Buying foreclosed homes

[sgreger1]

Me and the wife may be in the market for a house next year. Does anyone know much about real estate? California is leading the nation with underwater mortgages and people are getting foreclosed on left and right. This means somewhere out there, there has got to be cheap homes the bank is willing to get rid of at a discount.

Me and my wife both have excellent credit, but am trying to finance as absolutely little as possible. We'll have about 32k cash for the down payment. I had an aunt who bought a foreclosed home for I think it was $35k cash and that was it, no mortgage or anything. Does anyone know any resources I could use to find foreclosed homes being auctioned or sold to the public? I know somewhere out there a bank exists that has too many properties on their hands and wants to unload a few. I don't even really care where it is as long as it's withing 50 miles of my job.


If anyone has any links, it would be greatly appreciated.

[Nvr2Stond]

Me and the wife may be in the market for a house next year. Does anyone know much about real estate? California is leading the nation with underwater mortgages and people are getting foreclosed on left and right. This means somewhere out there, there has got to be cheap homes the bank is willing to get rid of at a discount.

Me and my wife both have excellent credit, but am trying to finance as absolutely little as possible. We'll have about 32k cash for the down payment. I had an aunt who bought a foreclosed home for I think it was $35k cash and that was it, no mortgage or anything. Does anyone know any resources I could use to find foreclosed homes being auctioned or sold to the public? I know somewhere out there a bank exists that has too many properties on their hands and wants to unload a few. I don't even really care where it is as long as it's withing 50 miles of my job.


If anyone has any links, it would be greatly appreciated.

Few google clicks away bud,

http://www.preo.us.com/?gclid=COat4e...FZZM5Qodyh7qmg
http://www.freeforeclosureslisting.n...=S120109r10015
http://www.foreclosuredeals.com/

[sgreger1]

Few google clicks away bud,

http://www.preo.us.com/?gclid=COat4e...FZZM5Qodyh7qmg
http://www.freeforeclosureslisting.n...=S120109r10015
http://www.foreclosuredeals.com/

Thanks for the links man. Seem like there are houses to be had if I move a little further away from the city. Nice homes for 40-80k which is right in my range. Still too expensive for most houses though. Foreclosed houses, no one has been living in them for a year and still 600,000 for like 2-3 bedrooms? Hopefully by next year the housing market will have fully crashed, and banks will be begging for someone, anyone, to occupy the real estate they own lol.

Thanks again man.

[PipenSnus]

Right now banks have huge "shadow inventories" of foreclosed houses that they're keeping off the market for fear of crashing the housing market again. However, it appears their strategy is failing, as housing prices are continuing their downward slide anyway. They'll end up with properties they'll have to sell for pennies on the dollar. So a wait-and-see approach may be the right choice. The only question is, how long are you willing to wait for that second housing crash? You can be sure the banks will use any and all tactics to delay it as long as possible.

[sgreger1]

Right now banks have huge "shadow inventories" of foreclosed houses that they're keeping off the market for fear of crashing the housing market again. However, it appears their strategy is failing, as housing prices are continuing their downward slide anyway. They'll end up with properties they'll have to sell for pennies on the dollar. So a wait-and-see approach may be the right choice. The only question is, how long are you willing to wait for that second housing crash? You can be sure the banks will use any and all tactics to delay it as long as possible.

I'm 24 years old baby, I got nothing but time. And the longer I wait, the more cash I will have saved up for the down payment. My ultimate goal would be to own a house outright withing the next few years. Housing is the single largest expense in CA, and if I could live rent free in a property where I only have to pay property tax and the water/electric bill, it would secure my financial future and help me in the event of getting laid off at some point down the road. I was thinking about starting to look for sometime around July of next year. After the elections happen and the new guys are in, after the stimulus money runs and out, and after the federal reserve can't drop rates any lower, these big banks will realize there is nothing coming to save them and they will liquidate a lot of these shadow properties for, like you said, pennies on the dollar. I will be the first in line to profit from their misfortune, being the evil capitalist that I am.

[Nvr2Stond]

Thanks for the links man. Seem like there are houses to be had if I move a little further away from the city. Nice homes for 40-80k which is right in my range. Still too expensive for most houses though. Foreclosed houses, no one has been living in them for a year and still 600,000 for like 2-3 bedrooms? Hopefully by next year the housing market will have fully crashed, and banks will be begging for someone, anyone, to occupy the real estate they own lol.

Thanks again man.

No problem, glad I could help.

[ChaoticGemini]

Don' forget tax auctions. Ask at your county offices. I don't know how this works anywhere but MI. If you have not paid property tax in a certain amount of time, the gov't will seize your property and auction it off. In the spring the bidding starts at the amount of taxes owed and in the fall, what is left starts bidding even lower. I have 3 piece I'm waiting for the fall auction to bid on. I have my fingers crossed since a neighboring property in the same area went for $2000 and the 3 apartment buildings (with renters) went for $10 to 15 thousand.

[GoVegan]

If your willing to give up a few conveniences such as cable and water, I just might have the solution for you.

http://en.wikipedia.org/wiki/Squatting

I am not sure if it will fly by the wife well though...