- August 16, 2008 at 4:40 am #261812
Yesterday my fiance and I took the day off work and went to the
courthouse to get our marriage license, and there were a couple of
guys selling foreclosures on the courthouse steps. Got one guy’s
business card and he said that the foreclosures were listed on his
website. He is a real estate lawyer/trustee, not a realtor. All the
foreclosures are listed on the law firm’s website for free. I don’t
know how it works, but he said the county sherriff’s office doesn’t
sell the houses; he is a trustee for foreclosed homes in my county
(and some other counties, too). I asked him if he has flipped any of
these houses and he said no because he is not allowed to as a trustee.
I looked at the law firm’s website last and this morning. All homes
require a 10% cash deposit. I saw one that only required $9,000 cash
down, which means that the house is selling for $90,000. That seems
ridiculously low to me, and unbelievable, when houses in that area
are going for $500K-$600K. I looked up some of the homes on
zillow.com to find out what they are really worth.
I sent the lawyer an e-mail this morning describing my situation and
what I am interested in. I am asking him if it is really true that I
can get a house for $100K or under. I don’t know how to go about
buying foreclosures, I have no idea how it works.
I am hoping that it’s really true that some houses can go that low.
But I don’t understand why. Some foreclosures are very high, and
some are low.
May I send you a PM? I need to learn more about foreclosures.
— In Budget101_@yahoogroups.com, “beadedjewelrydesigns”
> We are eventually wanting to rehab foreclosures. We have already
> one, however we didnt plan good for it and ran out of money before
> was completely rehabbed which in turn, left us with the payments on
> Next time we will be better prepared.
> My question is, besides the realtor websites, is there another way
> find foreclosures for free, without having to sit on the courthouse
> steps to bid on them.
> I am in St. Louis, MO.
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