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Every site I've found has trial periods (requiring credit card info), then a monthly charge. How can I find foreclosures/REO's, pre-foreclosures, HUD, etc. without up front fees or realtor? I've tried Craigslist & Ebay, but not much comes up. I'm also open to picking up rentals & sub leasing. A couple of local realtors found a few around here, but I'm not having much luck on my own. What's the secret? Is this info available to realtors only? A real estate co. in ohio has the best site I've found (although trial to fee-based) All of the properties are mapped out clearly, with thumbnails- you just can't get the details unless you join. Thanks for your answers!
Edit: I'm not against using a realtor. Going directly to a bank, I'd be limited to just their properties, right? I can't go from bank to bank. I'm wondering why there's always a fee involved & if there's a way to locate them myself so I can compare, shop after hours & weekends, etc.
It doesn't work like that. The banks have to make their loans under federal guidelines, like Fannie-Mae, Freddie-Mac, FHA, etc. They don't offer special term loans because the property is a foreclosure. All banks sell their foreclosures through a real estate agent or an auction house. You will always have to use a real estate agent to purchase a foreclosed home or purchase it at auction. What is your fear using a Realtor? The bank pays the commission, not the buyer. Basically you get their services for not cost to you.
Worst case situation: The residence is going into foreclosures and is auctioned off to the maximum bidder and the minimal bid is the volume the financial institution demands to repay the loan and a few different costs.. Guess what... there are such a large amount of foreclosure and little or no curiosity in them. The financial institution will take what it might get and if that implies that they do not get adequate to come back out forward and supply you the cash they acquired past what they have got to fulfill the loan, then you're out of success and your "funding" is long past. This is why they wish down repayments... since you probably have your possess cash in it you mainly feel two times approximately defaulting at the loan and wasting your down cost and fairness on the public sale block. With any success it sells in "as is" situation for what you continue to owe on it. The residence and your $eighty five,000 downpayment are long past if that occurs. The financial institution isn't required to invite for a greater fee than what remains to be owed to them. You could be bigger off promoting the residence as speedy viable to make a good benefit and no less than regain a few of your down cost.
You can look at foreclosures without paying a dime. You can go on the HUD site nationwide - homesales.gov, can see Fannie Mae repos online nationwide - homepath.com, and they offer financing. You WILL have to view any properties with a realtor, and they can also steer you towards the financing. Also try your local area multiple listing service, there should be a public site online that you can look at houses, and the descriptions tell you which are bank owned, short sales, etc.
You CAN'T buy bank-owned homes (REO properties) by "going direct to the bank." The banks won't deal directly with retail buyers. They list REOs for resale through realtors for exactly that reason. The buyer doesn't pay the realtor - the seller does - so what's the problem?
You must use a realtor. All lenders place the homes with realtors. Lender are not in the business of showing homes. That is why you are having difficulty
Go to a bank. The banks own the foreclosed property, and are usually willing to give you a good deal to take it off of their books.