How To Buy Foreclosed Homes For Sale

I live in Albuquerque, NM.

You’re going to discover every county in every state/province/territory operates and does things a little differently than the one next to it – even when its in the same state or province.
It requires LOTS of time and diligence.
This is what I learned:
The best suggestions I can offer:
1] Go to your county court house to the Sheriff’s Office. You might even be able to get the info you need on-line BUT there may be a charge for the on-line access.
2A] It doesn’t make any difference whether you live in a large city or a village/borough, make the investment of time to go to the County Court House or City Hall. Visit the Recorder of Deeds Office/County Clerk’s Office or whatever the office is referred. The names are different, but the Office’s function is the same: to record ALL REAL property documents.
The ladies and gentlemen in the City Hall or Court House are there to help the folks who come there to do business and take care of various matters about that city or county.
3A] Ask for the rules for Sheriff’s sales and foreclosures. AND ask for the information you need to participate and bid on property. Ask for a list or if they are hanging on the wall, grab one or two.
3B] JUST for practice you’ll need a specific, actual address – even if its your own, a friend or relative living in that same county or city. The property owner’s name would be very helpful. Ask an employee in that office how to research a property. Write down and/or remember each of the steps you are shown.
3C] After being shown what to do and how to do it, research the one or two properties you have at the Recorder of Deeds Office/County Clerk’s Office.
If you get stuck, ask for help.
4] If you are able to do the rersearch, attend AT LEAST 3 of those Sheriff’s Sales. You aren’t going to bid on any property. You aren’t going to buy any property. You are there STRICTLY as an observer. You want to see how the process works.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!

Have been looking at online ebooks to get educated about buying at foreclosure auctions, but struggle with some of the State law differences. I live in Colorado. Can some one tell me in plain english the basic difference judicial vs non judicial, what the redemption period means to the winning bidder, and does the original owner get a chance to redeem his property? Although I can’t see how he could under the circumstances.

Me and my husband are going through some tough financial times and are looking at a possible foreclosure on a home we own in Florida. How can you repair your credit after an foreclosure?

I am getting an inheritance soon, but the probate is not done. The bank has a sale date for 3 weeks from now. Is there any way besides bankruptcy to postpone the sale of my house?

Put an offer in on a freddie mac owned home 10 days ago. There are 4 offers total on the house. How long should I expect before I hear something back? I do know they stopped excepting offers at 6pm the day after I put my offer in. What kind of process is going on now?

I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?

Trying to find websites that list foreclosures but dont charge membership fees etc. to view information. Looking for properties in the Houston area.

We purchased a beautiful home in the resort town of Breckenridge, Colorado, overlooking the golf course. In November, we had a hiccup in our finances. Because of a pending refinance, we weren’t worried, but it was taking a long time for them to create a new loan package for us.

On January 4th, they told us that it may very well take closer to the end of the month to get everything together, maybe sooner. At the same time, the bank told us we had to bring the loan up to speed by January 31st or they would file foreclosure proceedings. Thereafter, we were told on February 1st that the refinance company had million in defaults in January, and they had to respectfully decline.

We are now in foreclosure and our FICO score has been hit hard by the foreclosure on our credit. We need someone to buy the house and lease it back to us in order to refinance in 6-12 months.

Please specify your terms and we can go into further details.

Thank you for your consideration.
The foreclosure sale already occurred, and no one bid on the property. I cannot go to prosper.com because we are talking about .4 million dollar first mortgage and a 0k second. The first went to sale on 6/15 and I have 75 days to redeem. The second is set to foreclose 6/29. I am trying to figure out whether the second is null and void or if it is going to proceed to sale.

If it is going to proceed to sale, in the State of Colorado, does that limit my redemption period to the date of that sale, or do I still by law have 75 days to redeem from the date of the foreclosure sale.

This is why I need a private investor to contact me who is interested in purchasing the property from the bank (redeeming the first position) in order to lease it back to me until I can get the foreclosure removed from my credit and refinance.

So far as the second mortgage, if it goes to foreclosure sale, and no one bids on it, then what? The bank owns second position or drops off completely? Confusing.