Is it necessary to have a Realtor to purchase a foreclosed home?
Question:I'm in the process of trying to purchase a foreclosed home for intent of flipping it. I've read where you can go to the sheriff’s office and get a list of foreclosed homes. Would it benefit me to just call a real estate agent or is that even possible?
Answers:
Ours was a foreclosed home.
However, it was FHA/HUD.
We had to bid on the house through a Realtor.
8 years ago, we got it for 1/3 what it appraises for now.
If you can get a house like that, go for it. It's the only way.
Now, if the one you are interested in one that is not a HUD repo, chances are, it will be available on the courthouse steps. No realtor needed. Just be able to pay.
We learned that when a good friend of ours daughter, made her sign a loan, (unknowingly) against her house.
She then made her mother move in with her, and didn't make a single payment on the large second mortgage. Actually, it was not a second mortgage, because nothing was against the house anyway. I don't know what you'd call it.
Anyway, we and other concerned friends didn't know what to do. After all, as it stands, she was taking care of her elderly mother.
The house, with all of Faye's belongings, car, pictures, personal effects, clothing, the list is forever long, went on the courthouse steps and sold for less than half what is was worth.
And Faye's belongings you know was priceless.
Let me say one thing about realtors. Two things. One bad, one good.
They work for the seller. Bad thing when you are a buyer. Don't let them win you over. If you are a buyer, they are not on your side like they are on theirs.
They do know real estate laws. Good thing. Why? Because you don't. If you don't want to go through a realtor, have one as a friend you can call on for advice. If you do that, pay him something anyway.
You don't need a realtor for anything,except to throw away money. You can handle everything yourself with a little research on-line.....Nuf Said
Yes, I believe that a realtor is unavoidable because the estate or property gets assigned to a registered agent and although you may not have a real estate agent yourself to buy, you will need to deal with the assigned realtor on the sell side of the transaction. Bummer eh?
we have sheriffs sales here in Ohio. every week they are held on the courthouse steps and you bid against other people for the property.
Not much need for a realtor. It's a cash-on-the-barrelhead deal. You hand over the cash, and the house is yours. If this is a tax lien sale, in some (all?) states, the original owner has up to a year to make good on the back taxes and reclaim the house. If this happens, you get back your money and turn over the house (I've only heard of it happening once - of someone gets to the point of a foreclosure, it's not likely that their suddenly going to have the means to make it all good again). If it's a mortgage foreclosure, the house is yours and that's the end of it.
Details vary from one municipality to the next, so check with the county office to see how it works in your area. But common practice is a live auction on the steps of the county courthouse. If you're the winner, you'll need to immediately produce cash, cashier's check, or a bank draft for, typically, the full purchase price of the house (some places take a sizable deposit, with a day or two to pay the full price). That's the big reason that they're not more competition in foreclosure auctions -- you have to have cash on hand for the full purchase price.
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