I’ve been looking at some Foreclosures listings and I’m wondering which companies are real and which ones are not. I have a partner who purchased from the auctions, but he ended up paying 80% of market value on a "good deal" I’ve heard of one company called 21khomes.com that sales homes for 30 cent’s on the dollar. I’ve heard that they are legit. They claim to be direct with the banks. Only trouble is that they want proof of funds before they will show foreclosure listings. Is this normal?
I went to the bank and I asked the mortgage manager and he gave me a list.
February 27th, 2010 at 5:22 pm
you can contact any local Realtor and he/she will be able to get you listing of houses in foreclose, bank owned, and short sale. That should get you about 75% of listing.
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February 27th, 2010 at 5:45 pm
Anyone is going to want proof of funds when you make an offer. At the auctions you must have a cashiers check.
21khomes sounds like a scam to get banking info from you to possibly steal your identity or simply rob you blind. The reason I say this is that you have to know what you want to bid on.
If banks want to sell their homes don’t you think that they won’t keep the listings a secret and with only one broker??
Hire a Realtor, as a buyer it costs you nothing!! He gets paid from the seller.
Right now there is a marketing ploy that is to advertise that I (the broker) have the inside scoop to foreclosures and no one else has that special knowledge of where the good deals are. This is called bait. Are you Biting?
Auctions are dangerous for a novice. You may find that screaming deal of 5000 sq ft home on 10 acres with a Heliport and hangar. Up for auction with a starting bid of 50,000 and you score at 50,000.01 because you are the only bidder. As soon as you take on your debt of 50,000 you find out you just bought the other loan of 600,000. This example is very extreme but the concept is true.
BUYER Beware! Hire a Realtor!!
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February 27th, 2010 at 5:55 pm
I went to the bank and I asked the mortgage manager and he gave me a list.
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February 27th, 2010 at 6:43 pm
http://infoonforeclosures.blogspot.com
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