Foreclosure Insider
How do people find out about foreclosures so soon?
My boyfriend’s mom is a real estate agent and often tells him about houses up for foreclosure since he’s looking to buy. It never fails that within a couple days of the house going on the market, there are 15 or more offers already and it’s too late to bid on it! How can he (or his mom) find out when these houses are going to go on the market? There are so many of them in Michigan where I live – it seems unfair – like insiders are finding out about them before they are even on the market!
FIRST & FOREMOST: You and your b/f should get pre-qualified for a mortgage. Ask his mom to help you do this OR make an appointment with a loan officer at your local bank, savings and loan or credit union. Go there and discuss this with one of the Loan Officers
Here are some ways:
1A] Whatever county you’re in, there is a publication by that county’s Bar Association. The foreclosures and Sherriff’s Sales are posted in that publication.
1B] Go to your local County Court House and ask when the new Sheriff’s Sales are posted AND get ALL the information about how that county conducts its sales.
Without the purchase of any property in mind, personally attend AT LEAST 3 Sheriff’s sales to see how the Sheriff conducts those sales.
2] Call your local DAILY paper and ask when the Sheriff’s Sales are published. Get a copy of that day’s paper and ride around to inspect those properties whuich interest you.
3A] If there is a particular area you are interested in living – within your means – ride through that area and make notes of ALL the properties which are “For Sale”, “For Rent” AND “FSBO” – For Sale [or rent] By Owner”.
3B]Give those addresses to your b/f’s mom and let her do the work to set-up appointments to show them to you. When she makes a sale, she’ll get the commission.
4] You, your b/f and his mom could go to each of your respective banks and ask about “R.E.O.s” [pronounced just like "Rio" - as in Rio de Janiero.]
["Real Estate Owned"]. These are the properties which a bank has “on the books” AND the bank would LOVE to sell.
Banks are not in the real estate business. They don’t want to be in the real estate business. Those properties are definite liabilities.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
The short sale and foreclosure wars 2011, Part 1 of 2
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