HI, I just signed up with your service. I’m having a little bit of a rough time understanding a few things. I’ve found a few properties that I’m interested in, but I’m not sure what numbers I’m using and who I need to contact in order to either bid or purchase. What numbers am I using to represent the approximate purchase price? Which of the three types of listings B, A, P should I be using as my best option for purchase? From your past experience, can purchase amounts be offered to the bank for the amount that we’re willing to pay? Do you host the auctions? If not who do we contact to view or participate in the auctions? You guys should have a tutorial that walks us knuckleheads through the process of being able to attain one of these properties. Thank you, Derrick
Hi Derrick - we agree that there is a need for more material on how to actually buy foreclosures and that it can be daunting for newcomers. I’d actually recommend spending an afternoon in Barnes and Noble skimming a handful of how to buy foreclosure books. We’ve seen a number that aren’t very good, but they will give yo a good overview of the various opportunities for buying and the terminology.
There are essentially 3 different possbilities for purchase: 1) Preforeclosure §, where you buy the house directly from the owner at an agreed upon price, 2) Auction (A), where you bid at the trustee sale auctions held daily on the county court house steps around the state, and 3) Bank Owned (B), where you make an offer to the bank, typically through their local real estate agent who has listed the property in the MLS, or has listed it with a auction company (these bank owned property auctions are different than the real foreclosure auctions in 2 above, but they are sometimes misleadingly adverstised as foreclosure auctions). Which is best really depends on your goals, and abilities. For an overview of the differences see the following: CA Foreclosure Process.
You can now find a wide variety of detailed info on PropertyRadar and real estate in general at PropertyRadar.com. ?Below are a few links that might be extremely helpful!
Tutorials for all:? www.propertyradar.com/tutorials?
Investor Specific Tutorials: ? www.propertyradar.com/tutorials-category/investor?
Realtor Specific Tutorials: ? www.propertyradar.com/tutorials-category/realtor?
Webinar Trainings:? www.propertyradar.com/webinars?
Foreclosure 101/Investing/Listing Guides: ? www.propertyradar.com/guides?
If you have any specific questions, please contact us at support@propertyradar.com!