buying foreclosed realestate?
October 4th, 2009 | by admin |i see programs like john beck on govrenment property taxes,dean something, always talikng on buying homes for just a few hundred dollars,if these offers exist,how can one find them without giving john beck ALL THE MONEY?
STOP.
Tax foreclosures (John Beck style) and the lender foreclosures (that you are hearing about in the media) are two entirely different things.
A tax foreclosure is being foreclosed (taken back from the owner) for back taxes owed. Back in the day when this information wasn’t readily available through the internet, some lucky SOB’s were the only bidders at a tax auction and picked up a decent house for a small fraction of real market value.
With the information lid being blown off by the internet, a bunch of potential investors can and do find these offerings easily, and tax foreclosure auctions are typically very well attended. They sell for much closer to real market value.
The chances of you buying a decent home for a few hundred dollars these days are about is good as you hitting the Power Ball lottery.
4 Responses to “buying foreclosed realestate?”
By acermill on Oct 4, 2009 | Reply
You can’t find such properties in the real world. Yes, they occur now and then, but your chances of finding one are extremely slim. Save your money.
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By 411 on Oct 5, 2009 | Reply
Tax leans are common and lists exist at all lenders who sieze properties for back taxes. Some escrow services also have some data. Now a days, tax leans are siezed by the state as the state is whos losing the funds from lack of payments. Excrow service accounts are who hold taxes for each following year thus homeowners pay a year in advance. do you think that you could be a $200,000 home for just $185.00 by simply paying back past taxes? Yea right.
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By krystol_trice on Oct 5, 2009 | Reply
There are tons of foreclosed properties in St. Louis, MO. I’m not sure how many are in other parts of the country. You usually can contact large banks, like Bank of America or US Bank for their listings (either online or in person) or contact city hall public records. Try asking your local real estate agents for any info they can give you free about forclosed properties. I wouldn’t trust the infomercials on TV; many of these programs turn out to be schemes.
When you do find some foreclosed homes, be prepared to pay for lots of renovations to make the property worth using or selling. Be very decisive about how you want to use the property or what you are selling it as, taking into account the zoning regulations in the area. Also carefully inspect any real property before you consider buying. Research what the property should be worth after improvements against what it will cost to improve. Also study the type of neighborhood it’s in and how the home in its completed condition compares to similiar homes (example: same number of bedrooms/baths, same sq. ft., same amenities, etc.) in the area that sold within the last 6 months.
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By godged on Oct 5, 2009 | Reply
STOP.
Tax foreclosures (John Beck style) and the lender foreclosures (that you are hearing about in the media) are two entirely different things.
A tax foreclosure is being foreclosed (taken back from the owner) for back taxes owed. Back in the day when this information wasn’t readily available through the internet, some lucky SOB’s were the only bidders at a tax auction and picked up a decent house for a small fraction of real market value.
With the information lid being blown off by the internet, a bunch of potential investors can and do find these offerings easily, and tax foreclosure auctions are typically very well attended. They sell for much closer to real market value.
The chances of you buying a decent home for a few hundred dollars these days are about is good as you hitting the Power Ball lottery.
References :
Oregon Realtor