How to Find And Buy Bank Foreclosures and Distressed Sales - YouTube

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\f0\fs24 \cf0 Hey, Everyone. It\'92s Blaine Cruse, your local real estate expert adviser

with another video.\ \

Everyone wants a hot deal so today I want to talk about How to Find Bank Foreclosures

and Distressed Sales.\ \pard\pardeftab560\sa40\partightenfactor0

\f1\b\fs28 \cf0 \ \pard\pardeftab560\slleading20\partightenfactor0

\f0\b0\fs24 \cf0 For those who have the ability/desire to work with a home that is, in most cases,

less than perfect, foreclosures and distressed sales represent some of the hottest deals

out there\ \'a0\

If you want to locate distressed properties, the first thing you have to understand is

that most people will not usually advertise their home as a \'93distressed property\'94

unless they are absolutely desperate to unload their home.\

\'a0\ Homeowners, especially, don\'92t think in

those terms and a lot of real estate agents might be hesitant to identify certain homes

that way out of fear of devaluing the property, even if listing it as such is the best thing

to do.\ \'a0\

As a buyer, you\'92re looking for motivated sellers with properties they either no longer

want or can\'92t handle. We\'92re talking about Properties with delinquent taxes, delinquent

mortgage payments, Properties that are legally obligated to be sold due to bankruptcy or

divorce settlements, Properties being sold out of probate, or bank-owned properties.\uc0\u8232

\ The majority of homes that are sold as distressed;

especially foreclosures, pre-foreclosures, short sales, are going to be sold through

a real estate agent. Most organizations that have access to these types of properties are

not real estate brokerages and either can\'92t or don\'92t want to be engaged in the job

of selling homes.\ \'a0\

This holds especially true when you take into consideration that there would be a huge conflict

of interest when an organization like a bank is selling a home on which they foreclosed.\

\uc0\u8232 With all of this said, your best bet is to find a real estate agent who has

priority access to all the great deals that come up in your marketplace. This is the best

place to go to get bank foreclosures and distressed sales.\

\'a0\ If you\'92re adventurous, however, there are

some places you can look online to locate some sweet deals and then contact your agent

to have them help you secure the property at the best possible price terms and conditions.\

\'a0\ Here\'92s how you would locate various types

of distressed sales in your area. Remember, buying homes like these comes with a lot of

pitfalls that could cost you a whole lot of money. Be sure to consult with a knowledgeable

agent who can help you navigate the home purchase so you don\'92t make a bad investment.\

\'a0\ \'a0\

First, let\'92s talk about Properties With Delinquent Taxes.\

\'a0\ This one is fairly straightforward: if you

can find the local tax assessor\'92s website, you can find these types of deals. To pinpoint

your search, you might need to Google for Whichever City Tax Assessor or Whatever County

Tax Assessor.\ \'a0\

Also, remember that every tax assessor\'92s website is built differently, so they can

be in different locations depending on the site. But, the vast majority of them, especially

ones in densely populated areas, have lists of tax-delinquent properties that you can

download and examine.\ \'a0\

Next there are Properties With Delinquent Mortgage Payments.\

\'a0\ The best deals in this category are the properties

that are right on the verge of foreclosure because the sellers are often the most motivated.

In just about every state, you can find an official publication of these houses by Googling

for the County Legal Notices. You can also find reliable, easy-to-understand listings

at a various websites. \ \'a0\

Then there are the Properties Must Be Sold by Law.\

\'a0\ The sooner you familiarize yourself with your

county\'92s legal notices, the closer you are toward the locating easy-to-find distressed

properties.\ \'a0\

While not every county across the United States is legally obligated to post notices of bankruptcy

or divorce, every county \f2\i is

\f0\i0 required to announce when and where properties that are being auctioned are being

auctioned.\ \'a0\

The same legal notices that cover foreclosure auctions also announce properties being auctioned

for bankruptcy or divorce. Unfortunately, the data and information isn\'92t quite as

easy to locate and browse as are foreclosure listings.\

\'a0\ One option is to build relationships with

local bankruptcy and divorce attorneys so they call you when they come across a motivated

seller.\ \'a0\

Next is Properties Sold Out of Probate.\ \'a0\

Buying probate deals are great when you can get them, but the court system doesn\'92t

make it easy. For instance, with some courts, you can\'92t make an offer on a probate property

without putting a deposit down, and that deposit is non-refundable, whether you end up with

the property or not. \ \'a0\

The only two instances where you would get your deposit back are if the court rejects

your bid for legal reasons or if you are outbid. For example, should you bid on a probate sale

and then find out from the home inspector that the home is falling apart, you\'92re

still out that deposit either way.\ \'a0\

Needless to say, this makes probate houses a significant risk for any homebuyer, even

if they have deep pockets. Also, it can take a long time (four to six months is realistic)

which includes you being required to take many steps where in the end, you could still

not wind up buying the property.\ \'a0\

If you\'92re not swayed otherwise at this point, there are a number of companies that

harvest probate leads and sell them.\ \'a0\

Finally, there are Bank-Owned Properties aka Foreclosures. \

\'a0\ Bank-owned properties, aren\'92t just \'93distressed\'94;

they\'92ve already been foreclosed upon.\ \'a0\

Many of them sit empty, costing the companies that own them money. As a buyer of these types

of homes, you need to know that 100 percent of them are sold as-is. So, if you don\'92t

have a good reason to be confident that a particular home is solid opportunity you may

want to avoid it altogether.\ \'a0\

There are a number of sites on the Internet where you can find them, but remember, all

Bank-Owned properties are all listed by real estate agents. \

\'a0\'a0\ Finding a distressed property worth making

a bid on isn\'92t an \'93if\'94, it\'92s a \'93when\'94. They are always available to

buyers who are looking for them.\ \'a0\

The important thing is to make sure that the distressed sales you\'92re looking at are

not only worth it, but in line with what you can handle.\

\'a0\ Go online and do your research.\

\'a0\ Most importantly, when you do find one, get

in touch with a qualified real estate agent who can guide you through the process of buying

one. Doing that will save you a lot of time, money and headaches for sure.\

\ If you\'92d like to priority access to all

the Bank-Owned properties in the area or to get a qualified agent who can help you get

access to all the best bank foreclosures and distressed sales in the area just reach out

to me. \ \

You can find all my contact information at my digital business card at www.blainecruse.pro.

\ \

Thanks for watching and remember, with Blaine Cruse, Extraordinary comes standard! }