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post #1 of 50 (permalink) Old 02-27-2006, 09:26 AM Thread Starter
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Buying a Foreclosed property

Has anyone here ever purchased a foreclosed property?

I'm about to sign up for one of those foreclosure lists and there's a TON of stuff on there.

I talked to a loan officer friend of mine once, and he said that the only disadvantage of doing this is the condition may not be as good or "realtor ready"...but hell, to save thousands of dollars, I'd do it!

I guess foreclosure is on the rise these days with all these people buying too much house for their money -- and it's expected to go through the roof when all these interest-only loans come home to roost and people realize that they can't afford the house they bought...Seems to be the big thing these days. Nick and I know several people ourselves who won't be able to keep their houses once they gotta start paying on the principle, but we think that would be rude to ask them to sell it to us when they go bankrupt.

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post #2 of 50 (permalink) Old 02-27-2006, 09:31 AM
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Another question, what happens to a home when it goes into foreclosure? Is there a period when nobody can touch it? When its Vacant? Does a real estate person need to have special credentials to sell or show foreclosures? Is it possible to buy a foreclosure directly from the bank that owns it?

Who's a real estate agent here?

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post #3 of 50 (permalink) Old 02-27-2006, 09:36 AM
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Southside??? your in the next state!!


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post #4 of 50 (permalink) Old 02-27-2006, 09:45 AM Thread Starter
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post #5 of 50 (permalink) Old 02-27-2006, 09:49 AM
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Where are yas looking to buy? I got a buddy that has a friend that used to deal with foreclosures, but he is local to Joliet not sure if anywhere else.


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post #6 of 50 (permalink) Old 02-27-2006, 09:49 AM
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I wouldn't buy on to the listings, you can find them yourself through your local paper. They have to publish the auctions in the legal section of the classifieds.

I have a buddy that does it, all you need is a lawyer to go to court with you and all of the money for the purchase.

Lots of shady insider stuff goes on for these things though. If a certain lawyer is not at court that day the property you are looking at may not get auctioned off (so I've heard). Maybe a good idea to go to one of the proceedings and talk to one of the lawyers afterward about getting him to work it for you.
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post #7 of 50 (permalink) Old 02-27-2006, 09:52 AM Thread Starter
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Quote:
Originally Posted by Dirtbiker
Maybe a good idea to go to one of the proceedings and talk to one of the lawyers afterward about getting him to work it for you.
So you're saying we should look in the paper for a public hearing regarding the foreclosure of the property, and then tell a lawyer that we're interested in the property.

I've seen those notices of public hearings before...

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post #8 of 50 (permalink) Old 02-27-2006, 09:53 AM Thread Starter
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Quote:
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Where are yas looking to buy?
Anything with a garage in the NW suburbs.

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post #9 of 50 (permalink) Old 02-27-2006, 09:55 AM
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I've been in real estate financing business for seven years and operate a midsize mortgage lender now, so I might be able to answer your question Slowass (although I am definatelly NOT an attorney, so this is not a legal advice).

Foreclosure process is very different from a regular r.e. transaction: when a mortgagor (current owner) defaults on his/her mortgage payments, mortgagee (lender) files motion to forelcose on the property - sell it at a county auction and get their funds back. The motion to forelcose is a metter of puplic record and list are issued by counties weekly or bi-weekly. Cook county used to charge $12 for acomplete list.

At the auction there are two types of bidders usually: inestors/buyers and the lender. Lender will never offer more than what they are owed (they are not in business of owning real estate). Thus if there are no ther bidders, lender aquires property for no extra charges above what they are owed. This property than becomes Real Estate Owned. If an investor whats to obtain this property they usually have to bid more than the lender. Winning bidder/investor must have CERTIFIED FUNDS at the time of the auction and remainder must be delivered to the county within 24 HOURS. This creates a problem for most regular people as it's usually difficult to come up with that kind of money.

Real Estate Owned is later sold through lender directly or their hired R.E. services company. Property is always sold as is and without perfect title! The main reason for that is the Statutory Right of Redemption which I believe is 6 months in IL. This law allows previous owner of the property to come back within 6 months of the foreclosure and pay back the loan+any legal fees. They will get their property back for that money and not how much you paid for it! Thus you have no perfect title to the property (for that 6 months)!

If you aquire foreclosed property at the auction, same exact rules apply.


Now, I do not specialize in Foreclosures I just researched the process before and I might be completelly off. You can check with specialists at Areawide Realty - they represent lenders in sale of foreclosed properties. Their phone number (708) 656-3333. I really hopes this helps.

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post #10 of 50 (permalink) Old 02-27-2006, 09:57 AM
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Quote:
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Anything with a garage in the NW suburbs.
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post #11 of 50 (permalink) Old 02-27-2006, 09:59 AM
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I can see how this could get complicated. It's not as simple as just shopping for a house, there is a lot of detective work involved.

But, it looks like we can get away from the real estate agent fees.

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post #12 of 50 (permalink) Old 02-27-2006, 10:02 AM Thread Starter
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Yes, this helps a LOT, Alex. What I'm hearing is that it's not useful to go to the auction unless we have the certified cash to buy the property right there/within 24 hours. So the best bet is to call one of those phone numbers in the classifieds of realtors who deal in Foreclosures...and then hopefully, we'll be able to get a clean title before the previous owners try to get it back.

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post #13 of 50 (permalink) Old 02-27-2006, 10:08 AM
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Quote:
Originally Posted by Grasshopper
I can see how this could get complicated. It's not as simple as just shopping for a house, there is a lot of detective work involved.

But, it looks like we can get away from the real estate agent fees.
Yeah, but you'll probably need a lawyer, which might be worse

the main thing about this is that you need to have all your ducks in a row BEFORE looking. Certified funds for a house is difficult to come by unless you have a lot of cash on hand. And most foreclosed houses in that area will have virtually no principal paid off (defaulted zero interest loans), so you won't REALLY be saving anything.

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post #14 of 50 (permalink) Old 02-27-2006, 10:09 AM
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Quote:
Originally Posted by Slowass
Yes, this helps a LOT, Alex. What I'm hearing is that it's not useful to go to the auction unless we have the certified cash to buy the property right there/within 24 hours. So the best bet is to call one of those phone numbers in the classifieds of realtors who deal in Foreclosures...and then hopefully, we'll be able to get a clean title before the previous owners try to get it back.

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post #15 of 50 (permalink) Old 02-27-2006, 10:19 AM
 
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My dad is also in the business. One of his associates simply gets a pre-approval from the bank and he buy foreclosures in big lists. Some could be losses and others wins. Overall he must be doing something right when he bought himself a condo at Water Tower for a couple mil
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post #16 of 50 (permalink) Old 02-27-2006, 10:37 AM
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Quote:
Originally Posted by BIGGY
My dad is also in the business. One of his associates simply gets a pre-approval from the bank and he buy foreclosures in big lists. Some could be losses and others wins. Overall he must be doing something right when he bought himself a condo at Water Tower for a couple mil
Well! The only thing that helped us understand is that your dad is rich!

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post #17 of 50 (permalink) Old 02-27-2006, 10:48 AM
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Quote:
Originally Posted by Grasshopper
But, it looks like we can get away from the real estate agent fees.
Actually buyers DO NOT pay any real estate commissions usually, the seller does.

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post #18 of 50 (permalink) Old 02-27-2006, 10:52 AM
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Slowass.

We bought our house as a forclosure. I was working with a broker at the time, so I made him do all the leg work. Unfortunitely, I can't shed much more light on what happens, behind the deal. We had to submit a bid to a panel of some kind, the strange thing was, they could counter the bid. So it went back and forth, until we reached an agreed price.

My broker was able to get us a viewing before we bid, so we wrote down everything we could about the repairs it needed. Then I itemized all this, and deducted it from the price the Panel said they needed. That's when we placed the first bid.

Its funny the first day we saw the house, my wife was like no way, not that dump. But now its home.

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post #19 of 50 (permalink) Old 02-27-2006, 10:59 AM Thread Starter
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Quote:
Originally Posted by Grover
Yeah, but you'll probably need a lawyer, which might be worse
Nick's got pre-paid legal...which will likely be handeling our divorce if I don't stop bitching about moving!

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post #20 of 50 (permalink) Old 02-27-2006, 11:00 AM
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Oh yea, something else to keep in mind, is that a lot of times the properties have no appliances. The banks or what ever gather up everything inside and auction it off to counter their loses. Or so they say.

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post #21 of 50 (permalink) Old 02-27-2006, 11:03 AM Thread Starter
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Quote:
Originally Posted by scout67
Slowass.

We bought our house as a forclosure. I was working with a broker at the time, so I made him do all the leg work. Unfortunitely, I can't shed much more light on what happens, behind the deal. We had to submit a bid to a panel of some kind, the strange thing was, they could counter the bid. So it went back and forth, until we reached an agreed price.

My broker was able to get us a viewing before we bid, so we wrote down everything we could about the repairs it needed. Then I itemized all this, and deducted it from the price the Panel said they needed. That's when we placed the first bid.

Its funny the first day we saw the house, my wife was like no way, not that dump. But now its home.
So find a broker who deals in foreclosures...

And where you live, I'd be willing to go through the hassle.

Hey, did you save a good chunk of change? Did you save big money at Menards? (do you LIVE at Menards with the repairs you're doing? )

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post #22 of 50 (permalink) Old 02-27-2006, 11:04 AM Thread Starter
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Quote:
Originally Posted by scout67
Oh yea, something else to keep in mind, is that a lot of times the properties have no appliances. The banks or what ever gather up everything inside and auction it off to counter their loses. Or so they say.
That's OK. I'll buy Nick a washboard and some rubber gloves.

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post #23 of 50 (permalink) Old 02-27-2006, 11:26 AM
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Quote:
Originally Posted by Slowass
So find a broker who deals in foreclosures...

And where you live, I'd be willing to go through the hassle.

Hey, did you save a good chunk of change? Did you save big money at Menards? (do you LIVE at Menards with the repairs you're doing? )
For our price range we did alright. Itemizing all repairs I think was the deal breaker. I knew what it needed, the panel I'm sure didn't, it just left them with nothing to say. That list totaled around 30,000. It also opened our eyes as to what we were getting into.

I think we finance the newer Menards location at Bowes and Randell. Supply and demand.

We've been ther for 11 yrs now. We budgeted large projects year by year, starting with the important stuff. 1st yr the vadalized patio doors, and replaced the damaged cedar siding with alum. etc.

Tonight I'll try to find the pics of before and after if your interested.

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post #24 of 50 (permalink) Old 02-27-2006, 11:31 AM Thread Starter
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Quote:
Originally Posted by scout67
Tonight I'll try to find the pics of before and after if your interested.
YOU COVERED UP CEDAR?!?! WHAT THE HELL!?!?!

I would like to see the pics, if it's not a problem...

But isn't it true to say that there's lots of work to do anyway when you buy a place (except if you buy new)?

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post #25 of 50 (permalink) Old 02-27-2006, 11:40 AM
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Quote:
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YOU COVERED UP CEDAR?!?! WHAT THE HELL!?!?!

I would like to see the pics, if it's not a problem...

But isn't it true to say that there's lots of work to do anyway when you buy a place (except if you buy new)?
The cedar was installed improrly, and cupped beyond usable. I hated to do it but it was cheaper to tear off all the cedar on the house and replace it with a high quality alum., with all other areas wraped. Plus its now nearly maint. free.

It would have been 10,000 to redo 2 sides of the house with cedar and still have the other 2 sides and maintence to deal with. 9,000 for alum. and very little maint. I'm still happy with my choice. Except when it hails big balls.

And yes, once you have a house your spending money on it making it Your HOME.

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post #26 of 50 (permalink) Old 02-27-2006, 12:02 PM Thread Starter
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This is what they give you. The numbers to the right are bed/bath (some aren't correct). It's free for 7 days, and then $10 per week. http://www.foreclosurefreesearch.com/
DETAILS Foreclosure Chicago N Sheridan Rd 60660 0 / 0 $121,800
DETAILS Foreclosure Chicago S Troy St 60629 0 / 0 $122,741
DETAILS Foreclosure Chicago W 118Th St 60628 0 / 0 $123,900
DETAILS Foreclosure Chicago S. Wood 60636 3 / 2 $124,900
DETAILS Foreclosure Chicago S Vernon Av 60628 0 / 0 $124,900
DETAILS Foreclosure Chicago S Lafayette 60620 0 / 0 $126,000
DETAILS Foreclosure Chicago S Aberdeen St 60620 3 / 2 $128,900
DETAILS Foreclosure Chicago S. Aberdeen St 60620 0 / 0 $128,900
DETAILS Foreclosure Chicago W Winneconna Pkwy 606201053 4 / 2 $129,900
DETAILS Foreclosure Chicago S Lasalle St 60628 0 / 0 $129,900
DETAILS Foreclosure Chicago N Karlov Avenue 60651 0 / 0 $129,900
DETAILS Foreclosure Chicago S Perry 60628 0 / 0 $129,900
DETAILS Foreclosure Chicago W 109Th Pl 60628 0 / 0 $130,630
DETAILS Foreclosure Chicago S Indiana Ave 60615 0 / 0 $131,500
DETAILS Foreclosure Chicago S. Muskegan 60617 4 / 2 $132,800
DETAILS Foreclosure Chicago S. Yale 60628 3 / 2 $134,900
DETAILS Foreclosure Chicago W 82Nd St 60620 6 / 4 $135,000
DETAILS Foreclosure Chicago South Ellis Ave 60619 8 / 4 $135,900
DETAILS Foreclosure Chicago S Fairfield Ave 60629 0 / 0 $136,272
DETAILS Foreclosure Chicago W 71St St 60629 4 / 3 $138,000
DETAILS Foreclosure Chicago S Marshfield Ave 60620 0 / 0 $139,900
DETAILS Foreclosure Chicago S Calhoun Ave 60617 0 / 0 $139,900
DETAILS Foreclosure Chicago N Claremont Ave 60645 0 / 0 $139,900
DETAILS Foreclosure Chicago N Claremont Ave Apt 3D 60645 1 / 1 $139,900
DETAILS Foreclosure Chicago Jeffery Blvd 60617 3 / 1 $139,900
DETAILS Foreclosure Chicago N Sheridan Rd 22P 60660 0 / 0 $139,900
DETAILS Foreclosure Chicago W 84Th St 60652 0 / 0 $140,626
DETAILS Foreclosure Chicago North Sheridan Road Unit 28004 60660 1 / 0 $141,750
DETAILS Foreclosure Chicago E 90Th St 60619 0 / 0 $141,835
DETAILS Foreclosure Chicago S Artesian Ave 60655 0 / 0 $142,439
DETAILS Foreclosure Chicago S Ewing Ave 60617 0 / 0 $143,826
DETAILS Foreclosure Chicago North Hamilton 60659 0 / 0 $143,900
DETAILS Foreclosure Chicago West Monroe 60644 3 / 1 $144,500
DETAILS Foreclosure Chicago South Eggleston 60620 0 / 0 $144,900
DETAILS Foreclosure Chicago N Sheridan Rd #11-D 60660 0 / 0 $144,900
DETAILS Foreclosure Chicago S Sawyer Ave 60652 0 / 0 $145,147
DETAILS Foreclosure Chicago S Maplewood Ave 60629 0 / 0 $145,208
DETAILS Foreclosure Chicago South Princeton Avenue 60621 6 / 2 $145,900
DETAILS Foreclosure Chicago S Lowe Ave 60609 0 / 0 $147,330
DETAILS Foreclosure Chicago S King Dr 60637 0 / 0 $149,900
DETAILS Foreclosure Chicago N Marine Drive 60613 1 / 1 $149,900
DETAILS Foreclosure Chicago West 102Nd Pl 60628 4 / 3 $149,900
DETAILS Foreclosure Chicago S Perry Av 60636 0 / 0 $149,900
DETAILS Foreclosure Chicago N Leamington 60639 0 / 0 $150,000
DETAILS Foreclosure Chicago S Lafayette Ave 60621 0 / 0 $150,150
DETAILS Foreclosure Chicago S 7540 Hoyne Ave 60620 3 / 2 $151,500
DETAILS Foreclosure Chicago E 42Nd St 60653 0 / 0 $152,217
DETAILS Foreclosure Chicago W 84Th St 60652 2 / 1 $154,900
DETAILS Foreclosure Chicago S. Blackstone Unit #3 60637 2 / 1 $154,900
DETAILS Foreclosure Chicago W Erie St 60644 5 / 2 $154,900

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post #27 of 50 (permalink) Old 02-27-2006, 03:50 PM
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Quote:
Originally Posted by Slowass
Has anyone here ever purchased a foreclosed property?

I'm about to sign up for one of those foreclosure lists and there's a TON of stuff on there.

I talked to a loan officer friend of mine once, and he said that the only disadvantage of doing this is the condition may not be as good or "realtor ready"...but hell, to save thousands of dollars, I'd do it!

I guess foreclosure is on the rise these days with all these people buying too much house for their money -- and it's expected to go through the roof when all these interest-only loans come home to roost and people realize that they can't afford the house they bought...Seems to be the big thing these days. Nick and I know several people ourselves who won't be able to keep their houses once they gotta start paying on the principle, but we think that would be rude to ask them to sell it to us when they go bankrupt.
all they have to do is refi into another interest only loan... end of problem. it will probably be at a better rate, since there loan to value will be less because of apreciation.
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post #28 of 50 (permalink) Old 02-27-2006, 04:02 PM
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all they have to do is refi into another interest only loan... end of problem. it will probably be at a better rate, since there loan to value will be less because of apreciation.
Kind of makes you wonder if the majority of people with these interest only loans ever want to fully own their own place, have it paid off.

I just don't understand how people can live in so much debt....

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post #29 of 50 (permalink) Old 02-27-2006, 04:03 PM
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all they have to do is refi into another interest only loan... end of problem. it will probably be at a better rate, since there loan to value will be less because of apreciation.
That is if there is any. Welcome to Kali. And this is the crappy, cheap, not so overvalued area. Wouldn't it be nice to have bought at full price a year ago. Any $ down has gone to money heaven.
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post #30 of 50 (permalink) Old 02-27-2006, 04:11 PM
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As a follow on. The real OC

http://www.ocweekly.com/the-news/new...006-01-05.html

This is a great article on how Fkd up things are out there. I have family in SanBernardino and it is a pretty crappy area too.

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