[daspiva]

I bought a foreclosed home in TV 3 years ago, which I currently live in and got it for a good price. I found it through the local MLS listings and my Realtor helped me put an offer on it to the bank and got it closed pretty fast. Had it inspected before closing as well. The thing about the inspections is that even when the utilities are turned on for the inspection and the obvious is discovered, you never know what else can be wrong with the house (especially if it had be sitting vacant for a few years like mine was) until you actually move in and start putting real life stress on the systems, such as the plumbing when you are washing laundry, or the water heater when you take a shower....So just be prepared for the unexpected because you have to buy it AS IS...

[justjim]

Seriously tried to buy a foreclosure several years ago just a couple blocks from our home up north as an investment. Long story short - lots of red tape and finally gave up as the bank wanted too much money for it IMHO.

[Velvet]

Yes, the banks want to make as much money as possible on their sales. Banks like money. I almost bought a foreclosure from a bank, met all their stringent demands, but I found out that the bank was Wells Fargo. Then I walked.

[EdFNJ]

Originally Posted by petsetc

FWIW - here's the little I know.

A house for sale through foreclosure is usually auctioned on the court house steps and advertised via publication in local papers. Usually, the bank that holds the mortgage is the opening bidder, opens somewhere around the outstanding mortgage amount, which usually makes them the "winner".

Prior to the sale on the courthouse steps, no entry or inspection is available. You buy as a pig in a poke.

Then the property is off the market until the bank, HUD, or some other entity puts it up for sale as an REO (real estate owned property. At this point, the transaction is pretty much the same as any other purchase except the selling entity may have some additional "rules and restriction". Also, the real estate commission on an REO is usually fixed lower and less motivating for the agents.

As with any home purchase, you need a thorough title search for liens or other debts that may encumber the property.

Hope that may help.

In Broward county FL my deceased father's rev mort foreclosure property was auctioned online as were it seems, all auctions there. This was last March. Not sure they use the "courthouse steps" much anymore. Never sold so they took it off sale a few months ago. No idea what they will do with it (not that I care). Anyone who buys it would be nuts. Last NON-negotiable price was $72K PLUS $6K construction lien PLUS $7.5K lien in Amenity fees + $3K in taxes. Similar condos there going for $40-45K. The place has been sitting there empty with NO AIR COND for 2 years this coming March in South Florida. It must be a mold haven. His bank offered it to me for $85K, his rev mort owed balance was $123K. They thought they were doing me a big favor.

[Mosells]

Dealing with HUD is a cumbersome ordeal. As a real estate agent in Ohio I had clients who wanted to bid on a HUD property they quit in the first round of documents.

[cndlou3]

Originally Posted by Dlbonivich

All reasons to use an agent. Utilities can be turned on

We did use an Agent and they did not turn on all of the utilities(gas) because the selling realtor and or the bank seller didn't feel necessary to turn on the gas obviously

[starflyte1]

Thanks for the link!

Originally Posted by John_W

I was just on one of The Villages Facebook pages and someone mentioned they lived next to a foreclosure in the Village of La Zamora and it's listed with ERA for $219K. Here's a link.

123 Chula Vista Ave, Lady Lake, FL 32159 | MLS #G5024556 | Zillow

[starflyte1]

How can I find out who holds the mortgage on a foreclosed home?

[CWGUY]

Originally Posted by starflyte1

How can I find out who holds the mortgage on a foreclosed home?

Maybe look and see who the tax bill is being sent to. That's what I've done in the past.

[starflyte1]

It is being sent to the foreclosed address and has not been paid. The home is in Lake County.

Thanks!

Originally Posted by CWGUY

Maybe look and see who the tax bill is being sent to. That's what I've done in the past.

[kcrazorbackfan]

Originally Posted by vintageogauge

Rarely will you find a foreclosure in The Villages.

There is one across the street from me.