FORECLOSURES…Finding & Buying (FREE)
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- čas přidán 1. 06. 2023
- Looking to buy a foreclosed home? Before you take the plunge, make sure you know what you're getting into. In this video, we'll show you the step-by-step process for how to find and buy a foreclosed home - from researching state laws and understanding the foreclosure process, to finding the right property and making an offer. Don't waste your time or money on a bad deal
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Foreclosed homes can indeed be a headache for potential buyers. These properties have been repossessed by banks or other lenders due to the previous owner's default on mortgage payments. While they may seem like an attractive bargain, there are several challenges associated with purchasing a foreclosed home. Some of these difficulties include hidden costs, extensive repairs, legal issues, and a lengthy buying process. Therefore, it's essential to approach foreclosed properties with caution and conduct thorough research before making any commitments.
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
My friend took over an old warehouse, and the homeless people that had been squatting in it had stolen all the copper wires, as you could see and you'd expect. It was odd though, there were no toilets. He didn't think much of it until he installed new toilets, and they immediately backed up. The had also smashed the old toilets into small pieces and stuffed them down the drains. That was expensive to fix, so always be wary of any structure where the toilets are missing!!
Was the building flip/keep successful?
$100-$300 to have the sewer lateral cameraed. We’ll worth the piddly cost for the peace of mind.
That's why people watching CZcams and how easy it is to flip a house should stop watching and listening to that garbage. If you have no idea what you are doing you probably shouldn't be doing it 😂😂
AA
I am a private landIady have 1-3 bedrooms Apartments and Houses in a quiet and conducive neighborhoods,I accept short and long term lease,no credit check or background check,and we can work things out if you have felony or criminal records,I have pet friendly house and apartments with immediate approvals after your application have been reviewed.
Wayne, I have been a licensed REALTOR for 30 years and you Sir, are amazing! Thank you for providing such valuable information to all! 🎉
Wow, thank you!
Not 30 days! 😅😅
You've earned me as a subscriber, thank you for making the videos you do. giving me the some knowledge and confidence to start looking for my first home.
You're the man for staying focused and saying your lines with that chirping. I would have been stumbling over my words getting flustered every time it made a sound.
Hi Wayne! You just taught me a lesson on Foreclosure, because am thinking on buying for income. Thanks.
Probably one of the best channels about real estate
Home with repairs $$ cash
It’s a lot of unforeseen issues: beware if you can’t put in hardwork $$$ is more than you see.
WAYNE,, THANKS FOR YOUR VIDEOS AND YOUR TRUE WORDS.. PEACE!!
Found your video while researching how to find foreclosures in my area. Great information that will be helpful if I can ever figure out how to see which properties are in foreclosure in my area. They don’t post in the paper here.
Ty Mr Wayne. Always great perspective
Wow, what a nice and concise explanation. I took notes and I hope to close soon sir. Good day to you! Wish me luck sir.
Information worth the subscription. Thanks for teaching.
Very helpful video. Thank you for sharing your knowledge
My friend you just got yourself another subscriber. This was a very informative video. Thanx for sharing your knowledge.
Appreciate your videos...thanks
I would of never guesssed you only been doing real estate for 30 days. You are very knowledgeable in a very short time.
He's been doing real estate for 30 years, not days!
@@felixvc2013 I think he knew that.
Picked up on that right away also
So just for clarification, you'd typically need to have cash in order to bid on a foreclosure?
Awesome vid. Picked up a quadplex that was a bank foreclosure. What a learning experience.
Where/how did you find it? Zillow,Redfin or pocket listing
@@vanessafrazier4516 Zillow.. jumped on it immediately.
Good information. Thanks. 👍
Currently looking at a foreclosure house, thanks for the information.
Amazing video! Thank you!
Good word, good word!
foreclosures typically are overpriced...banks inflate their value to write off the losses...
Helped me a bunch
Whoever lived there didn't keep up on the smoke alarm batteries 😂
Did u say 2100 sqft for 1000$?
It be like that sometimes
That's what caused the divorce, which caused the foreclosure.
I know all about it. I work in Property Preservation for the bank so i know exactly what you mean. I deal with foreclosures everyday even the ones that are going to auction.
Would it be a good idea to proactively contact banks to see what foreclosures they have in the books?
?
@CoachatCole just now seeing this. Yes, see what they have in auction status as well. Try to negotiate some of the homes that didn't sell at auction.
Would this be a good road to go down as a 1st time home buyer and someone who’s going to live in the home ? And is it cheaper?
Very thorough.
Great informative video to watch ( thanks)
Thank You!!
Great blessing job
❤thank you brother
Thank you!
Thanks
How do you get an inspection if the house is locked up?
Can you negotiate the price once the real estate brokers have it ?
Can you go up to the bank and get a list of their foreclosures that they own?
i dont get it - at 8:54 you say you can buy a house like that for only 1000 dollars - even when it is listed for over 30 days? please explain.
WHAT LOCATION , WHAT CITY YOU SHOWING THE HOME?
If you must pay cash, how do you lock it up with 1k?
I thought these homes were risky because they could have a Lien on it.
I am in Chicago. Can you, please help me to please, to find hase, town house on good term around. ??? 😊
I like to "buy " north , or west, , or north west, nort east or east of Chicago suburbs.
I don't have iany idea how to do that.
Who do I find in Oxford, Rochester hills , Clarkston, Lake Orion Michigan?
Thank you for this video!!! I am looking to purchase a foreclosed home with lots of land here in Concord, NC, but there's so much development going on, that's it's hard to even find foreclosed properties. What would you recommend I do to obtain the foreclosed land (on about 2 to 5 acres)? Thank you.
Is it currently listed for sale? If not you could try to approach the bank (if you can find out who the asset manager assigned to that property is, that would be helpful). Some banks won’t sell properties until they’ve been fully brought to the market and publicly advertised though.
Great video. Thank you for this content. A tip for your channel though: When asking viewers to subscribe, be sure to request specifically that they toggle the bell 🔔 icon to receive All Notifications, because having subscribers that miss your content is actually worse than having less subscribers, but those fewer subscribers being dedicated viewers. This is really big and many CZcamsrs don't realize how important the ratio of watch time to subscribers is for the algorithm. Very often, many people subscribe and hardly actually consume content, having only so much time in their days. You need to be sure that your subscribers are consistent viewers and not just skeleton subscribers that ultimately impact your channel's longevity in the long run. I can't emphasize this enough. Also, likes really don't matter to your channel, and are used to determine what content viewers like as opposed to making your channel more attractive to the algorithm. Cheers 🥂
Hello my club would love to work with you. Thank you and happy holidays.🎉
Which location
You can you va loan at the auction?
Informative. How are investment firms like black Rock buying up so much real-estate almost as soon as it hits the market?
I've heard they have bought so many homes that it's driving up prices! I have no idea if that's actually true. However I do know they work with The World Economic Forum who say "You will own nothing and like it." Makes me wonder if that's actually why they buy them up in mass.The wef wants us to rent everything including cars and housing. They also are planning smart cities but I don't know much about that. Pretty creepy.
@@vapeking466 I've heard the same thing.
If you want a good deal on a house get a time machine and go back to the 1950s. Buying any house today today is stupid since zillow took control of the free market and killed it.
Wayne, please send me lenders you recommend in Henry County GA. Ready to qualify. Interested in the option of assuming a loan with a lower int rate.
They still put them in the news paper in Virginia. I know a fellow investor that will go to the houses and either make the owner an offer. Or talk to the tenants and offer them a few bucks for the owners phone number
Property ownership is free from the county assessor, public knowledge and here you are advising people to pay for it from strangers!
@@cravinbobThe newspaper post the adress of the propertys going into foreclosure. The county doesnt tell you which ones are going into foreclosure.
@@cravinbobbecause nobody is promoting squatters.
good to know thansk
Thank you for sharing this
12 foot ceilings and your head is touching the light fixtures
Dropping facts. Thanks Wayne. HUD does/can counter your offer! So bid low and they can counter. It never hurts :) This is what I do!
thanks for the video, the fire alarm chirping every three seconds in the background very distracting
Most people never notice that even in person. It ruined the video for me.
The house has been sitting WAY too long empty! Before you do the video TAKE THE BATTERIES OUT!!!!!🙄
What township is that 1000.00 property in. I need to go to that area. Let me know please!
He’s talking about FHA and USDA loans that can be done for $1,000 down instead of xx%
Mr. Wayne, we were hoping to see the details of the house from the outside and inside, but you preferred to focus the camera on your face only..!!
👌
Location, location. Amen.
I found a foreclosure and my realtor said I couldn't buy it because it was bank owned.
Your Fired is what you say to them.
Can you help me buy a house in Houston suburbs Tx
Your photo says $100,000.......5 min in and you admit that the house is actually $200k?!! That's literally DOUBLE. What gives?!!
Yea I thought same thing
It would go for one million in San Diego.
I got a cheap house for sale soon in a small rural town in Oregon low crime. $300k
Where do I find foreclosures? Looking to buy something in dfw area.
Very informative but please fix your smoke detector. For a minute I thought I had a smoke detector going off in my house 😮
Nice home
When you find a forclosure you want to buy how do you get access to the property? It's on a third party site. Everyone is giving me the run around.
What county it is in the county assessor's office will have info on who owns it. It might be on the internet. Property ownership is public and not a secret. If they won't tell you just move along because something is wrong with it and government knows and you don't want to.
Show the properties
What Courthouse? City, County, what?
What about a FHA 203k loan?
Roofing, nearly every other component of a house is more costly to repair than HVAC
Yes, there are cheap homes out there. You can get foreclosures for a family to have a home. “Look honey we can finally afford a $100,000 home at auction“ then comes along a sleazy grimy real estate agent to scoop it up market up three times the amount and try to make a profit.
thats sad
What about capital gains? Can you teach about that too please ?
Yes!
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
That’s what happens when you vote for democrats.
If you bid and the bank rejects it, are you able to bid again at a higher rate?
That's a great question! It depends. As long as the bank has not accepted another offer you can go back and submit new offers as many times as you want.
Mold test; $400. Gallon of bleach and a couple cans of lysol; $20. No brainer.
I love to connect with you for mentor please.
I personally would file a motion of stay of execution with prejudice citing this case law with this (Stop A Foreclosure ) Case law: People vs Merchant Protective Corp. Supra ex rel. 105 Wn. 12 | 177p 694.); re Co-Operative law Co, A corporation (Bank) can neither practice law nor hire a lawyer to carry on the business of practicing law for it.
I’m assuming this should work in both judicial and non judicial states. For those of us whom may live in a No Judicial state this can be attacked with a possible motion of stay of execution citing a constitutional violation of due process under the supremacy clause at least this would be my action against the mortgage company trying to rob me of life liberty and the pursuit of happiness. Hint hint wink wink. 😊
I am Not A Lawyer just giving you some lawful education information just do (due) your due diligence. Peace and love
Please mam Please am a student and i need financial help any thing from your heart to support
217K for this on LI no way. 1% rule not even close. I mean to rent it 2000k/m . Overvalued ,pass that's why no one bought at courthouse. Thanks for insights
0:46 - now foreclosures r listed w/real estate brokers.
I would have to carry around smoke alarm batteries to each house. 😅
12 foot ceilings ? Are you sure?
If so plan for high heat and air.
Hello, I would like to buy a single family in Cypress Houston Texas.
Reach out to me through the contact info in my bio and I'll get you all set up
9:50 only 30 days?? 😂 😮 👍
I see that too. It's a mistake. He means 30 years. You probably know that too. It's funny thou.
What is that noise?
Where are you located?
Please am a student and i need financial help any thing from your heart to support
That's impossible. How come you can buy a house for a thousand dollars. Something is missing here
He's talking about the monthly mortege
Lol i think he meant 30 years, but that was a hilarious slip up :)
You’re one of the very few who noticed. Lol.
Sound like the NBA finals in there 😅😂
*$26,020.43 house available !*
Where is that? Anything in Houston Tx?
Wanna buy a house.. worth 80k to 100 k ... I don't like snow place
What’s that damn chirping sound
Sounded like someone was playing basketball with some rubber soles🤣
Annoying high pitch sound. Rookie
If it's being sold through realtors then it's overpriced
If I had a dollar for every 💨smoke 🚬detector beep…
Hey Guy. Your batteries are dying
Habla español ?
Unfortunately I do not speak Spanish. If you’re interested in buying real estate I can connect you with an agent who does. Just reach out to me at www.ContactWayne.com
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