There are a few smaller local banks which may not list their REO’s this way, and you would need to contact those banks to see what they have available in REO.

The big lenders (Wells Fargo, Bank of America, Deutsche, etc.) all dispose of their foreclosures through local area real estate brokerages. While you can find lists of their owned properties on their websites, you will be directed to the listing agency for further interest. Understand that over 95% of foreclosed properties are handled by real estate agencies.

The nationwide lenders simply do not want the hassle of dealing with buyers in fifty states, all of which have varying degrees of differences in real estate rules, documents, etc.

So, who negotiates the price and protect the fragmented owners interest (MBS investors). Is it the servicer of the mortgage? But, because of his own operating cost he also would have an incentive to sell quickly at a low price. How about the securitization bond trustee. Does the trustee step in and negotiate with the broker what price is deemed acceptable to the MBS investors?

You can see it is kind of a gnarly question. If you have a clear understanding of this process, please educate me.

because foreclosures are somewhat unique, lenders request that a bpo done with foreclosed homes to find its real value.
offcourse bpo doesn’t protect them bad market since a current BPO today might be old next week.

lenders have options to sell foreclosed homes, either employ real estate agents to sell it for them or an auctioneer to auction homes or both

all Lenders have yet realized that it is better to sell quickly for losses than have property sit for a long time, perhaps by summer next yr they will.

Anyway, my question is, if we have only about $200,000 to spend on a home, and we don’t need a lot (other than a reasonably safe neighborhood), would we be able to buy a foreclosure or short sale home? How would we locate these types of properties for sale?

Before anyone suggests living in an apartment, I need to point out that we have dogs and cats, so we need a yard we can fence. Also, we have 2 kids, so a family area would be nice.

Thanks!

To be perfectly honest with you…I would not buy a home there until I lived there at least a year. How do you know you’re going to actually like it? Hate to tell ya…but I was SOOO excited to move to Colorado. But after 6 months, I hated it. Can I tell you how happy I was I didn’t buy a house like I originally planned?

What seems like a great deal up front…could be a nightmare in the long run if you want to get out. LOTS of vacant houses right now for rent in San Diego. Just look it up on the internet.

I may be able to assist you.

FYI: I have a Real Estate Website for Investors with thousands of Properties for Sale, e.g., HUD Homes, Tax Sale Properties, Bank Owned Properties, and Mortgaged foreclosed homes for Sale throughout the country.

Note: I am not a Realtor or Real Estate Agent, but rather an Investor like you.

Currenlty, Access (to the HUD Homes Section on my website)is FREE.

If need you can Email at: bigiminc@yahoo.com

The Website is: http://www.delinquenttaxsales.com

here’s the link to this site that I found, one that shows the location of homes for sale:
( http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=48104&mrt=realestate&sll=42.325809,-83.938293&sspn=0.100262,0.338173&ie=UTF8&z=13&ref=patrick.net
)

I would love to buy 2 or 3 foreclosed homes, but I want them here in Canada, not in Detroit. yes, they would cost a lot more, probably only a few thousand less than the surrounding homes, but its near impossible to find them here in Canada : Why is that?

The Canadians were paying attention.We were not.Simple.

1. Make sure you have pre-approval from a major lender. Most foreclosure listing will need this prior to you making an offer.

2. Be prepared to wait for an answer. Many times, as with short-sales, the banks are slow to make a decision.

3. Get comparables that have sold recently in the immediate neighborhood. Just because it is a foreclosure, doesn’t make it a good price.

4. Once you get acceptance of your offer, be prepared to get all your inspections completed. It is super important to get inspections because the bank will not be able to tell you the history of the home.

5. Work with a reputable Realtor who can walk you through the process. The bank is the one paying the commission – so it wont cost you anything and will save you a lot of headaches.

Even if you are not buying a foreclosure, the things I always tell my clients are – When looking for a home, try to buy a home that has something unique about it – maybe a veiw, or a nice yard, something that when you go to resell the home will make it stand out. Also try to buy a home that is a diamond in the rough – the worst home in a desireable neighborhood is a better buy then the best home in the worst neighborhood. Also, even if you don’t have kids – try to get familiar with the good shcool districts – if you go to sell – this will be important.

Good Luck -