4 Answers

• Reputation: 108 Q&A: 3 0 0 62 14 0 Classifieds: 0 0 what's this? Expert: 1 topic Real Estate Follow Following 0 ARDELL

  2 0 Dear Dr. Adequate, What you ask makes perfect sense in that true "foreclosures" are never "listings" as to an Agent's use of the term "listing". There are 3 types of foreclosure properties: 1) PRE-foreclosures, which are "short sales" and are usually "listings" that can be accessed by an Agent. 2) FORECLOSURES which are sold "at the Courthouse Step" and are not "listings" in the traditional sense and are not available to agents via the "mls multiple 'listing' service". 3) POST-foreclosures are "listed" (in the mls) after a property is NOT sold "at foreclosure" and the owner's lender becomes the owner of the property. These are usually called REO's or Bank-Owned Properties. To an Agent a "foreclosure is 1) and 3). To most people "a foreclosure" is a 2). So you are not speaking the same language. Most owner-occupant types do not really buy "foreclosures" at all because they are CASH purchases, sight unseen and with no inspections. Most people cannot do that, except for investors. There is too much risk for most buyers and they don't have the cash to buy the property without financing. If you are actually looking for property that will give you a normal closing process with a "home inspection contingency" and financed through a regular mortgage (vs "hard money lending") you are not really looking for "a foreclosure". You are more likely looking for a short sale or a bank-owned property. Not to assume that is the case for you...but the "disconnect" between you and your agent may be due to this added information. If you do truly want "a foreclosure"...you have to go to "the courthouse steps" to buy one all cash. These are very interesting events, usually held on Fridays, and I highly recommend your attending a few before asking to buy "a foreclosure". Those are basically "open air auctions" sight unseen...cash only...and you may be buying the liens and judgments with the property, so be careful and attend several before even considering buying "a foreclosure". There will be a printed "foreclosure LIST" of the day at the auction...but the properties are listed by owner NAME and not address, and they are not "listings" that Agents have immediate access to via a computerized format. They do not have an "asking price", they have an "opening bid" which is often unknown until the morning of the Foreclosure Auction. They also do not provide a means to PAY "your" agent...so most often agents are not talking about actual foreclosures. They are calling short sales and bank owned property "foreclosures". Hope that's clearer than mud and is somewhat helpful. Many prime areas in or around Seattle do not have many foreclosure homes. The best sell before they would get to foreclosure, and sell as "short sales", saving the owner from "foreclosure". They are still good discounts, but the ones that get all the way TO "foreclsoure" are not likely what yo are really looking for. ARDELL answered in Real Estate 10 months ago | Report 2 comments by RacerX and ARDELL… 0 0 Great info: one note to add that my agent let me in on: pre-foreclosure/short sales also require more time and waiting, and as such, some agents (and lenders) discourage these - especially if you're coming in as 'just barely able to buy' (like a low dow, mediocre credit, low mortgage limit, etc). RacerX commented 10 months ago | Report 0 0 For someone who doesn't have a "must move in by" date, short sales are pretty good. I recommend looking for the best house at the lowest price. Sometimes it's bank-owned, sometimes it's an Estate Sale or Bankruptcy and sometimes it's a short sale. If you're not in a hurry, no reason to avoid short sales. Most agents don't like them, but a few of my clients have gotten some great deals buying short sales and putting up with the quirks. I wrote a piece some time back, and a few since, on setting expectations. http://raincityguide.com/2007/12/13/should-you-buy-a-short-sale-property/ I don't take clients who "want to buy a foreclosure or short sale or bank owned" as it is usually best to look for the best house in the best area at the best price...and if it's a short sale...don't let that hold you back. Someone's buying them, why not you? ARDELL commented 10 months ago | Report Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

  Share this answer with a friend:

• Reputation: 1045 Q&A: 28 0 3 485 60 0 Classifieds: 0 0 what's this? Follow Following 0

  0 0 http://www.realtytrac.com/home/ Paid subscription, $25-50/month, which sounds spendy but compare that to a realtor's commission ($9K-18K on a $300K property). capicola answered in Real Estate 10 months ago | Report 1 comment by ARDELL… 0 0 Realtytrac info is usually available for free on Trulia.com But a better source is on the foreclosure site. http://www.northwesttrustee.com/ Both are free. I did not post them because I don't encourage people to buy "AT foreclosure" without first going to a few of the auctions. It can be a dangerous pursuit and few owner occupants buy AT foreclosure. Not a good idea to pay for "lists". There are several Trustees, though the site in the link has a large majority I think. I am not a foreclosure "expert" by any stretch of the imagination. Just trying to be helpful and give fair warning to the "sight unseen" and "not free and clear" aspect of these cash purchases. There are "hard money" lenders at the auctions offering to front the cash until you can transfer to a regular mortgage, but that has risk as well as the transfer is technically a refinance. Not something to wander into blindly. ARDELL commented 10 months ago | Report Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

  Share this answer with a friend:

• Reputation: 63 Q&A: 2 0 0 28 5 0 Classifieds: 0 0 what's this? Expert: 1 topic Real Estate Business WaLaw Realty is a business on Questionland Seattle Follow Following 0

  0 0 Doc, be VERY careful in buying at a foreclosure auction -- if that's your intent. When a bank forecloses on a home and sells it at auction, there is no guarantee whatsoever that you are getting clear title to the property. There are a lot of horror stories out there... http://getforeclosures.blogspot.com/2007/04/auction-horror-stories.html WaLaw Realty answered in Real Estate 9 months ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

  Share this answer with a friend:

• Reputation: 690 Q&A: 19 0 3 340 100 2 Classifieds: 0 0 what's this? Follow Following 0

  0 4 Ah, yes. You seek more speed and ease in capitalizing on the misfortunes of others!!! Nothing like making the most of an economic downturn, eh, comrade?? Yay! The American Dream!!! No, there's no search engine for that: but I bet you could just hang out at the front of the Worksource/UI office, and ask people if they're about to lose their home . Maybe the food bank too. Don't forget paying off a mortgage banker or two to tip you off, in the neighborhood you like. But, hey, why stop there? If you have employees, do a zillow search of their home addresses: whoever's you like, just lay them off! Now, that's efficiency!! Classy too! (You know, in the 30's, in the great depression, neighbors -whther they had money or not- got together and refused to participate in the foreclosure auctions! they thought the banks were being utterly tasteless, crass and immoral. Shame, huh?) RacerX answered in Real Estate 10 months ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

  Share this answer with a friend: