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 walamhow
Joined: 16 Aug 2008
Posts: 2
2.08 Dollars($)
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 Posted: Sat Aug 16, 2008 2:14 pm Post subject: buying foreclosure |
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| Hi ,I am from a small town in TX and am interested in buying foreclosure property at the court house as this year I lost my home because of personal reasons but I do not know how to start with .I also contacted the bank that owes it but they also were of no help as they said that when it does not sell at the court house than when it comes back to them they will know it.I do not know is it safe to buy at the court house the foreclosure properties and what homework to do before bidding on the property Please I need serious help and a brief answer .Thank you once again for taking time to read the question |
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sweeney
Community Experts
Joined: 20 Jul 2008
Posts: 131
25.07 Dollars($)
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| Posted: Sun Aug 17, 2008 10:10 am Post subject: |
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Hello- You will need to do a LOT of homework with this to make sure you don't get burned or end up buying someone else's problem. People will mislead you to believe that you can get screaming deals on foreclosures and it's easy to do. Yes, there are some deals out there, but you have to really know what you are doing. There are 3 distinct buying phases: 1. before it goes to auction, this is usually a "short sale" scenario, 2. auction and 3 after auction, bank reo. Talk to the trustees office, go to an auction, talk to an attorney, read some books, and learn all about it before deciding if it's right for you. Good luck.
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Mike Sweeney
LionSaves.com - refinance debt
views expressed on this forum are my opinion as a mortgage professional, not legal advice |
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amy
Guest
0.10 Dollars($)
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| Posted: Sun Aug 17, 2008 2:45 pm Post subject: buying foreclosure |
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| Yeah I did some homework and I also know it includes risk but my question is what to make sure before buying it when it is at the stage of auction and who to contact to know more about the particular property as I tried contaction the current mortgage bank and turned me down saying that they do not have any information. |
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Niicss
Joined: 03 Oct 2005
Posts: 1245
Location: New Jersey
186.06 Dollars($)
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| Posted: Mon Aug 18, 2008 6:35 am Post subject: |
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Welcome back Amy.
You should contact with the property owner as well as the bank to buy the property. When you buy the property, use a warranty deed to be sure that the property is lien free.
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Good is the Enemy of Great. |
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amy
Guest
0.10 Dollars($)
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| Posted: Tue Aug 19, 2008 3:52 pm Post subject: buying foreclosure |
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| Please help me here .I really need help |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1482
Location: florida
250.35 Dollars($)
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| Posted: Wed Aug 20, 2008 9:44 am Post subject: RE: buying foreclosed property |
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Hi Walamhow,
I agree with sweeney here. What you need to verify is, whether it's a short sale or a foreclosure sale. Also, you should talk to the seller and find out if he's interested in redeeming the property. Next you need to verify if the property is free from second mortgages or tax liens. This can be done by checking the deed at the County recorder's office.
The bank should have been helpful in giving you some informtion since thye've had an interest in the property. But since they're not of any help, why don't you talk to the seller and know more about the property? You may also request them and check the loan doc they signed and find out if they any other person added to their title who can later on claim the property.
Good luck
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