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Foreclosure Lists ads. I know you've seen them. Now here's the truth.

By
Real Estate Agent with Homestead Realty Inc.

 

I am an avid sports fan and when driving around mostly listen to sports radio. I know this is not the only station or medium that is used for advertising, but everyday i hear and ad spot of how luctrative it is for people to buy these foreclosure properties. The ad usually features 2 women talking about one of the friends new home that costs less than the other is paying for rent. I really do not have a problem with this part at all.

 

The advertisment is for a company that sells a lists of foreclosure homes in a specified area. This is what i have a problem with. You see, I have actually seen these lists and checked them against my local MLS. Yes, that's right. All the foreclosure properties on this list are actually listed with Realtors® and are available at no cost if you would simply contact a Realtor® from the get go.and that still is not my biggest problem with these compaines.

As I just stated i checked the status of alot of the properties on these lists and they are far from current. In fact close to half of the properties that they had advertised as available were either sold weeks to months ago or were already in the Pending process. They are charging for information that is not even current, and yet charging you as if they have all these amazing properties for sale wehnin fact they are long gone.

If you a consumer looking to take advantage of this part of the market here is some advice from someone on the inside.

Contact a Realtor® that has experience helping buyers purchase these kind of properties. you see folks the banks now if they want to sell a property for the most amount of $$$ in the least amount of time that need to list with Realtors®. A Realtor® has access to all available homes including foreclosures that they will provide to you at no cost.

Now here is the part that most people run into problems. Some of these properties may not be elgible for financing. they may be in good locations but if things like the roof, or furnace need to be replaced. Most  lender will not back the mortgage. Also there are many investors in the market that are buying with cash in hand and willing and able to close fast.

This is where it will help you again to ire a buyer's agent to represent you so you will be assured the best information and advice available to you.

I hope this message finds you well and hope that it can of help to you, your family and friends, as I encourage you to pass it along to anyone that is thinking of buying.

 

 

 

 

 

 

 

 

Comments (2)

Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Hi Andrew.  Haven't heard from you in a while here on Active Rain.

I am following on Facebook, so I know you are having a great time up "north of the border"!

I hope all is well,

Ken

Jul 30, 2009 12:51 PM
Pat Mullikin - KW Milwaukee
Keller Williams Milwaukee - Brookfield, WI

Hi Andrew,

Holy cow! The condition of many of the foreclosure properties out there is enough to make you, well, don;t want to mention it in polite company. (this IS polite company, isn;t it?) Showed one last week that had MUSHROOMS growing out of the carpeting in the basement! Not just fuzzy fungus across the surface or something like that - it was actual TOADSTOOLS! and lots and lots of them! Then there was the one a couple of months ago that had a dead bird hanging, head-down, out of the exhaust fan in the kitchen ceiling. The lady buyer I was showing the house to RAN out of the house with her hand over her mouth! How on EARTH will the average 5% down buyer get financing approval on something  with those kinds of conditions? So the GREAT DEALS will go to investors who will do marginal flip remodeling and either rent them out or sell them to the same buyer who would not have been able to get FHA or VA, or even some conventional financing because of the conditions, and they'll probably over-pay. Government intervention at its finest!

Aug 14, 2009 10:19 AM