who wish to bid at the sale.
i would caution anybody considering .... there may be deals to be had in foreclosures but there are hoops to complete & the property will be sold as-is which can mean it's a grea deal or it's a nightmare. my recommendation would be for people to have some experience & knowledge (even a mentor of some sort) in navigating that process as it's not particularly easy for transactions that are short sales or foreclosures & most average homebuyers are not equippred to deal with it.
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