foreclosures

[Maximus]

Hi all,
there was a property listed on mls that I was interested in, the listing agent said it was no longer his listing because it was taken over by the bank-foreclosure. I asked the agent if he could give me info with respect to which bank, so that I could make an offer. The agent said he did not know any details-odd, what can I do to find out more?

Thanks

 

[Thomas Beyer]

QUOTE (Maximus @ Apr 24 2009, 02:30 PM) Hi all,
there was a property listed on mls that I was interested in, the listing agent said it was no longer his listing because it was taken over by the bank-foreclosure. I asked the agent if he could give me info with respect to which bank, so that I could make an offer. The agent said he did not know any details-odd, what can I do to find out more?

Thanks
at the court house .. or once owned by the lender they will usually list it with an agent .. but often work with their own "list" .. so one option is to get to know the lender`s foreclosure specialists !!

 

[kboughen]

QUOTE (Maximus @ Apr 24 2009, 04:30 PM) it was taken over by the bank-foreclosure.
The bank will end up listing the property with an agent and it will be back on MLS soon. It will be interesting to see what the bank lists it for, compared to the previous owner.

 

[Fortuneinvesting]

QUOTE (kboughen @ Apr 24 2009, 03:32 PM) The bank will end up listing the property with an agent and it will be back on MLS soon. It will be interesting to see what the bank lists it for, compared to the previous owner.
AKA: Keep us informed! Cheers!

 

[ChrisDavies]

But be warned, when the banks list a foreclosure you very seldom get them for less than list or market. In Canada judicial foreclosures are a waste of time for most properties, pre-foreclosures don`t exist the same way they do in the states. Depending on the jurisdiction there`s lots of great properties just out there on the MLS, and it`s not that hard to find motivated vendors without having to fight with the vultures that the word `forclosure` attracts.

 

[dplummer]

Talk to Trustee`s in Bankruptcy & divorce lawyers. Buying the property from "Motivated" sellers prior to it going into foreclosure can be much more profitable.

Doug

 

[Marek2086]

I see power of sales sell at tens of thousands below market especially around the 3 moth mark. they start high and every month drop the price considerably. untill sold. I am looking at a house now that started at 178k they are willing to sell for below 140k. in a 190k-230k area of town the house does need some work to be worth 230k