How do I learn about foreclosure auctions in my ares and the specification of what is being offered??
June 5, 2010 by gtsay
Filed under Foreclosure Properties
Question by pinky: How do I learn about foreclosure auctions in my ares and the specification of what is being offered??
As I understand it, there are plenty of homes going into foreclosure right now. I just don’t know how to find out about them. I live in Jacksonville, FL. Thanks!
Any advice is welcome.
Best answer:
Answer by DJ B
See, if you don’t know where to look, how are you going to buy one? Please ask a Realtor to help you. There services are FREE to buyers and you get a wealth of knowledge and experience you don’t have to wait, or research for… people people people get a clue.
Give your answer to this question below!
Find your local HUD/FHA office. Most publish a weekly tip sheet of repo homes.
But don’t think you’ll get an automatic bargain. When I worked for HUD/FHA in the mid-nineties, we did a survey of what repo homes sold for, and it turned out to be – on average – 102% of what they were appraised at on the open market.
The perception of a getting a “bargain” led to buyers actually paying a 2% premium on repossed homes!
Go down to your local courthouse and ask the clerk where the list of foreclosure auctions are posted. Next go to the list and write down all the numbers to the properties you are interested in. Take your list of numbers back to the court clerkand they will pull the files for you to look at. All the information is there for you. If you decide to try and trackthemdown online you will be disappointed as auction dates change and they may have not had time to update online.
Check your daily local newspaper, classified section also, These will have to do with tax lien sales mostly. By the way, not all Realtors have access to HUD homes or even want to deal with foreclosures aka short sales.