Property Foreclosure

[WhatOkay]

I am starting a business and decided to buy a property instead of paying lease on a building for my business operations.

I found many sites advertising foreclosure listings and found out that a lot of of them have inaccurate information and out of date.

What is a reputable site that I can go to to get foreclosure listings that actually exist and reliable ?

Has anyone gone through this process ?

TIA

 

[bran987]

There's foreclosure.com but I wouldn't really trust that info.

It's only listed at the courthouse in each county, and then there are certain services in each county that go and collect the info. and sell it each month for a fee, but really all their doing is going down to the county courthouse, writing it all down, and then selling it to you. I'd search by county first.

 

[WhatOkay]

There's foreclosure.com but I wouldn't really trust that info.

It's only listed at the courthouse in each county, and then there are certain services in each county that go and collect the info. and sell it each month for a fee, but really all their doing is going down to the county courthouse, writing it all down, and then selling it to you. I'd search by county first.

Thank you. I called county courthose and trying to get in touch with the department that handles it and left them a message.

Have you ever used RealtyTrac ? Their website has a lot of listings for pre-foreclosure , bank owned, and auction proporties.

 

[bran987]

Thank you. I called county courthose and trying to get in touch with the department that handles it and left them a message.

Have you ever used RealtyTrac ? Their website has a lot of listings for pre-foreclosure , bank owned, and auction proporties.

you're fast. that's good. as far as realtytrac, haven't used it but I think that is just for single family homes? I assumed you meant you wanted to buy an office.

 

[calveless wonder]

As an average joe, you probably won't snatch up a good foreclosure property. Alot of these databases mainly contain people that are in the foreclosure proceedings....

Alot of the time when the house is foreclosed on (assuming it's a property with a decent amount of equity), whoever's holding the note usually has their investors snatch it up. Also, the information on the house is usually extremely limited.

 

[bran987]

calveless wonder I think he is talking about an office building, usually a different deal.

But for residential what are you talking about whoever has the note usually has their investors snatch it up? doesn't the bank hold the note? They will show up at the foreclosure sale and bid the house up to the amount of their note, if someone outbids them then they let them have the property and pay off the note. Let me know what you're talking about so I understand.

 

[WhatOkay]

calveless wonder I think he is talking about an office building, usually a different deal.

But for residential what are you talking about whoever has the note usually has their investors snatch it up? doesn't the bank hold the note? They will show up at the foreclosure sale and bid the house up to the amount of their note, if someone outbids them then they let them have the property and pay off the note. Let me know what you're talking about so I understand.

For my purpose I could go either way , residential and convert to commercial use or buy commercial. I am thinking of getting two residential properties, converting one for commercial and flipping the other one if it's good deal and good location and makes sense.

 

[bran987]

For my purpose I could go either way , residential and convert to commercial use or buy commercial. I am thinking of getting two residential properties, converting one for commercial and flipping the other one if it's good deal and good location and makes sense.

oh. well. good luck. one thing I'm sure you realize but I thought I'd mention just in case is that if you buy at the monthly courthouse foreclosure sale, you have to pay with cash. So if the house is $100,000 or whatever you have to pay them $100,000 cash. Good luck bro!

 

[WhatOkay]

oh. well. good luck. one thing I'm sure you realize but I thought I'd mention just in case is that if you buy at the monthly courthouse foreclosure sale, you have to pay with cash. So if the house is $100,000 or whatever you have to pay them $100,000 cash. Good luck bro!

Yeah, I realize that, but thank you for looking out. I have been browsing the RealtyTrac foreclosure listings and wanted to know if the Default amount is usually the opening bid when it goes to auction ? Also, what about Bank Owned foreclosures, do i just contact the bank directly and make an offer ?

 

[bran987]

Yeah, I realize that, but thank you for looking out. I have been browsing the RealtyTrac foreclosure listings and wanted to know if the Default amount is usually the opening bid when it goes to auction ? Also, what about Bank Owned foreclosures, do i just contact the bank directly and make an offer ?

whichever bank is foreclosing on the house will tell the courthouse what they want the opening bid to be. it will almost always be the amount remaining on the note (the unpaid principal balance on the mortgage).

for Bank Owned foreclosures, (more commonly known "REO" or Real Estate Owned") properties yeah you have to contact the bank directly. a lot of times it's hard to get the decision maker for those on the phone, you have to dig around a lot to find the person you can directly negotiate with.

 

[al420]

whichever bank is foreclosing on the house will tell the courthouse what they want the opening bid to be. it will almost always be the amount remaining on the note (the unpaid principal balance on the mortgage).

for Bank Owned foreclosures, (more commonly known "REO" or Real Estate Owned") properties yeah you have to contact the bank directly. a lot of times it's hard to get the decision maker for those on the phone, you have to dig around a lot to find the person you can directly negotiate with.

I would say impossible as some local RE agents job is to prevent people from getting directly to this person. REO companys are super hard to deal with. I would reccomed seeking out the local RE agents that list foreclosures for the banks - I do this in Austin TX and it works great.

 

[WhatOkay]

I would say impossible as some local RE agents job is to prevent people from getting directly to this person. REO companys are super hard to deal with. I would reccomed seeking out the local RE agents that list foreclosures for the banks - I do this in Austin TX and it works great.

Can you tell me in greater detail how you exactly do that ? Your process ?

 

[bran987]

Can you tell me in greater detail how you exactly do that ? Your process ?

You call around and find out which real estate agents in your area work with and/or specialize in working with investors, there are a few if you look hard enough.

 

[WhatOkay]

You call around and find out which real estate agents in your area work with and/or specialize in working with investors, there are a few if you look hard enough.

I found a friend who offered to help. He is a commercial real estate broker and will help sell any property i have and pass on the commission to me as a favor.

 

[lostinfitness]

there aren't any great websites on commercial foreclosure listings, you just have to know people and get leads sent your way.

Lost

 

[perp69]

Finding them varies because not all banks or mortgage companies operate the same and depending on if you are trying to buy before the foreclosure suit is complete or after when it is listed for sale by the banks. Some banks, etc. list their REO property right on their website while others are listed with certain agents that handle them for the banks. Most of the third party foreclosure listing sites are worthless because their info is old and foreclosures business is a fast paced one. Basically if they want you to pay for listings don't waste your money (with the exception of the county courthouse record sites because I think depending on where you are some will charge a fee). Some counties (like mine) allow you to research the foreclosure records online, which is ideal to find them before being sold at auction. Frequently they will be listed on the MLS as the owner is trying to sell before the foreclosure clock runs out. Hope this helps.

Perp

 

[lostinfitness]

oh. well. good luck. one thing I'm sure you realize but I thought I'd mention just in case is that if you buy at the monthly courthouse foreclosure sale, you have to pay with cash. So if the house is $100,000 or whatever you have to pay them $100,000 cash. Good luck bro!

Sorry to correct you bran. When the sheriff sales are held, you put anywhere from a 10-15% deposit. They then give you 30-45 days to come up with either cash or financing. They have a clause in their contract stating that if you fail to find financing or pull out you lose your deposit. Buying sheriff sale properties can be very lucrative, but it can also be dangerous. When you buy these properties, you don't know what you are getting in to.

You never know if it had a pest or termite inspection. It could need new wiring, roof, floors, etc. Be very careful when doing this. The best way to go, is to find people who will lose their home soon, offer them to buy it for more than they owe on it. Sign a contract for what they owe, pay them the rest in cash. This way, people have motivation to move quickly.

I hope you find your way in what you are looking to do. If you let me know what area you are in, maybe I can point you in the right direction towards finding a building.

Good Luck,

Lost