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Buying a foreclosed home
Posted on 5/19/12 at 4:41 pm
Posted on 5/19/12 at 4:41 pm
I don't know if this is the right board or not? Does anyone know anything about buying a foreclosed home?
This post was edited on 5/19/12 at 4:44 pm
4
Posted on 5/19/12 at 5:20 pm to KingRanch
Pretty vague man. What type of questions do you have?
Posted on 5/19/12 at 5:38 pm to FunkyTiger
I have no idea what to even ask. My friend tipped me off of a foreclosure in his neighborhood. It's an awesome looking home and just don't even know where to get started. Who would I contact about finding out what bank the loan was drawn on? What kind of loan is needed for a foreclosure?
Posted on 5/19/12 at 5:48 pm to KingRanch
Easiest way is to talk to a realtor. If the house if up for "sale/auction" they'll know where to go. You can get a conventional loan just like any other mortgage. But, just so you know, if the owners just "moved out" it can take up to 2 years for the house to be fully foreclosed. Takes a long time brother. 
Posted on 5/19/12 at 6:04 pm to FunkyTiger
My friend lives across the street and the house has been vacant for about a year. Hopefully a realtor will be able to help me about about finding what needs to happen next. Thanks for the answer
Posted on 5/20/12 at 8:34 am to KingRanch
yeah, the easiest way is to just let a Realtor do the leg work.
in my experiences, the bank will assign the property to a realtor that they do business with in the region to list the property.
you could go down to the courthouse and check the title and mortgage records if you're that interested.
in my experiences, the bank will assign the property to a realtor that they do business with in the region to list the property.
you could go down to the courthouse and check the title and mortgage records if you're that interested.
Posted on 5/20/12 at 9:06 am to TortiousTiger
quote:
you could go down to the courthouse and check the title and mortgage records if you're that interested.
I may do that too, what court house would I check out, east baton rouge? The house is in Zachary.
Posted on 5/20/12 at 9:28 am to KingRanch
quote:
Zachary.
Yeah EBR. Go to the old court house for mortgage/conveyance records. They are in the basement.
Posted on 5/20/12 at 9:35 am to rmc
Preciate it
Posted on 5/20/12 at 11:03 am to FunkyTiger
quote:
Easiest way is to talk to a realtor
Posted on 5/21/12 at 9:20 am to KingRanch
quote:
Buying a foreclosed home
What state / parish / county?
In Louisiana, you typically need either 10% down and cash in 30 days or 100% cash or cash equivalent that day (i.e. letter of credit / certified funds cashier's check) in some parishes. The Sheriff's websites usually have the sale schedules and bidding requirements posted, in addition to appraisal figures closer to the sale (CAVEAT: do not rely on foreclosure appraisals as they are typically drive by appraisals). Make sure you pre-qualify if necessary.
You can figure out who the bank is, there attorney, and how much they are owed from the court records with the case number. If you can't access these records online in your parish, you can go down to the courthouse and look at them.
You are buying the house as is without the benefit of inspections or the like, but there is some research you can do:
1. Start by trying to approach the homeowner. They may let you see the house and answer questions. Additionally, that may be an intro into a short sale discussion, which will afford you the traditional buyer protections, such as inspections, time to get financing lined up, etc.
2. If that doesn't work, talk to a realtor who should be able to get you MLS info on the property if it has been listed in the past several years, even if not presently for sale.
3. You can call the attorney for the lender using the number obtained from the court records. Though don't be surprised if that doesn't get you anywhere. They'll probably relay to the client that you called, but lenders sometimes don't want to get bogged down dealing with "prospective buyers" until at or after the foreclosure sale. But it's worth a shot.
4. You can also usually check the tax assessors website to get an idea of tax assessments.
Posted on 5/21/12 at 10:00 am to KingRanch
quote:
I don't know if this is the right board or not? Does anyone know anything about buying a foreclosed home?
You can get a great deal, but damn it can take a long time to close.
Posted on 5/21/12 at 12:27 pm to Putty
quote:
Putty
thank ya sir
Posted on 5/21/12 at 2:13 pm to KingRanch
Try to find out why the owner's walked away. Could be a lot of normal reasons like loss of job, but could also be something terrible like foundation / flooding issues. You can go to hud.gov and read all about the buying process
Posted on 5/21/12 at 2:52 pm to AUtigR24
quote:
Could be a lot of normal reasons
apparently the couple got divorced, my friend lives literally across the street
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