searching for foreclosed / short sales on properties?

B

bofa_sl

shitlord
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long and short of it is that we're looking at an option to finance roughly a 10 acre lot with a house and or room to build. home will double as a yard for our equipment as (bobcats / excavators etc) and save us a pretty hefty rent payment at our current location.

our range is $250k and in jersey that doesn't go very far. hence why i'm trying to find a deal on a foreclosure and or find a motivated seller to work a better deal, someone that just wants "out". local papers the best route to find auctions? any non-gimmicky websites that are reputable and or can subscribe to and get your moneys worth? i'd like to leave out a middle man / realtor if at all possible and do the legwork myself. i hear some of the auctions can get pretty crazy and if you know what you're doing, you can get some good deals.

any advice would be appreciated. own a home the old traditional mortgage route so the foreclosure route is new to me.
 
Shonuff

Shonuff

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bofa_sl said:
our range is $250k and in jersey that doesn't go very far.
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I looked at a house we lived in NJ in the 80's. It was built in the 50's, has vinyl siding and orange shag carpeting, is 2500 square feet, and the market value is $880k LOL. I miss the East Coast, but not the cost of living. 250k buys you 3,000 square feet or more in the Midwest.
 
Brando

Asshat Brando

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With that much acreage you'll have to get USDA financing if you're not paying all cash, which I've heard is a royal pain in the ass. I could be wrong, but just know you're not getting a normal Fannie/Freddie/FHA type loan due to the lot size.
 
Tmac

Tmac

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I'm looking into investing in a HUD Home that's listed at $120k.

It looks like my monthly fees would be about $764 / month and it would probably cost me $7k to get into.

I'm going to have to be creative, but I know I can cover the monthly fees with roommates and I could potentially get a rehab loan from a local bank to cover getting me into the home.

The Realtor is getting back with me tomorrow about comparables, so I'll have a better idea of ROI. I want to get into it for around $70k and I have a connection in BoA (who owns the home), so hopefully I'll have a better idea on how realistic this would be.

I shall update when I know more.
 
OU Ariakas

OU Ariakas

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bofa_sl said:
long and short of it is that we're looking at an option to finance roughly a 10 acre lot with a house and or room to build. home will double as a yard for our equipment as (bobcats / excavators etc) and save us a pretty hefty rent payment at our current location.

our range is $250k and in jersey that doesn't go very far. hence why i'm trying to find a deal on a foreclosure and or find a motivated seller to work a better deal, someone that just wants "out". local papers the best route to find auctions? any non-gimmicky websites that are reputable and or can subscribe to and get your moneys worth? i'd like to leave out a middle man / realtor if at all possible and do the legwork myself. i hear some of the auctions can get pretty crazy and if you know what you're doing, you can get some good deals.

any advice would be appreciated. own a home the old traditional mortgage route so the foreclosure route is new to me.
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I'm sure this guy is not around after a decade, but I'd love to know if he ever bought a foreclosure or short sale.

Tmac Tmac did you ever get into the HUD home thing?

The issue I have found with HUD homes is that there is a first offer period for first time home buyers that need financial assistance only. If they don't sell it then it goes to the general market, but usually that does not happen.

We tried to buy a short sale one time and it was a nightmare; you negotiate with the home owner and then they take that offer to their lender to see if the lender will accept it. The lender can just tell you to fuck off and you are back at square one.
 
Tmac

Tmac

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OU Ariakas said:
I'm sure this guy is not around after a decade, but I'd love to know if he ever bought a foreclosure or short sale.

Tmac Tmac did you ever get into the HUD home thing?

The issue I have found with HUD homes is that there is a first offer period for first time home buyers that need financial assistance only. If they don't sell it then it goes to the general market, but usually that does not happen.

We tried to buy a short sale one time and it was a nightmare; you negotiate with the home owner and then they take that offer to their lender to see if the lender will accept it. The lender can just tell you to fuck off and you are back at square one.
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Oof, I forgot all about this. That is potentially the most time I've ever wasted in a project. Makes me frustrated just thinking about it.

You have to be a true real estate investor, with cash in hand, for it to work in your favor me thinks.
 
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Borzak

Borzak

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They have rural development loans but not sure what they top out at. Last I looked a lot of the areas you could a rural development loan were not what I would call rural but heavily suburban. 30 years ago you could get one in the city limits of Baton Rouge. I think it goes by income level of the area.
 
Kithani

Kithani

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Shonuff said:
I looked at a house we lived in NJ in the 80's. It was built in the 50's, has vinyl siding and orange shag carpeting, is 2500 square feet, and the market value is $880k LOL. I miss the East Coast, but not the cost of living. 250k buys you 3,000 square feet or more in the Midwest.
Click to expand...
Well since this thread got bumped, what is that house worth in 2024?
 
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