Fore-closures

[jack tors]

I open up the Zillow app and there's a ton of fore-closers. REALLY nice homes listed for much less. How the fuck do you purchase one? Anyone have experience with this?


Some are listed as Pre-forclosers

[blm]

We bought our home as a short sale; basically a longer more complicated process of foreclosure. Your best option is finding a real estate agent that specializes in foreclosures and short sales. There won't be any surprises as opposed to trying to broker your own deal. Our agent called it the whole step of the way with zero surprises through the hectic 9 month process.

[jack tors]

very helpful thanks BLM

[funniirishman]

Essentially a short sale is the step prior to a foreclosure when the owner is proposing to the bank to sell the home to a buyer for less than what the mortgage is. It benefits the homeowner because it doesn't completely tank their credit, and benefits the bank (usually) because they don't have to hold the property to try and make money, and usually try to minimize their loss, if they even have one. It does take a long time...banks drag their ass approving the sale.

A good friend of mine became an expert on this when the bubble burst in the real estate market. She actually made more money through the volume of deals she did, than with traditional sales beforehand, and avoided the crunch many realtors faced.

Foreclosures are often as is, which is something to watch out for, and can make traditional financing difficult, something to be aware of. If you find the right one you can save some money.

[ROCKETW19]

short sales are BS here in cali very rare do you get one the bank want it to forslose so they can get the insurance money on the house
I have se many many many times the bank say no to short sale offers and end up foreclosing later much much cheeper

another thing is the wait you might play the game with the bank and 6-7 or even 8 months later they say fuck off.

we find it easier to buy foreclosure off the court house steps theres no BS games just buy or don't buy

[ROCKETW19]

I guess if you don't need a house and happy where you are nothing to loose playing the game and if you get it thats a win.

[blm]

We got an incredible deal on a completely upgraded home for a fraction of the cost at the misfortune of a good family. We were nervous that the bank would say fuck it and work with the family or let it foreclose but our agent kept us confident.

Previous owner was a contractor that renovated the home and landscaping a year prior then lost too much of his business to keep up with his arm loan.

[Bouncer]

We got an incredible deal on a completely upgraded home for a fraction of the cost at the misfortune of a good family. We were nervous that the bank would say fuck it and work with the family or let it foreclose but our agent kept us confident.

Previous owner was a contractor that renovated the home and landscaping a year prior then lost too much of his business to keep up with his arm loan.

Almost makes you feel bad about buying the place. Like benefiting from the misfortune of others.

Not saying I wouldn't do the same thing and take a great deal if I saw it.

[blm]

It did. But it also helped them not totally lose their ass. We became good friends with the couple. Great people. Bad situation. They've reestablished their lives and are happier where they are located.

[Bouncer]

Good stuff.

Do they ever come over and say shit like.. "You know I built that" etc? Not sure how I'd feel about that. Kinda awkward. Haha

[blm]

Only about the landscaping. He was obsessive. I could care less. As long as it's mowed, edged, trimmed and alive I'm good.