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How do you find out about which homes are in foreclosure? Then how do you buy one of them?

post #1 of 10
Thread Starter 
The person I used to take care of needs a new place to live. Unfortunately, they are on a tight budget. Fortunately, we are in south florida, and there are a shitload of forclosures. Problem is, most real estate agents don't seem to deal in them, and my google:fu is coming up with lists you have to buy and special membership websites where you can find out about them. They don't want to get involved in any of that. So how can I go about getting them info, or finding someone who specializes in this, so that they might be able to snag a good deal. At least before the south americans come in and buy them all up for cash.
post #2 of 10
Quote:
Originally Posted by Rambo View Post

The person I used to take care of needs a new place to live. Unfortunately, they are on a tight budget. Fortunately, we are in south florida, and there are a shitload of forclosures. Problem is, most real estate agents don't seem to deal in them, and my google:fu is coming up with lists you have to buy and special membership websites where you can find out about them. They don't want to get involved in any of that. So how can I go about getting them info, or finding someone who specializes in this, so that they might be able to snag a good deal. At least before the south americans come in and buy them all up for cash.

I don't know if FL is like this, but in many parts of the country, residential foreclosures are difficult for individual homebuyers to purchase because they are usually purchased in blocks by real estate investment groups. Generally speaking, foreclosing institutions prefer to sell to these groups because they have their own financing lined up and don't require all the hand-holding of an individual buyer.
post #3 of 10
Thread Starter 
Quote:
Originally Posted by dah328 View Post

I don't know if FL is like this, but in many parts of the country, residential foreclosures are difficult for individual homebuyers to purchase because they are usually purchased in blocks by real estate investment groups. Generally speaking, foreclosing institutions prefer to sell to these groups because they have their own financing lined up and don't require all the hand-holding of an individual buyer.

So I've come to find out. I can't even seem to get my foot in the door anywhere.
post #4 of 10
Show up on the courtroom steps and participate in the weekly trustee auctions. Depending where you live you will need to put down 25% or so cash on the spot and have the rest in 10 business days or so. The only kicker is you will usually be buying these homes sight unseen.
post #5 of 10
Here are a few ways:
1) go to the website of the Sheriff in the county you are interested in and look for the civil section. They often publish the lists of the foreclosure sales coming up along with the residential address and appraisal value. You can show up to the foreclosure sales and place a bid.
2) Monitor court filings for foreclosure proceedings- this will cost you, but you will see initiated foreclosure proceedings faster.
3) Contact a bankruptcy attorney and see if they have clients interested in a short sale- you would probably pay more for the property going this route than picking it up at a foreclosure sale.

Hope that helps.
post #6 of 10
Thread Starter 
Quote:
Originally Posted by Piobaire View Post

Show up on the courtroom steps and participate in the weekly trustee auctions. Depending where you live you will need to put down 25% or so cash on the spot and have the rest in 10 business days or so. The only kicker is you will usually be buying these homes sight unseen.

Hmmm. That won't work. Most of these places are fairly expensive for us plebs. And with their problems, it would be impossible to buy without viewing.
Quote:
Originally Posted by Mark it 8 View Post

Here are a few ways:
1) go to the website of the Sheriff in the county you are interested in and look for the civil section. They often publish the lists of the foreclosure sales coming up along with the residential address and appraisal value. You can show up to the foreclosure sales and place a bid.
2) Monitor court filings for foreclosure proceedings- this will cost you, but you will see initiated foreclosure proceedings faster.
3) Contact a bankruptcy attorney and see if they have clients interested in a short sale- you would probably pay more for the property going this route than picking it up at a foreclosure sale.
Hope that helps.

So these places go in auctions? Interesting. That certainly complicates things. The bankruptcy attorney idea is fairly interesting but I think an overwhelming majority of these places either fell through or people just walked away from. At least the type of high rise apartment condos that I'm thinking of. Some old beat up house out in the boonies isn't what I'm interested in.
post #7 of 10
don't know how it goes there, but don't the banks have a list of these foreclosures and other assets for disposal/sale/bidding? well at least thats how its done here.
post #8 of 10
I think the VA lists their foreclosures and sell them on the market. They go quickly. As for the rest, as has been said, auctions are the usual course. There are often auction sections in mainstream and legal newspapers which tell you when the property can be viewed.
post #9 of 10
Rambo, unless you need to know about large volumes of foreclosures, get friendly with your local banker. For localized information, I think this is the best source. Now, this isn't info some would share openly so it might take time building that relationship. I don't know where you are (Miami?), my experience is based on small, everyone knows everyone town. May be tough to replicate in large city but when it works, it works very well. You help the bank unload unwanted property (and no bank wants to play landlord for long) and if you're lucky, the banks helps you with financing smile.gif Good luck
post #10 of 10
Here's the VA listing site: https://va.equator.com/index.cfm?
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