Foreclosures

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  • Unoriginal Name
    Pro
    • Mar 2005
    • 608

    #1

    Foreclosures

    With all the problems in the housing industry and all the foreclosures going on right now I've been thinking buying my home through a foreclosure or for back taxes. Does anyone have experience with this? What is the best way to start out? I'd rather not have to pay for a service if there is a way to find out the same information for free.

    Thanks in advance!
  • HustlinOwl
    All Star
    • Mar 2004
    • 9713

    #2
    Re: Foreclosures

    Here in Sacramento a loan agency is taking people around on bus tours to look at home foreclosures

    Comment

    • KC Fire
      Rookie
      • Jul 2006
      • 173

      #3
      Re: Foreclosures

      Almost all foreclosures are required to be public information. They are usually published in some sort of legal newspaper in your county. Alot of time they are posted online too. I thought about buying a foreclosure property and flipping it. But the housing market is so terrible right now I'll have to wait if I ever decide to do it.

      Comment

      • soltrain
        The Batman
        • Feb 2003
        • 6863

        #4
        Re: Foreclosures

        I just bought a home in Chicago (Logan Square).


        I'm assuming you are from the Chicagoland area? I can help you out...
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        • Unoriginal Name
          Pro
          • Mar 2005
          • 608

          #5
          Re: Foreclosures

          Originally posted by soltrain
          I just bought a home in Chicago (Logan Square).


          I'm assuming you are from the Chicagoland area? I can help you out...
          I'm in the southwest suburbs.

          Comment

          • jpup
            MVP
            • Feb 2003
            • 4571

            #6
            Re: Foreclosures

            Originally posted by Unoriginal Name
            With all the problems in the housing industry and all the foreclosures going on right now I've been thinking buying my home through a foreclosure or for back taxes. Does anyone have experience with this? What is the best way to start out? I'd rather not have to pay for a service if there is a way to find out the same information for free.

            Thanks in advance!
            Don't pay for anything when buying a house and don't try to buy a house that is in a "short sale". I just went through this and it's a terrible headache that will take months if you let it. Now, buying a home that has been foreclosed on might be better. They sell those to the highest bidder at the courthouse where I live. I don't know how it's handled in Chicago.
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            Comment

            • McLite
              MVP
              • Feb 2003
              • 2113

              #7
              Re: Foreclosures

              I know this is old but I'm in the Short Sale process...on the selling side. I bought for around 250k a few years ago...it's worth $110k now. When I moved states I decided to try the SS route to avoid a foreclosure.

              It was going well with BofA. I got an offer, filled out all the correct paperwork, and faxed it all in last week. I was excited and hopeful.

              So what do I find out today...that BofA sold my 2nd mortgage to CCO Mortage (who I've never heard of) within the past week. Now everything is ruined. Even if I do SS, BofA will keep all the money and CCO will get screwed and not forgive the debt...and therefore come after me.

              Basically I'm convinced BofA did it on purpose. They knew I was in the process and sold the loan to CCO b/c I've never missed a payment and lumped it in with a bunch of other "solid" investments. CCO just bought a bad investment and in the end my attempt to salvage what I could from my near perfect credit rating has been for naught.
              - The true measure of a man is how he treats someone who can do him absolutely no good.

              Comment

              • Hawaii_Stars
                MVP
                • Jun 2003
                • 4308

                #8
                Re: Foreclosures

                That really sucks. How are you going to get that resolved?

                Comment

                • p_rushing
                  Hall Of Fame
                  • Feb 2004
                  • 14514

                  #9
                  Re: Foreclosures

                  Just make sure you see the inside of the house first. A lot of people trash the house for some reason. Rip holes in the wall, take the copper pipes, etc.

                  Comment

                  • Aggies7
                    All Star
                    • Jan 2005
                    • 9495

                    #10
                    Re: Foreclosures

                    Just brought a short sale. Took about 3 months to come through. I did look at a few foreclosures main problem with those is that a lot of them are in bad condition.

                    What happens is once people know their house is going into foreclosure they stop taking care of the house.

                    The short sale I just bought had people living in it up til about 2 weeks before the sale. And the sale was contengient on the house being in the same condition as it was when I walked through it orginally.
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                    Comment

                    • deaduck
                      MVP
                      • Mar 2009
                      • 2389

                      #11
                      Re: Foreclosures

                      Originally posted by Aggies7
                      What happens is once people know their house is going into foreclosure they stop taking care of the house.
                      Have a buddy who owns a contractors business, who I worked for on the side on and off, who while the market was in boom was flipping foreclosures.

                      And they tended to fall in two categories, people who stopped taking care of the house because they had no money to do so and those who flat out tried to destroy the house internally. It was just sad the destructive things folks did to their house in anger/grief. Thankfully, he avoided most of those but some were still too good to pass up so I caught a few.

                      Comment

                      • McLite
                        MVP
                        • Feb 2003
                        • 2113

                        #12
                        Re: Foreclosures

                        Originally posted by Hawaii_Stars
                        That really sucks. How are you going to get that resolved?
                        Mostly just drink and cry.
                        - The true measure of a man is how he treats someone who can do him absolutely no good.

                        Comment

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