Monday, August 16, 2010

Why can't I get a free listing of foreclosed homes for sale? I don't want a ';free trial';! Thanks.

I'm looking specifically in the Chicago area.Why can't I get a free listing of foreclosed homes for sale? I don't want a ';free trial';! Thanks.
Even if you did get the list, it doesn't mean you could purchase any of them. Here is how it works. The sites you see on line are listing properties from the county records. These listings are listing the petition by the lender to foreclose. It takes a considerable amount of time before the county sheriff schedules the sheriff sale. Then the property owner has a redemption period which could be as much as a year. So what you are seeing won't be available for almost a year to the general public.





My best suggestion is to work with a Realtor. The lenders only deal direct with Realtors now. They no longer have the staff to deal with the general public. You want to make sure the bank owns the property. If you consider a property that is advertising as a ';short sale'; make sure the short sale has been approved by the lender. Last but not least, be prepared to wait a minimum of 4-6 weeks, maybe longer for answer to your offer.Why can't I get a free listing of foreclosed homes for sale? I don't want a ';free trial';! Thanks.
The foreclosed homes listings that you pay for are mostly just copied from the local papers' Legal Notices sections. Get the local paper and a good magnifying glass and start reading the legal notices yourself, if you have time.





All those foreclosure services are scams, in a way, but legal ones, unfortunately.
When you go to those web sites you are being cheated. Call a Realtor. All those homes are listed in the MLS and the Realtor can get them to you for free.





Also- while you are looking don't rule out the houses that have not been foreclosed. Some of the best buys are owned by individuals. Look at all the inventory before you make a decision.
I've found that realtors don't divulge this information easily, but if you contact the Town Hall in the city or town you are interested in, they will give you a list. I got one and they even mailed it to me!

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