myBankOwnedProperty.com

i have found numerous homes in foreclosure that i would like to buy but have this middle guy [co.] i have to pay to get details.
is there away around this where i can search and get the information i need……?

Try these also:

http://www.reoworld.com

http://www.foreclosures.com

http://www.foreclosurenet.net

Also, Title companies give lists of NOD’s to Real Estate Agents. I’m not sure how much they charge regular folks. Try getting some from a Realtor. But, the lady above is obviously not too keen if she doesn’t know she can get them for free and she’s a realtor. You can check them out at the county courthouse, and most newspaper will publish Notice of Defaults and foreclosures in a special section of the newspaper, usually once a month. Best of luck to you!

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We are would be first time investors in real estate and have been studying up the various stages of foreclosure and the ways to buy. We thought we had enough to buy one property for us, and another as an investment, but having learned more about this market generally, and wanting to keep away from the lower priced, lots of repairs options, we are starting to get concerned about our ability to fund this grand plan. We will be able to get a line of credit on the home we would buy as a residence though. What other options have we got when we haven’t time to raise a mortgage to close a deal?

You raise money through a Home Equity Loan and then refinance later, that gives you all the cash you need to close at auction. Or you could use your line of credit or a Hard Money loan if you are pre qualified for a conventional mortgage and just need bridging finance. Some investors at auctions join partnerships with other passive investors. You could form your own pool with family and friends.
With pre foreclosure there are some other options you can work out with the seller, such as assuming their loan(s) with lender’s agreement and curing their default, or purchasing "subject to" when the loan stays in the seller’s name, even substituting a rent free stay in the house for the seller instead of a down payment. Wraparound loans aren’t legal in some states and are difficult to administer.
I think since you have enough equity to get a line of credit then as long as you ensure you don’t bid for more than the amount you have available in cash using this, minus repairs and costs you have a sound base. Some first time investors I know started off building their working capital by doing the donkey work, securing deals in preforeclosure and taking a finders fee from a pre-identified source of investors.

I am looking for my first home. Unfortunately, I can only afford about 115K in a wealthy area. So, that leads me to foreclosed properties. I have been searching for foreclosures on Yahoo Real Estate. I have noticed that they do not have MLSs or realtor contact information. Are people eligible to buy these? Do you have to wait for paper work or something?

I have cut and pasted a sample listing below:
This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 1152 square foot property has 3 bedroom(s) and 2 bath(s). The estimated loan balance is $50000. To access more extensive information on this property click the ‘more property detail’ link below. You will need to register for full access. Information listed with each property including estimated loan balance is derived from sources deemed accurate but we do not guarantee the accuracy of such information.
…Please consult all relevant title documents prior to purchase…
Register with RealtyTrac for more Property Detail
(sorry it was too long)

So, are these for sale yet??
I have a realtor- sort of. I was recommended someone by a friend, but he won’t send me listings until I finalize my mortgage preapproval.

I live near Charlotte, NC, where houses are actually appreciating. So, that is not as issue. Things move fast here, too.

And, these homes are not on realtor.com because they do not have an MLS.

I’d check realtor.com. They won’t give you exact addresses but you can get an idea for what is out there. You will probably want to work with a realtor to find a good place and to have them walk you thru all the contracts and stuff. Once a foreclosure is taken over by the bank they usually list it with a realtor, so you probably (even to find a foreclosure) want to just check for available houses. I wouldn’t go buying anything in preforeclosure or off the courthouse steps (depending on how things are in your area). Where I live right now the stuff selling on the courthouse steps is selling for the amount of the current mortgage which is typically higher (in fact alot higher) than what is on the market – so don’t buy there in this market.

Best luck.

in Las Vegas. Don’t want any where you have to sign up, just free listings with pictures and maps

You are probably looking into an REO property, If you know what you want/where you want it then I would recommend looking for listing on mortgage sites. Those are great deals that aren’t as widely known. You can grab one before the general public fonds out about them.

I would like to buy a home but can’t afford one unless the price is as low as a foreclosed home would be. I look for foreclosed home listings but now a days everyone wants you to pay for the list. How do I get a free list and where do I start?

There is not really a free list available to you. You have to put the horse before the cart in order to be successful in purchasing a house. You can not simply go out and start looking at houses expensive, foreclosed or just a seller selling his/her own property.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

Is there a free way to find listings of foreclosed homes?

Yes there is. First look at your local newspaper for the property that is going to be sold at the court house steps. Most of these are foreclosures, but this information is usually put out too late for you to inspect and research. Find the big law firms that are handling most of sales. Those firms usually have websites that contain their foreclosure listings. This will give you a big advantage over everyone else. MAKE SURE THAT BEFORE YOU BUY ANY PROPERTY, YOU GET A TITLE SEARCH!!!!

I live in California, and I don’t quite understand where I would be able to go in order to find a list of all of the Foreclosed homes in my desired area? Do I go straight to a bank? A Realtor? The Community Auditor? Can anyone help me out and let me know where I should go and which would be the most efficient way of finding out this information?

You can look right here at yahoo, their real estate site has been updated so you are able to search for foreclosures.

I need to know the numerical figure of the number of foreclosed homes that the state of California now has possession of. It’s for a research project. Thank you!

Check pemco. The number will be around 30. It changes every Friday.

http://2ndHomeProfits Make 30% more with tax homes, bank homes for sale, all phases of foreclosures. How to buy and sell for big profits.

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