Write a check, pay cash, or get a loan. They generally will not finance. If you want to know how to find them you can start with the MLS. Also check bank web sites. Some players visit local banks and leave cards, send letters, etc
There are certain realtors in your area that deal specifically with REO's. Each bank usually has a particular company they send their business to. My suggestion is to find these realtors and they can give you heads up on properties coming to market etc. This means establishing relationships with multiple realtors. If you purchase through them, they will become eager to show you more.
I make a deal with these realtors that helps motivate them- if they bring me a deal, I will list the property with them when my rehab is done. Two commissions on the same property is pretty appealing for them.
Ron
I went to my first forclosure bank sell with a notepad and a pen. I watched 1 $75,000 home get sold for $40,500 and a $70,000 home sold for $38,000. How risky are these deals? and are there safer ways to purchase these same homes???
If you do the homework they are safe. Have title search done, check out the property best you can without breaing and entering. Best way to buy is before sale because you can bring mortgage current without spending all cash. Still do homework before spending a large amount of money. Do not give seller any money until you know they own it and have no other liens that you can not handle.
Write a check, pay cash, or get a loan. They generally will not finance. If you want to know how to find them you can start with the MLS. Also check bank web sites. Some players visit local banks and leave cards, send letters, etc
Hope this helps some
Ted Jr
Realtors also can get you information on REO property
There are certain realtors in your area that deal specifically with REO's. Each bank usually has a particular company they send their business to. My suggestion is to find these realtors and they can give you heads up on properties coming to market etc. This means establishing relationships with multiple realtors. If you purchase through them, they will become eager to show you more.
I make a deal with these realtors that helps motivate them- if they bring me a deal, I will list the property with them when my rehab is done. Two commissions on the same property is pretty appealing for them.
Ron
I went to my first forclosure bank sell with a notepad and a pen. I watched 1 $75,000 home get sold for $40,500 and a $70,000 home sold for $38,000. How risky are these deals? and are there safer ways to purchase these same homes???
If you do the homework they are safe. Have title search done, check out the property best you can without breaing and entering. Best way to buy is before sale because you can bring mortgage current without spending all cash. Still do homework before spending a large amount of money. Do not give seller any money until you know they own it and have no other liens that you can not handle.
Hope this helps some
Ted Jr