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Risks Of Free Real Estate Foreclosure List
from:It seems like everyone out there in the real estate business is trying to sell or buy foreclosures. The most used tool used to do this is the free real estate foreclosure list. In some cases, the free real estate foreclosure list is offered on free trial for a membership site, so you can try out their services. You can get get free information from these sites, the city or county, and even government sites like HUD.gov. There are some risks involved in getting information from free sources that you should be aware of before making a final decision.
Outdated Information
Some lists aren't updated frequently enough and the information is outdated. This can cause problems if you spend a lot of time researching a specific property on the free real estate foreclosure list, only to find out it is no longer under foreclosure. In between the time the list was created, posted, and subsequently read by you, the owner may have found a way to pay back the bank, gone into bankruptcy (which stops the foreclosure process for a period of time), done a short sale, or sold conventionally. Don't waste your time assuming a property is still being foreclosed if you get it off a free real estate foreclosure list, always double-check its current status.
Insufficient Information
Obviously, the free real estate foreclosure list may not be as comprehensive as the paid ones. You want to be able to get as much information on a property before you buy: the square footage, the comparable market sales, the condition of the property, and the liens that might be outstanding. Even if you pay for a list instead of getting a free real estate foreclosure list, you will want to give the property a visual inspection and even see if you can opt to get a home inspector in too during the buying process. Some foreclosures allow you to do that, but you have to add a special clause to the contract.
Inaccurate Information
Buying foreclosures is a risky business. None of the information on a paid or free real estate foreclosure list is guaranteed. Foreclosures are sold “as is” and can come with huge repair costs and back taxes owed. You have to do your homework regardless of the information you find on a list, since it might be completely inaccurate. It is up to you, the buyer, to verify any information you get from any list, whether it is a paid or a free real estate foreclosure list.
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Government Foreclosure Real Estate Washington Seattle News
Foreclosure Deal to Spur New Wave of U.S. Home Seizures, Help Heal Market
The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.
Read more...Wash. share of mortgage settlement: $648 million
Washington's share of a $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses will be about $648 million, the state attorney general said Thursday.
Read more...Foreclosure deal may trigger home seizures, heal housing market
With Thursday’s US$25-billion settlement, banks are likely to resume property seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely
Read more...Foreclosure Deal Will Spur Home Seizures
The $25 billion settlement with banks may trigger a wave of foreclosures, while making a recovery more likely
Read more...State's share of mortgage settlement: $648 million
Washington's share of a $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses will be about $648 million, the state attorney general said Thursday.
Read more...