Buying A Home
MrsDe2008
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Foreclosures?
I keep hearing how it is a buyers market and that there are so many foreclosed homes on the market, yet I never come across any on the websites. How do you go about looking into foreclosures? Is it some type of secret, inside deal I need to know about? Any info would be appreciated. TIA...
Re: Foreclosures?
They're definitely out there, in some markets more than others. Many listings don't say "Foreclosure" on the top in bold, but if you look under "REO property" they will say "Yes." They're listed on the MLS, just like all other sales.
That said, there are many, many more bank-owned homes that are still being held by the banks, and continue to be gradually released. That's one big part of the theory that the market will stay at a low for quite some time.
How do you go about finding out which ones are bank owned or do you have to wait until they are released to the market?
There's a way, but I'm not sure that it's available to the average person (I don't know how to do this, but my husband can do it at work). You'd need to look up the deed to a specific property, and find out who holds the mortgage. Then search for that property on the MLS to find out if it's listed. If the bank holds the mortgage, and it is not listed on the MLS, this is the type of property I'm referring to. There's no database to seach for REOs that have not yet been released. There's not much point in it, anyway, because there's nothing you can do until the property is released for sale. It could be months or years until that happens, with no way of predicting.
There are a few websites out there (some free, some not- which may seem like a scam, but there two I know are legit).
Free: Homepath. These are bank owned and were backed by Fannie Mae. I believe each city or at least state has these and I signed up to be on a daily mailing list (based on county or city). We are about to close on a house in 2 days we found on Homepath. The upside is the minimum you need to put down (as little as 3%). We ended using a conventional loan in the end, but it's great for many reasons. www.homepath.com
I signed up for Foreclosures.com and had to pay $1 for a 7-day trial; if you did not cancel within that 7 days, you were billed x for that week or month?
The other is Realtytrac: www.realtytrac.com
Good luck!