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How to find out about forclosed property?

Discussion in 'The PatsFans.com Pub' started by Dfresh429, Apr 3, 2006.

  1. Dfresh429

    Dfresh429 Rookie

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    Does anyone have any insight on this? My fiance and I are getting married in June, and want to be able to buy a place of our own. One avenue is obviously forclosed property (which i bet is happening like crazy right now).

    Does anyone know how to get wind of these properties before the bank sells them off?

    Please help me

    Reply here or email me @ dfresh429@hotmail.com
  2. JoeSixPat

    JoeSixPat Rookie

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    Generally I think the IRS has a hand in any auction - make sure you double check any source claiming to offer good forclosure deals though, as I'd be willing to bet there are some private companies out there attempting to make themselves look like they are affiliated with the government

    Try these links

    http://www.treas.gov/auctions/

    http://www.treas.gov/auctions/irs/index.html

    I had some question whether treas.gov was the actual Treasury Department URL but I'm pretty confident that's the actual site (I question whether someone could register a .gov name without being affiliated with a government anyway)

    However I would also encourage you to look into first time homebuyer programs that many states run (in RI its RI Housing and Mortgage Finance Corporation)

    They often offer lower interest rates for first time homebuyers that are subsidized and can't be beat by others. They are also one stop shopping for mortgage info - call them, and within hours after a credit check you'll have info on various mortgage programs, including how much money you need to put down (often nearly none) as well as your expected mortgage and estimated tax - for the total estimated amount you'd pay each month

    Also, and perhaps most importantly, keep in mind that once you get married, BOTH your incomes are going to be factored for first time homebuyer programs.

    I bought my house before I got married because doing so allowed me to qualify for a federal program that I could not have qualified for if my wife's income had been considered.
    Last edited: Apr 3, 2006
  3. facemask

    facemask Rookie

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    I am pretty sure by law all foreclosures are listed in the paper(under public notices). you usually need a certified check for several thousand dollars to bid on the properties and don't always get to inspect them properly first. There is always the chance of liens on the property you purchase, and if the former homeowner is still living there you have to deal with that. You might show up for a lot of auctions to find out that the home owner got the house out of foreclosure or a broker bought the house before it went to auction. this is just an example of one of the many ads in the local paper.
    http://nh.mypublicnotices.com/PublicNotice.asp?Page=PublicNotice&AdId=76188
  4. Dfresh429

    Dfresh429 Rookie

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    Thanks so much for your help~!
  5. JoeSixPat

    JoeSixPat Rookie

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