How to Buy a Foreclosed Home
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- Опубликовано: 22 июл 2023
- Buying a foreclosed home can be challenging but it's not impossible. In this video I'm going to share with you 3 websites that you can use to find those foreclosed homes before they even hit the market.
GET A FREE TRIAL TO FORECLSOURE.COM RIGHT HERE ➡️ www.foreclosure.com/?rsp=3655
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🏡 If you're interested in purchasing a foreclosed home, visit Foreclosure.com to see all of the available homes: www.foreclosure.com/?rsp=3655
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I bought a foreclosed home in 09 got it as a steal for 80k put down 16k but I had to make a lot of repairs its now worth 284k I recommend it for ppl looking for a 2nd home or a home for your children
Soooo much info in this video. Thanks.
Great video because you get straight to the points and are very knowledgeable
Thanks so much!
Thank you for this informative vlog. I looked and looked into this and decided this is very challenging space.
99% are NOT vacant and you are not able to view it or inspect. In fact there is very stern warning that trespassing is a crime!
So, good luck. We now have a squatting problem where people are squatting on someone's fully owned property. Because who would not want to live rent free, right? So try find a property which is being foreclosed and will not be occupied by someone. And evicting someone is so much fun.. not! The lean and title situation is also royal mess that would need a PI to untangle.
Foreclosure is only for experienced flippers, not for folks who are bargain-hunting because they are "short on funds". Foreclosure required CASH ON HAND! So, young couples who do not qualify for mortgage loan are not your typical foreclosure buyer.
I thought the banks take care of any liens once the foreclosed home fails to sell at auction and the banks take back possession
Starting off with the attitude of "having to resort to buy a foreclosed home" is negative attitude I don't appreciate. I am choosing to buy a foreclosure foreclosure over a newly built so I can diy work on it for a rental.
I’m so glad you decided to post this bro. You have no idea how much you inspire me! Love to the subto community leaders!
Also I messaged you on FB because I had an investor needing EMD. I submitted all of the info to your forum but I think you got tied up. They lost the deal 😢.
Great Info Thank You
My pleasure!
My pleasure!
Interested
Thank you so much for the great information! It’s really appreciated especially during these times 🫶🏼
How do you get squatters out?
Could be a big saving or a big headache foreclosure.
Excelente explicación. Mi nombre es Darío Mendoza (USA).
Im in Chicago im a beginner
Wait so let's say I buy a foreclosure for $75,000 (there's one in NC I'm looking at). Let's say there is a lean on the property for say, idk $30,000
I fork over $75,000 to buy the home for cash. I now am responsible for paying off someone else's $30,000 in debt?
Are you fucking serious? Why should I be responsible for someone else's financial negligence???
@JackieBaker @5:40 you say "cleared for auction, not yet" but that is never on the screen at any point....feel free to expand on that and show an example.
Hi! I do explain it in the video. When it says that it is not yet cleared for auction, it means that the homeowners are trying to work out a payment plan with the bank. So the auction could very well get canceled if the owners and the bank come to an agreement or the owners actually make a mortgage payment. Hope that helps.
@@JackieBaker Yes i understood what you were saying it was, just WHEN you were saying it i thought it was supposed to be visible on that list. I guess you were just saying it COULD be. Thanks for the response!
Hello,
on a mortgage foreclosure being done in a sheriffs auction, who would be in charge of any undisposed judgements still on the property?
For instance there is a foreclosure home that I am interested in however when doing research on the current home owner I noticed that he has a current judgement still open for the amount of 233,000 which im assuming is their mortgage. Would the winners of the foreclosed home now be responisble for that open judgment?
The proceeds of the auction should pay that debt off.
Thank you for responding. So if the property sells for only 12,000 and the open amount on the previous mortgage is 233,000 then the debt should still be payed off? or does that judgment amount stay with the previous owner or does it now transfer to the winner of the auction@@JackieBaker
@@user-kr7og1wh3w they will not start the bid lower than what it owes
Don't you still always get a couple of weeks after agreement to have the property inspected, though? So if you aren't able to check out the property before agreeing to buy it, that's ok, because you get a couple weeks after signing to have it all checked out, and can back out during that short window if it turns out to be unacceptable? Or maybe that's just the case with the non-cash sales? 🤔
Typically you have to do your official home inspection pretty quickly after the offer has been accepted. The bank wants that done asap so in case you back out, they can move on to the next one.
@@JackieBaker Right, says here 10 days is the usual, and one inspection limit. So if you can get a good inspector out there in 10 days and they find anything major, you can drop out.
How about preforeclosure homes? Thanks
As I mentioned in the video, pre foreclosures are not listed for sale. So you would have to go to the homeowner directly and ask if they would sell.
Hey Jackei thank you for your help !
Do you provide assistance with that?
I can help if you're in Northern NJ.
Hey Jackie my wife and I bought our home in 2010. We moved out and rented out to a family in 2017. We only owe 20,000 on the house. The renter is moving out. The house needs a lot of work. We don’t know no what we want to do with the house. Any suggestions.?
Not sure where you live but if the inventory is really low, you should consider selling it because it will sell fast. Especially if it's well priced.
I use Fannie Mae freddie Mac and hud
could you find good deals with 2 these website