I have been interested in foreclosures for the longest time but never decided to research further or take advantage of the market. Because it is a good time to buy I was hoping someone out there can offer some advice (in addition to the recent research I’ve been doing).
Because I don’t know much about the process I will throw around a couple terms I’ve heard lately: REO, gov’t tax lien certificate sales, title & bankruptcy search, property inspection, and HUD foreclosed.
I wanted to try a tax lien certificate but after doing research I’m seeing that this may not be the best way for me since I am so inexperienced. What is the best way for me to purchase a foreclosure and how do I get started? How long does the process generally take? Is there a way that I can see the property before bidding at an auction? If a property is a REO then I should be able to see the property before purchasing, right? Last question, When can I get the property inspected and a possible appraisal (before or after the property is bought)?
Whomever reads and answers this question, thank you in advance! I know this is a long question but I am serious about buying a foreclosure and doing the research necessary to attain this goal. Thank you.
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We live in CA. I notice some foreclosures have a tax lien, but most don’t. I have heard that if the property has a tax lien, then the person’s credit is affected for 15 years. I have tried contacting the Tax people in the County, but they are useless. We are just curious if we don’t pay our property taxes b/c we are facing foreclosure (because of a job loss and an illness, so please don’t judge us) when will the taxes become liens against the credit, if ever?
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I live in NY and I was told this by someone in the city’s finance department. She told me that i have to wait until the property is sold at foreclosure at the courthouse. Is this true?
I went to the courthouse to check the record for foreclosures but there are so many departments. I do not know if should go to the Block index or Docket.
Can anyone help me out? I will give 10 points for the best answer…
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DETAILS: Basically, I’ve really taken to real estate investing and have read about 8 books now (7 more to go! ouch), so have some good "book knowledge" but zero experience. My question is this: When you’re reading, eg, a foreclosures.com-type of website data on a PRE-foreclosure, which numbers should the investor (aka "credit saver") be evaluating in order to make an intelligent OFFER to the buyer? I know the basics like I’ll have to pay the back payments, back taxes, etc (PLUS any stated or hidden liens etc), but do I use these to present a deal:
Improvement value / Land value / Taxable value (Ar these 3 important in my offer or instead use:
Last sale price…(I know this one)
zestimate (I know this one)
Transfer value (what is this?)
Default value…(I know this one)
In other words, I want to make an intelligent offer on the preforeclosure. Please, someone with experience, what’s the math? And are there any missing numbers?? (eg loan balance, equity). Sincere thanks.
small typo sorry: <<above "Improvement value", please add the word "how" so reads "but HOW do I use these to present a deal?:">>
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I am a real estate investor in Santa Clara County California and am interested in investing in tax foreclosures and want to know if California deals in Tax Deed sales or Tax Lien sales? Please Help!!
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