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FIND YOUR DREAM HOME OR APARTMENT

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Nov 13, 2013 7:38PM
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I've been a professional Realtor (R) since 1979. I've sold exactly zero short sales and exactly zero foreclosures. If calls come in to list those properties I will turf them off to someone in the office who doesn't mind the frustration of working with lenders and the myriad people who ask for 'just one more thing'...or the lenders who conveniently lose paperwork....It is a nightmare. I've been thru three major Real Estate slowdowns, one of them when I was licensed in '79, the next one when President Reagan signed the Tax Reform act of 1986, and this most recent recession. My faith in the banks was never high, and my faith in the 'experts' is belied by what I see every day. Yet I keep on selling homes to nice people and enjoying that experience. Just not short sales and REO's. Ever. Leave that to the sin eaters. 

 

 

Nov 13, 2013 12:41PM
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What about telling us how to find these homes without going through all the bs a broker or relator puts you through. I would just like to see listings without the persistent call backs etc.!
Nov 13, 2013 4:18AM
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Borrow from a friend or relative- Yeah right- get the house and lose your friends.  If you don't have the money- don't bid.
Nov 13, 2013 3:29AM
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How about "How to Avoid Foreclosure"?      Sometimes it can't be helped, but our society today is so often looking for a way to drop the ball, blame or dump the problem on someone else.   Lets try to live within our means, set proper priorities, put value on things that really matter, and, of course, help our friends and neighbors when they fall on hard times, so they can pick themselves up and avoid problems like foreclosures.
Jul 13, 2012 2:55AM
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The longer the house sits empty the more the banks lose everyday.  The more it sits the more it deterriates and possibly vandalized. It becomes weathered outside and in. After awhile the house isn't worth buying to many costly repairs.

Too many people bought homes during the hype of the Industrial BOOM and now can't afford their home or anything else or their job. Living above their means. It is not the fault of the presidents past and present it is the fault of the people who haven't taken a finance course in high school or otherwise.

There are the hidden things that cost for repairs between the walls such as plumbing, heat ducts, rodents, bats, and the stinky skunk holes under the front steps.

Make sure the house has been tested for lead, radon, uranium vapors,water...water may be safe but not the pipes, paint...don't know if someone used old lead paint out of the shed, abestoes, how deep is the well and the sewer system if it has its own. Pet oders embedded into the wood  floors. Test to see if it was a drug house...test to make sure it is drug/chemical free to make sure you get arrested later down the road. Was the house condemned at one time. Get a building inspector involved.  Get to the the city/county tax office and assessors office on the house worth...get them to look at it again if feel it is to high, Check with the registar of deeds on the property and it should tell you of the previous owners and what they paid for it etc.   DO YOUR HOMEWORK BEFORE BUYING it will save you  headaches.

Take a camera paper and pen make notes on everything you see and take the time to look in corners  vents windows, etc...get barginning tool. fresh coat of paint can make for moisture stain coverups as well as plaster.   I have worked in the building trade for 20 plus years and have seen a lot of things hidden in a house. outlets and switches safely installed or not, installed.Electrical is a big thing to many do it selfers doing rewire.   Also, check with insurance company on the cost of insurance for the house before buying, this can tell you a lot about the house, many will do a walk through quote. 

Jul 13, 2012 2:47AM
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Too Greencuda best advice, I did exactly like your advice and bought a foreclosure, fixed it up, gave local credit union my business with a line of credit, but I had excellent credit ( a must ) got a great rate, and now the house is making me money. Too Kevin you don't know what you are talking about or else you had a foreclosure, because it is not taking advantage of your neighbor, not someone else's fault that, they had to foreclose, and plus investors in a foreclosure are helping the economy, and the neighborhoods by improving homes that otherwise would have been run down or torn down and giving people great places to rent or own that they can afford.

 

Jun 10, 2012 12:57PM
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I think some of the most important slides here are being ready to jump on a bargain and not being afraid to use a lender for the foreclosure. If you are confident in your ability to flip a foreclosure, using a lender is a great way to free up money in the short time. 
Mar 29, 2012 1:55AM
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hey good idea take advantage of your neighbor who has lost everything forget about trying to help him that is America stab him in the back for personal gain
Mar 28, 2012 8:01AM
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When buying a foreclosure buyer beware.  Make sure that all of the construction has been permitted by the town.   Take photos and bring them into the building department to make sure the entire house has been approved for construction by the town.  Otherwise, you could end up with a property that has garages, decks, sheds, second levels, finished basements and other additions in violation of town zoning laws and need to be removed
Mar 28, 2012 5:30AM
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The information contained in the article is right on but of course depends on the area of the country you live. Work with one EXPERIENCED Realtor that knows foreclosures. There are big differences between REO and Goverment owned properties and how the bidding system for each works. Many a deal has fallen through simply because the paperwork was not handled in a timely and accurate manner.  Assuming you're looking to owner occupy and you're not a cash buyer the Realtor can help you by recommending lenders that specialize in financing foreclosure purchases. Programs very by state & county but there is grant money available which will cover your down payment. $10,000/buyer currently available in the county I practice.  With rents moving upward the question is will your purchase (with RE tax and insurance) make dollar sense. Will the price of homes continue to fall?... They have to at least be near bottom. Mortgage interest rates are at an historical low. if you can buy a foreclose (usually wholesale priced when compared to non-foreclosure homes on the market even including the repair cost) your Realtor can do a market analysis and let you know if the purchase is worth it.  
Mar 16, 2012 4:48PM
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 Ok, here is a couple thoughts from the gallery. First, yes do your own research, but don't go through an agent listing (that automatically costs you at least 5%), instead present yourself at the LOCAL banks first. Line up a real estate attorney,  ( he is cheap and responsible). Don't borrow from friends or relatives, get it from a local bank (or better at a credit union if available), The bank and relators are trying to keep prices in their own bracket of what things should be worth, in this foreclosure thing it isn'ts going to be anywhere near a market price or you walk. There are reasons why it is in foreclusure and most of them you won't know until you own the property. Make sure your offer covers those unwanted surprises.  By having an established line of credit at a bank your offer can  close quickly so it isn't a hinderance.  Be sure you are talking with the person at the bank that can make the decison. Many times local branches can't make the decisions about these sales.
Mar 16, 2012 2:28AM
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Those are very good tips. Here are some other tips that work

very well in markets such as South Florida's, where you will encounter unethical practices and

greed.

1. If you don't have all cash, get pre-approved by at least two banks or mortgage companies.

1. Don't work with one realtor. Instead use internet sites like yellowkey to find the latest listings.

2. Contact the listing agents directly. They will give your offer priority because they stand to make the entire commission instead of half, if another agent makes the sale.

3. Make a list of the agents that seem to have most of the listing in the area where you are looking to buy, and contact them. Tell the what you are looking, and that you have cash, excellent credit, and that you have pre-approval.

Mar 10, 2012 8:25AM
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Here comes trouble is correct.  In addition, with all the OBAMA mistakes as well as Clinton's, all the new rules, look at the American Express Mortgagers, these people will get breaks as a result of the feds stimulus but others with other bank mortgages will not.  This is fair.  As much as Obama and the Democrat's try to convince anyone with brains the real estate market will be bad for many years as does the economy will also remain without new jobs despite the false statistics.  The same is the case this government approaches Iran.  China has sold the DS31 missile that have a range to reach the USA and it is just a matter of time. China is not a partner it is a part of the problem as the government is not part of the Housing solution it is the problem and the root cause.

Mar 10, 2012 8:19AM
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The first one is BS. I bought my investment property one week after it was listed and I low balled them. They took the offer even though they had other showings. One reason might be because of timing however, as the property taxes were about to be due.  Nothing wrong with trying, just stand your ground and walk away when needed. I agree with the cash is king. In some areas they are willing to take a hit on the price to have a sure thing.
Mar 10, 2012 6:15AM
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Why do people with no experience in an industry have to voice their uninformed opinion based on empty facts.
Paying cash is not only a bad idea, but if "produce the note" makes it out west, all that cash could evaporate by loosing title to the person that was foreclosed on.
Real estate will continue to spiral downward for the next three years, at a minimum.
If you can't buy a property at least 10%-20% below the best price out there, your going to be in the hole.
Verify with someone that knows, not someone that will profit from your purchase.

Mar 10, 2012 6:02AM
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This article is all rosie and full of useful info if your planning to buy a home in a market where cash is king. Regardless of what any house on the block sells for, the simple fact is a home is only worth what someone is willing to pay for it. This is evident by the fact that the overinflated housing bubble proved that overpaying for a home does not make it worth that price when you can build a brand new home for much less with any contractor.
Mar 10, 2012 4:54AM
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For a media article this slide show is surprisingly accurate on how to get a fairly good deal on a foreclosure.  However it should be noted that even with a cash offer it doesn't mean that your offer will be chosen over an offer that requires a loan.    It all depends on the net to the seller vs. the risk a buyer won't get a loan.   Also most banks, asset managers require the listing to sit for 5 days before they will consider any offers.   Multiple offer situations shouldn't be considered a bidding war.  If there are multiple offers each buyer is asked to send their highest and best offer.  They won't know what any of the other offers amounts are.  Unless the listing agent spills it, which they aren't usually allowed to do.  
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