foreclosures

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Permalink Reply by HUD Foreclosed on October 15, 2008 at 1:56pm

Hi Shalem,

You should have a real estate agent who has experience in foreclosures sales working with you and guiding you through the process for the first couple of times you make a purchase. You will also need to check your state laws (or inquire with your agent) to see if you are legally required to work with a lawyer.

Many of the foreclosures you're going to encounter today are either in pre-foreclosure or in full-blown, REO/Bank-owned status. If a real estate company is listed as the owner, you can probably bet the property is an REO and that is the person/people you will be contacting to negotiate a deal.

Make sure that when you're looking at the value that you are not interpreting the Tax Assessment to be the value, as they can be quite different.

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Permalink Reply by JACQUE BLACKBURN on October 16, 2008 at 3:22pm

Wow, I's new too and I have the same question?! Let's wait and see if someone will respond. Thanks for asking this. My name is Jacque and I am a new Real Estate student and am interested in rehabbing distressed forclosing properties.

Jacque

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Permalink Reply by cecilia on October 17, 2008 at 3:15pm

i am looking for a cheap house, forecloser,or auction, or a small morgage payment. i am new to all of this,i would be glad to get some advice from a real estate agent. please email me.

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Permalink Reply by HUD Foreclosed on October 22, 2008 at 12:21pm

Hi Cecilia,

This would be a great post for the Classifieds section. To start a thread there for yourself, just go the main forum, click on "Classifieds" and then look for the link in the top, right corner that says "Add a Discussion." Try to make sure you give people as much information as possible. Good questions to make sure you cover are: how much you can afford, if you have down payment money saved, an estimate of your credit score, whether you have financing already or not, and where you're looking to buy.

Since you have a PREMIUM Membership, you can search foreclosure properties. Just log in and click the "Listings" link in the top navigation menu to get started.

Best of Luck!

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