Foreclosures?

anyone going this route?
Where are you going to find listings? TIA

my uncles were just discussing this at easter. i wasn't really paying much attn but heard something about being careful cuz the ppl that lived there before could have destroyed the house before they left (if they were mad).

and something about depending on the state/law or something...the people have say 2 yrs to reclaim their house etc.

im sure someone else knows better details! im actually curious about the whole foreclosure thing cuz i always see those commercials and really cant believe it!

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Posted by madseason

We are going this route. A family friend is a RE broker and hes helping out!

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ohhh your lucky. i want to look into this buy a lot of these websites i see you ahve to pay for them.. and im not sure if they are scams or what and i dont know whats really involved in purchasing a foreclosure

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Posted by jteach711

My fh is a mortgage broker and when the wedding is over he said he has lists of all the forclosures and we may look into some

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oh thats great!

do i need to go through a RA or can i find listings myself? this is so confusing

now im researching

this was interesting

http://www.consumeraffairs.com/news04/2007/04/buying_foreclosure.html

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Posted by snowcutie82

now im researching

this was interesting

http://www.consumeraffairs.com/news04/2007/04/buying_foreclosure.html

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thanks!! im checking now

we checked out 2 foreclosures this past weekend....and they both needed about $40-50,000 worth of repairs. we are trying to decide if we want a fixer upper at a cheap price or spend a lil more and move right in.

alot of times they do either trash them....or they just dont have the money to make the necessary repairs to maintain the house and thats why they are in bad condition.

Our upstairs neighbors just bought a house on what's called a 'Short Sale' the bank has recouped all of the outstanding loans and liens on the house. You're not responsible to pay for any of it. You make an offer on the house let's say at $265K and it's either a yes or no answer, no negotiating. The were accepted and they did their mortgage through Wells Fargo and didn't have to pay PMI

thanks for all the info ladies!!
i have to talk to FH about it

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Posted by Ayne11

Our upstairs neighbors just bought a house on what's called a 'Short Sale' the bank has recouped all of the outstanding loans and liens on the house. You're not responsible to pay for any of it. You make an offer on the house let's say at $265K and it's either a yes or no answer, no negotiating. The were accepted and they did their mortgage through Wells Fargo and didn't have to pay PMI

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Short sales are prominent right now. I've seen on MLSLI a few houses that actually say they are a short sale.