what is the fast way to learn about foreclosures?
102803
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
407010
Each state has an office with a name that is something along the lines of "commissioner of land"...contact that office.  They can put you on a mailing list to receive notices when they are about to have the auctions.\n\nAnother thing you can do is look for pending forclosures in the newspaper.  They have to post it in the newspaper before they forclose.  If it is an old mortgage, call the homeowner and offer to take the note.  They can sign the house over to you and you can either assume the note or refinance to get it into your name and current.  This method was pretty much how I got my house, and the 27 thousand dollars equity that came with it.
904475
Go to the county courthouse and they should have a list of all preforeclosures.......Sometimes you can find them online....In my county we can acess them off internet....Best of luck...
1133270
There are always foreclosures listed in the paper.  Try starting there.
689769
I agree, you need an appraiser.  Info on those websites is mostly based on loan records, and often has highly inaccurate info.  For example, zillow.com shows the value of my house with the amount it was foreclosed on over a year ago because we paid cash for it. and bofa.com shows the same house being 30 years older than it actually is.  None of those sites will have accurate info.  An appraiser will walk the property inside & out, make note of all things that add or detract from the value, and do a comparison of similar properties in the area.
312307
you may want to go to the courthouse to see the houses that are about to go into foreclosure. That way you might be able to negotiate with a motivated seller and get a good deal. All these things are public record so the courthouse might be the first place to look. There you could enquire how to look up these records.
694285
First thing to do is get approved for your loan.  Then it'll be like you're walking around with the money in your hand, ready to buy a house.  This will be especially important if there are more people interested in the same house.\n\nFind a Realtor who knows how to sell foreclosures (HUD, VA, bank owned)  and who comes recommended by someone you trust.  Tell him what you're looking to do.  What kinds of stuff you can fix, what things MUST be in the house to satisfy you, etc.  \n\nYou will need to submit a lender pre qualification letter with any offer on a foreclosed property.  Make sure you and your Realtor closely follow the instructions for bidding and follow up.  I sell alot of foreclosures and have seen agents lose a deal for improper paperwork.\n\nGood luck.
34449
Realty Trac allows you to search for foreclosures in a specific state. You can sign up for a free trial to obtain the information. If you think it is something you want to continue doing, I think their fees are reasonable.
1047902
I think what you are referring to is a “Short Sale” this is when the lender agrees to a certain amount of money to pay off the loan in it’s entirety or partially.\n\nA person goes in talk to the current owner of a property that is in foreclosure or about to go into foreclosure. \n\nThis person gathers information about the property, by inspecting it for any damage, records this information as well as the cost to repair any and all damage.  Take several pictures of the property to include damage inside and outside the property.\n\nHe then call the lender and request a “Short Sale” indicating all damage to the property cost to cure the damage, back payments that are accumulating on the property, tells them the owner is planning to move which more damage will be done to the property since no one will be living there.\n\nThe lender takes all this into consideration, makes a decision to find out the value of the property do they send a realtor that is familiar to the area out to inspect the property, take a few pictures of the property. The realtor once he has completed his evaluation of the property along with the pictures he has taken send this information to the lender. While the realtor is at the house the person that want to conduct the short sale is there also pointing out any damage they think is important to be included in the evaluation report to the lender.\n\nOnce the lender has received this information, he has to make a decision as to go with the short sale or continue to lose money in the foreclosure, knowing the owner is scheduled to move and a possibility of more damage.\n\nThe lender agrees to the short sale, he and the person putting together the short sale agree on a price of $250,000 as what the lender will take to pay off  the loan and any other fees owed to the lender. The real value fixed up is some where around $330,000.\n\nNow the person putting this sale together goes back to the current owner, tell him a short sale is possible and what does he desire for his equity in the property. They agree on a figure of $10,000 for him to move.\n\nThe person now advertise that a house is available for sale below market value. A buyer emerges to purchase the property. The person selling the house make a deal with the new buyer of $320,000 and a $10,000 toward the repair of the property.\n\nA closing agent is retained to do the closing as well as title company to take care of the title work in transferring the title from the old owner to the new owner.\n\nThe transaction is complete, the closing officer pays the lender $250,000, the past owner $10,000, credit the new owner with $10,000 at closing, and pays the person that put the “Short Sale” together the remaining money of approximately $50,000. Now there is closing cost that someone has to pay so that will have to be paid.\n\nEveryone is happy the old owner got $10,000 to start over as well as his name is no longer on the mortgage. The lender is happy they are paid off, the foreclosure is  over, they don’t have an REO. The person that purchased the house is happy even though they will have to do some repairing of the property they got $10,000 to assist in that as well as $10,000 worth of equity. The person that put the short sale together is happy because he got paid for making everyone involved in the transaction happy.\n\nI hope this is of some use to you, good luck.\n\n"FIGHT ON"
1005225
As you have already discovered there is much to learn before you invest in the purchase of auctioned homes.  There are some wonderful classes that are offered by reputable real estate firms, such as Century 21, and Coldwellbanker.\n\nIf you want to try to learn on your own, I have provided links to some excellent how to guides.\n\n*Please choose best answer.  There is a contest that requires best answer to enter.*
867551
Foreclosure is the procedure for enforcing a lender rights once the obligation secured by a Deed of Trust is in Default.\nInitial Steps: Default Period.\n   1. The Note, Deed of Trust and information on the default are forwarded to County Records Research.\n   2. The notice of default and other necessary documents are prepared for your signature.\n   3. The notice of default is then recorded and the foreclosure time line begins.\n   4. A Trustee Sale Guarantee (TSG) is ordered from a title company.\n   5. The required 10 day and one month legal mailings are sent to the borrower and the junior lien holders.\n   6. If the loan has not been reinstated or paid off within the three-month default period, the lender then authorizes the next step in the foreclosure proceedings. \n\nPublication Period and Trustee's Sale.\n   1. County Records Research will prepare, record and arrange to post the Notice of Trustees Sale.\n   2. The Notice of Trustee's Sale must be published once a week for three consecutive weeks in a newspaper of general circulation near the property location.\n   3. The borrower or junior lienholder may reinstate the loan at any time up to five business days before the sale date.\n   4. If the loan has not been reinstated prior to five business days before the sale, the beneficiary may demand that the entire unpaid obligation be paid in full during that five-day period.\n   5. The trustees sale is conducted.\n   6. A Trustee's Deed is prepared for the lender or outside bidder, then recorded.
1149860
It is a great way to save money, but most foreclosures need work done on them.  You need to be a handy person. To find one, go to a Realtor and they can help you.  I own several houses, and I have my Realtor send out email to me daily of houses under a certain price in certain areas. It is an automatic feature he can do with the multi-listings they have.
1087087
i want to clean up foreclosed properties but need help in finding the right way. houses that have been foreclosed from the banks
315368
There are probably several legitimate websites that offer this. You just have to pay for it. There is also a number in the Thrifty Nickle-whatever it is called where you live-free paper, that has the number you can call to get a list of foreclosures in your area.
229150
Here is some good info on reverse mortgages:\nhttp://www.regionalmortgages.com/reverse.html
1034819
There are three types of foreclosures and it depends on which you are interested.  \n\nPre-foreclosure: when a house is in foreclosure, but the title is still in the current residents.  No one really has a list of these properties, but it is public information.  Anytime a lawsuit is filed, it needs to be printed in some sort of publication.  a foreclosure is a civil lawsuit.  Contact your county clerk of courts and ask them what newspaper they report all their filings to.  Subscribe to this publication and you will be notified on day 1 foreclosure is started.\n\nsome individuals claim that banks will let them know about foreclosed properties ahead of time so they can try and negotiate with the current owner.  If the bank notifies someone, it is a violation of their privacy and gramm leigh bliley act.  I do not doubt it is done, but be careful.\n\nThe entire topic of short sales is being left out since that is not what you asked and is a long answer.  I think you were looking specifically for options 2 and 3\n\nActual Foreclosure:  The sheriff is auctioning off the property in the next coming weeks as a conclusion of the pre-foreclosure lawsuit.  Every county is different in who does the auctioning, but here it is the sheriff.  Again, your local clerk of courts can help you.  Normally, you need to bring a down payment in cashier's check and close very quickly.  Usually, there is not enough time to get a loan if it is not done already.  Clerk of courts/sheriff, whoever is doing the selling usually carries a list of what is being auctioned.\n\nAfter foreclosure, bank owned property (REO) - many banks simply give these listings to realtors.  Contact a local realtor who deals with bank owned to email you a list on a daily basis as they become available.  Not any realtor can help you with this, be specific that you want bank owned properties and someone who deals with them.\n\nIf you are in the Ohio area, I can help you, if not, feel free to ask more questions directly\n\nAngelo Russo, Esq\nTitle Plus Services, LLC\nwww.titleplusservices.com\narusso@titleplusservices.com\n21380 Lorain Ave\nFairview Park, OH 44126\n440-895-0870
749519
NOtice of defualt is the first step to foreclusure.  That's the lender telling the borrower that he missed a few payments - and that foreclosure is coming.\n\nReal estate owned (REO) is the bank owning a foreclosed house.\n\nPre forclosure is the best time to buy the house.  You can often negotiate with the bank at this time and get a good deal.  Remember, good terms are better than a good price.\n\nNotice of foreclosure sale is when there is usually an auction after the house was foreclosed and the bank is trying to sell it to the highest bidder.  Don't try to buy here - there will be tons of people at a foreclosure sale and they call came with mega bucks to plop down on the house.  Also they are usually all cash deals.\n\nGood luck - and follow the pre foreclosure route.  The others might work for you, but only rarely.\n\nAs an investor I will tell you that if you are sking this question, you really are not ready to invest.  Read up - learn more and then go for it.  Good luck