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I see many properties in my area possibly matching what I'd like to buy on Zillow, but with no official price or agent listed.
There are two types of such listings:
(1) The first are just listings that say the property is foreclosing, but no details are given, and only a price estimate is sometimes listed.
(2) The second are homes that went to Auction.com, but now sit on Zillow for months on end with this statement:
"Investor opportunity! This property is being offered at Public Auction on <past date>. Visit Auction.com now to view additional photos, Property Inspection Report with title information, plat maps and interior inspection reports when available. Auction.com is the nation's leading real estate transaction platform focused exclusively on the sale of residential foreclosure and bank-owned properties. The majority of these properties are priced below market value. Don't miss this special opportunity to buy homes at"
While I know I don't want to use Auction.com to buy a house, I'm assuming someone wants to sell the house, as they are on Zillow. Is there some way to buy them when they are in this status?
Status:
"I didn't do it, nobody saw me"
(set 15 hours ago)
Location: Ocala, FL
6,484 posts, read 10,357,154 times
Reputation: 7925
Auctions are a horse of a different color. Even licensed Realtors have to go through the same process since those homes are not in the standard MLS and contracts are submitted to the auction internet site directly. Consumers can submit contract offers on their own without having to involve a Realtor. Closings and title insurance are also a completely different process. If you want more information on the process, visit auction.com or whatever site is listed in the post. When I was a Realtor I tried to assist a few clients with auction properties but it wasn't a simple process. Some Realtors will have more experience in such transactions and/or may specialize in it.
The most important thing if considering a auction property is to carefully research the property through your local property appraiser ahead of time and if possible, make an appointment to view the property. Most of the properties that will allow a client to physically see the property may require a licensed Realtor to show it to you as these properties have special lock boxes to gain entry and they will not just give the consumer the code to open it.
BTW: if the listing mentions auction.com, you have no choice but to go through them. A Realtor can submit a contract on you behalf if you wish. Keep in mind that a distressed property usually first goes to short sale status and if no acceptable offer is accepted after a certain time period, the next step is that the bank puts it up for auction. You can't circumvent the process. I am only sharing my experience with auctions in North Florida and it could vary state to state or market to market.
I see many properties in my area possibly matching what I'd like to buy on Zillow, but with no official price or agent listed.
There are two types of such listings:
(1) The first are just listings that say the property is foreclosing, but no details are given, and only a price estimate is sometimes listed.
(2) The second are homes that went to Auction.com, but now sit on Zillow for months on end with this statement:
...
While I know I don't want to use Auction.com to buy a house, I'm assuming someone wants to sell the house, as they are on Zillow. Is there some way to buy them when they are in this status?
foreclosures, pre-foreclosures, etc on Zillow are notoriously bad information. You need your agent to dig in on them, to find out what's real and what's not. On the occasion a property really has been foreclosed on, and the ownership transferred to another party (lender, servicing company, etc), then you basically have to wait for them to decide to unload the property.
Buying a "true foreclosure" at the courthouse steps involves an upset bid process, and a lot of cash in hand. And usually buying a neglected home in as-is condition.
Status:
"I didn't do it, nobody saw me"
(set 15 hours ago)
Location: Ocala, FL
6,484 posts, read 10,357,154 times
Reputation: 7925
Quote:
Originally Posted by hotkarl
#1- Don't use Zillow.
#2- See #1
Very good advice. No truer words have ever been spoken when it comes to real estate.
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