Forclosure.com

5 Replies

I would imagine that BP wouldn't offer forclosure.com on their site if it wasn't a valuable resource. However I wanted to see what people who have used it think about it personally.

Such as is the price worth the value it forclosure.com brings? What are your experiences with forclosure.com? What are the negatives about the site? Etc. 

Any info would be greatly appreciated!

Thanks in Advance!

You really have to do due diligence on these homes. You have to drive the neighborhood and view the homes there. I did just that yesterday on two homes that I felt where worth pursuing until I actually saw the home and the surrounding homes. The amount of money I would have to put into the foreclosed house wouldn't give me a large enough return for a fix and flip to make it worth my while. So I past on them. 

To me the reserve price on these foreclosed homes I found them to be to high. I usually wait 5 months and keep watch then if I feel they were worth pursuing I would low ball an offer Three times over the next 3 months and if they didn't take the offer by then I would just drop it or maybe try again 6 months down the road if they are still available. If they haven't sold there is a serious reason something about the property.

Mike Sedlacek, Real Estate Agent in VA (#0225223133)
(757) 405-7336
Originally posted by @Mike Sedlacek :

You really have to do due diligence on these homes. You have to drive the neighborhood and view the homes there. I did just that yesterday on two homes that I felt where worth pursuing until I actually saw the home and the surrounding homes. The amount of money I would have to put into the foreclosed house wouldn't give me a large enough return for a fix and flip to make it worth my while. So I past on them. 

To me the reserve price on these foreclosed homes I found them to be to high. I usually wait 5 months and keep watch then if I feel they were worth pursuing I would low ball an offer Three times over the next 3 months and if they didn't take the offer by then I would just drop it or maybe try again 6 months down the road if they are still available. If they haven't sold there is a serious reason something about the property.

 Sage advice about the offerings. Now would you still go about this the same way if you are not flipping but more sit and hold style? Or is this a standard way to go about offering on foreclosures? Reason I'm asking is because so many people that I have spoken with have their own way of going about this.

Try www.hudhomestore.com you may find the same properties listed there as well. 

As far as the listed price on foreclosure.com to help determine the value you have to search comps. by asking a realtor friend for help. Get at least 3 comps within one mile of the house in question, for sale now, sold and expired listings. Then take an average or eliminate ones that are not near the same then average them out. Next use your judgment as to what is a reasonable price.

Mike Sedlacek, Real Estate Agent in VA (#0225223133)
(757) 405-7336
Originally posted by @Mike Sedlacek :

Try www.hudhomestore.com you may find the same properties listed there as well. 

As far as the listed price on foreclosure.com to help determine the value you have to search comps. by asking a realtor friend for help. Get at least 3 comps within one mile of the house in question, for sale now, sold and expired listings. Then take an average or eliminate ones that are not near the same then average them out. Next use your judgment as to what is a reasonable price.

 How much do the registered brokers charger to bid on hudhomes? 

@Tony Ku , typically the broker does not charge the buyer anything, their commission is paid by the seller, not alway, but almost always, especially for HUD.

HUD will even pay for title insurance if you use their title company.

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