local foreclosures
- Thread starter MadJack
- Start date
agents don't want to give out that info :shrug:
where does one find agents for major banks?
i have tried and rarely do banks give that information to me (or anyone just walking in) but usually there are guys who have long time relations with someone with bank, who get the hard to get information.
my real estate agent pays for a service that notifies him monthly of new foreclosure listings in his area. He then tells me about them.:0corn
i like agent :shrug:
my real estate agent pays for a service that notifies him monthly of new foreclosure listings in his area. He then tells me about them.:0corn
i like agent :shrug:
got ya. hard to get :shrug:
then, i guess, a lot of people get that info early and cherry pick the good deals, leaving nothing very good. right?
right!
the bankers have dealings with investors/developers who give them kick backs.
the rest of the undesirable property goes on the list i get..
:shrug:
nothing easy is it :shrug:the bankers have dealings with investors/developers who give them kick backs.
the rest of the undesirable property goes on the list i get..
:shrug:
everybody has an angle.
- Feb 12, 2000
- 10,652
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How much is a site like this?
http://www.realtytrac.com
I would think if you are serious about buying, it would make the money back very quickly. :shrug:
http://www.realtytrac.com
I would think if you are serious about buying, it would make the money back very quickly. :shrug:
i just signed up and cancelled already.
they 'pretend' to have all kinds of info on the properties but they don't.
the only info i got as a member was the property address and the amount due on the loan. no other info was available on the 20 some properties i checked.
49 dollars a month :mj07:
thanks anyway, db.
i've tried those foreclosure sites before and got the same results.
Jack,
This is a good site our group uses.
http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm
Also check with your local newspaper, they will advertised listings on foreclosure auctions in the classifilied section.
Jack, I handle REO properties in Ma and I'll tell you how it works here.
The actual auctions are held in front of the properties once the sale date has arrived, not at the court house. They advertise them for 3 or 4 weeks then they have the auction.
Pre-foreclosures and short sales are pretty much the same thing!! If the properties are not on the market, then in most cases, the owner doesn't care that the foreclosure in coming. If the property is on the market USUALLY, the agent will have some verbage like subject to the lender accepting short sale, etc.
The problem with trying to negoiate the owner directly prior to the auction is , 95% OF THEM ARE UPSIDE DOWN and therefore need lenders approval to take less than what's owed.
Then a huge amount of paperwork is needed from seller, who btw is not getting a dime and usually isn't about to do cartwheels.
Assuming you get all the paperwork in and the file doesn't get lost, it can take 3-5 weeks for the lender to respond and the answer could be no or the auction has already occured.:shrug:
The reason the short sales are commonly turned down is the majority of the loans were securitized by wall street and they need investor approval, that's any reason it's very difficult to find who the actual lender is. Most of the loans are part of a pooling or servicing agreement(s).
In my area, the best way to buy is to get an experienced BUYER agent who is experienced in how the process works in selling bank owned property, or find the biggest REO broker in your area and contact them.
Freelance, that' not how it works:nono: Unless it's a local MOM and POP bank that holds the paper. 90% of the REO properties are handled by Asset Management companies are usually not located in the state where the property is, therefore have no relationships with investors, etc.
If an REO broker has 50 listings in the MLS, most will have at least half that amount waiting to be put on the market,(eviction, waiting for price to be set, repairs). That's why it;s smart to contact all those brokers in your area.
Another hint, usually you don't want to buy a new listings in the first 30 days because they tend to stay close to asking price, which makes no sense.
Make sure you have a pre-approval from the lender that's funding the loan, not a local mortgage broker, they will turn your offer down. Also most don't Allow home inspections.
I'm tired of typing. I'll follow up later if need be.
GL
The actual auctions are held in front of the properties once the sale date has arrived, not at the court house. They advertise them for 3 or 4 weeks then they have the auction.
Pre-foreclosures and short sales are pretty much the same thing!! If the properties are not on the market, then in most cases, the owner doesn't care that the foreclosure in coming. If the property is on the market USUALLY, the agent will have some verbage like subject to the lender accepting short sale, etc.
The problem with trying to negoiate the owner directly prior to the auction is , 95% OF THEM ARE UPSIDE DOWN and therefore need lenders approval to take less than what's owed.
Then a huge amount of paperwork is needed from seller, who btw is not getting a dime and usually isn't about to do cartwheels.
Assuming you get all the paperwork in and the file doesn't get lost, it can take 3-5 weeks for the lender to respond and the answer could be no or the auction has already occured.:shrug:
The reason the short sales are commonly turned down is the majority of the loans were securitized by wall street and they need investor approval, that's any reason it's very difficult to find who the actual lender is. Most of the loans are part of a pooling or servicing agreement(s).
In my area, the best way to buy is to get an experienced BUYER agent who is experienced in how the process works in selling bank owned property, or find the biggest REO broker in your area and contact them.
Freelance, that' not how it works:nono: Unless it's a local MOM and POP bank that holds the paper. 90% of the REO properties are handled by Asset Management companies are usually not located in the state where the property is, therefore have no relationships with investors, etc.
If an REO broker has 50 listings in the MLS, most will have at least half that amount waiting to be put on the market,(eviction, waiting for price to be set, repairs). That's why it;s smart to contact all those brokers in your area.
Another hint, usually you don't want to buy a new listings in the first 30 days because they tend to stay close to asking price, which makes no sense.
Make sure you have a pre-approval from the lender that's funding the loan, not a local mortgage broker, they will turn your offer down. Also most don't Allow home inspections.
I'm tired of typing. I'll follow up later if need be.
GL
You also want to do your homework at the Registry of Deeds and check for Liens against the property. Check with your local code office to make sure there isn't any issue's that need to be addressed.
Also make sure the previouse owners are out of the unit as well. They can be a pain to get rid of as well as causing extra damage to what you are buying.
Also make sure the previouse owners are out of the unit as well. They can be a pain to get rid of as well as causing extra damage to what you are buying.
Those pesky people trying to live indoors. Almost takes all the fun out of this game.
Georgia No. 2 in rate of personal bankruptcies last year
Creditor-friendly laws, other factors cited in state's ranking
By CARRIE TEEGARDIN
The Atlanta Journal-Constitution
Published on: 01/29/08
Thousands of Georgians facing economic woes have given the state a dubious ranking: the second-highest personal bankruptcy rate in the nation.
BANKRUPTCY RATES
State and households per personal bankruptcy filing, 2007
1. Tennessee: 59.3
2. Georgia: 64.7
3. Alabama: 75.7
4. Nevada: 78.8
5. Indiana: 80.0
6. Michigan: 87.8
7. Ohio: 92.1
8. Arkansas: 95.2
9. Mississippi: 99.3
10. Kentucky: 100.4
In 2007, bankruptcy courts statewide processed one personal bankruptcy filing for every 65 households, according to statistics compiled by the National Bankruptcy Research Center. Only in Tennessee was personal bankruptcy more common, with one filing for every 59 households.
"The economy is just so bad that that is spurring bankruptcies," said Rich Thomson, a partner at Clark & Washington, Atlanta's largest bankruptcy firm. "We have record numbers of foreclosures every month."
Bankruptcy filings across the nation were up significantly in 2007, and Georgia was no exception. Bankruptcy courts statewide processed 48,227 personal bankruptcy filings last year, an increase of 24 percent over the 2006 total, according to the research center.
In a comparison of the total volume of filings, irrespective of the rates, Georgia also stood out. Only California and Ohio had more 2007 filings than Georgia did.
Georgia has routinely landed near the top of the bankruptcy rankings in recent years. Experts cite a variety of forces, ranging from a slate of creditor-friendly laws, to the state's entrepreneurial spirit to a booming real estate market.
"Many of the things that make Georgia a wonderful place to live also make it potentially vulnerable to spikes in bankruptcy filings," said Jack Williams, a professor at Georgia State University's law school.
The penchant of Georgians to start their own businesses enriches only a minority of the folks who set out to be their own boss.
"Most new businesses fail, that's simply the nature of the beast," said Williams, currently the resident scholar at the American Bankruptcy Institute.
When small businesses go under, that often results in a personal bankruptcy filing as well.
Georgia also stands out for a healthy real estate market that was buoyed in part by reliance on subprime mortgages, Williams said. Those mortgages have much higher failure rates than lower-interest prime mortgages.
The state's attractiveness to young retirees may also be playing a role, Williams said. These are people who are at risk for health problems and vulnerable to bankruptcy if they have no health insurance coverage.
"The folks in the 55 age group and above are the fastest-growing segment of bankruptcy filers," Williams said. "Georgia has a lot of folks who fit in that age group."
Thomson, the bankruptcy attorney, said Georgia's foreclosure laws also push up the number of bankruptcies. Georgia allows one of the fastest foreclosure processes in the nation. The process is fast here, in part, because Georgia allows "non-judicial" foreclosures, meaning that foreclosures can proceed without the approval of a judge.
"Georgia is definitely a creditor-rights state and the non-judicial foreclosure process certainly spurs a lot of bankruptcies," said Thomson, the bankruptcy attorney.
Filing for bankruptcy protection automatically halts a foreclosure sale and gives the homeowner more time to cover overdue mortgage payments.
"Many, many people are able to keep the house" as a result of filing for bankruptcy, Thomson said.
Most people facing a foreclosure file for Chapter 13, which allows consumers to hold onto their house and car, but requires that they repay a portion of their debts. Chapter 13 filings are more common in Georgia than Chapter 7, a liquidation in which most debts are wiped out, but so are all of a consumer's assets that aren't protected by exemptions.
Congress attempted to cut down on the number of bankruptcy filings with reforms that took effect in October 2005. Bankruptcy filings skyrocketed right before the law was enacted, then fell dramatically right after the law was implemented.
But the numbers have been steadily rising since. Overall consumer filings across the country hit 801,840 last year, up 40 percent from the 2006 totals, according to the research center. Experts expect economic problems to fuel another big year in 2008.
Although bankruptcy has become commonplace in states like Georgia, it's still a difficult step for many consumers, Williams said.
"Go down to the court and watch people file these petitions and go through their examinations and talk to them," he said. "You will realize that there is still a tremendous stigma and I'm not just talking about the 10 years it floats on your credit history report. I'm talking about people who really feel horrible about the fact that they are in the situation."
For many, Williams said, bankruptcy could have been avoided if American consumers had a better grasp on the basics of budgeting and debt ? and especially preparing for difficult times.
"Many of us are vulnerable," he said. "We're one job layoff or reduction in work hours or disease or illness or accident away from bankruptcy, because we haven't saved for the rainy day."
...............................................................
Its tough going all over for alot of ppl.
Creditor-friendly laws, other factors cited in state's ranking
By CARRIE TEEGARDIN
The Atlanta Journal-Constitution
Published on: 01/29/08
Thousands of Georgians facing economic woes have given the state a dubious ranking: the second-highest personal bankruptcy rate in the nation.
BANKRUPTCY RATES
State and households per personal bankruptcy filing, 2007
1. Tennessee: 59.3
2. Georgia: 64.7
3. Alabama: 75.7
4. Nevada: 78.8
5. Indiana: 80.0
6. Michigan: 87.8
7. Ohio: 92.1
8. Arkansas: 95.2
9. Mississippi: 99.3
10. Kentucky: 100.4
In 2007, bankruptcy courts statewide processed one personal bankruptcy filing for every 65 households, according to statistics compiled by the National Bankruptcy Research Center. Only in Tennessee was personal bankruptcy more common, with one filing for every 59 households.
"The economy is just so bad that that is spurring bankruptcies," said Rich Thomson, a partner at Clark & Washington, Atlanta's largest bankruptcy firm. "We have record numbers of foreclosures every month."
Bankruptcy filings across the nation were up significantly in 2007, and Georgia was no exception. Bankruptcy courts statewide processed 48,227 personal bankruptcy filings last year, an increase of 24 percent over the 2006 total, according to the research center.
In a comparison of the total volume of filings, irrespective of the rates, Georgia also stood out. Only California and Ohio had more 2007 filings than Georgia did.
Georgia has routinely landed near the top of the bankruptcy rankings in recent years. Experts cite a variety of forces, ranging from a slate of creditor-friendly laws, to the state's entrepreneurial spirit to a booming real estate market.
"Many of the things that make Georgia a wonderful place to live also make it potentially vulnerable to spikes in bankruptcy filings," said Jack Williams, a professor at Georgia State University's law school.
The penchant of Georgians to start their own businesses enriches only a minority of the folks who set out to be their own boss.
"Most new businesses fail, that's simply the nature of the beast," said Williams, currently the resident scholar at the American Bankruptcy Institute.
When small businesses go under, that often results in a personal bankruptcy filing as well.
Georgia also stands out for a healthy real estate market that was buoyed in part by reliance on subprime mortgages, Williams said. Those mortgages have much higher failure rates than lower-interest prime mortgages.
The state's attractiveness to young retirees may also be playing a role, Williams said. These are people who are at risk for health problems and vulnerable to bankruptcy if they have no health insurance coverage.
"The folks in the 55 age group and above are the fastest-growing segment of bankruptcy filers," Williams said. "Georgia has a lot of folks who fit in that age group."
Thomson, the bankruptcy attorney, said Georgia's foreclosure laws also push up the number of bankruptcies. Georgia allows one of the fastest foreclosure processes in the nation. The process is fast here, in part, because Georgia allows "non-judicial" foreclosures, meaning that foreclosures can proceed without the approval of a judge.
"Georgia is definitely a creditor-rights state and the non-judicial foreclosure process certainly spurs a lot of bankruptcies," said Thomson, the bankruptcy attorney.
Filing for bankruptcy protection automatically halts a foreclosure sale and gives the homeowner more time to cover overdue mortgage payments.
"Many, many people are able to keep the house" as a result of filing for bankruptcy, Thomson said.
Most people facing a foreclosure file for Chapter 13, which allows consumers to hold onto their house and car, but requires that they repay a portion of their debts. Chapter 13 filings are more common in Georgia than Chapter 7, a liquidation in which most debts are wiped out, but so are all of a consumer's assets that aren't protected by exemptions.
Congress attempted to cut down on the number of bankruptcy filings with reforms that took effect in October 2005. Bankruptcy filings skyrocketed right before the law was enacted, then fell dramatically right after the law was implemented.
But the numbers have been steadily rising since. Overall consumer filings across the country hit 801,840 last year, up 40 percent from the 2006 totals, according to the research center. Experts expect economic problems to fuel another big year in 2008.
Although bankruptcy has become commonplace in states like Georgia, it's still a difficult step for many consumers, Williams said.
"Go down to the court and watch people file these petitions and go through their examinations and talk to them," he said. "You will realize that there is still a tremendous stigma and I'm not just talking about the 10 years it floats on your credit history report. I'm talking about people who really feel horrible about the fact that they are in the situation."
For many, Williams said, bankruptcy could have been avoided if American consumers had a better grasp on the basics of budgeting and debt ? and especially preparing for difficult times.
"Many of us are vulnerable," he said. "We're one job layoff or reduction in work hours or disease or illness or accident away from bankruptcy, because we haven't saved for the rainy day."
...............................................................
Its tough going all over for alot of ppl.
