Can anyone explain me about foreclosure real estate investin

Garcia
New Member



Joined: 17 Jun 2008
Posts: 1
Location: usa

Posted: Tue Jun 17, 2008 5:32 am

 

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My regards to the community, I would be seeking your advice on some matter. I have some interests in real estate and have read that foreclosure is an efficient way to gather up profits. I would like a little more thought on this…as to how does the whole thing work and how can we invest properly in pre-foreclosures to earn secure profits.

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1582
Location: Calgary

Posted: Tue Jun 17, 2008 8:41 pm

 

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Basically you talk to the banks, there are realtors who specialise in selling them off. In some cases the banks give up, so the title reverts to the State and you can bid on them at the court house. Or the State (good example: California) claims the property because it's been abandoned and auctions it off at a special auction.

Obviously the banks know which properties are in default, there's a website I found that had all the properties in California listed on it in default, can't seem to find it right now.

The problem with this is that a lot of these properties just aren't worth buying, I had a look around Las Vegas a few weeks ago, all the new stuff (built in the last year or so) looked as though they had made major shortcuts in the construction and some streets are like ghost towns. It's very risky, if you buy a nice house, all the ones next to it might be foreclosed and then you've got a nice house in an abandoned area.

I couldn't even find a realtor worth talking to, they've all quit. They just give you some 1-800 number for head office that no-one answers.

I went into a showhome and there was a hole in the floor they'd covered with a mat!
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Steve.

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Reba
Moderator


Canuck in NC

Joined: 16 Jul 2004
Posts: 1449
Location: North Carolina

Posted: Wed Jun 18, 2008 3:06 am

 

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do a google search, there a dozens upon dozwens of websites with forclosure listings.
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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1582
Location: Calgary

Posted: Wed Jun 18, 2008 10:39 am

 

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I think he's talking about defaults. You can't really buy a default until it's foreclosed on.

If find a house you fancy there's a simple method of buying it - ring the door bell and ask them how much they want! If you're in an area where there are foreclosed properties I bet you'll find there are people ready and willing to sell theirs.
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Steve.

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