How to Find and Buy a Foreclosed Home

[@villiam7795]

I bought a foreclosure and lived in it while I fixed it up. It's now worth double what I paid for it (a little of that is due to the current market) I'm getting ready to sell it, downsize and still have a profit to invest. I still work a 9to5 but I want to do real estate full-time one day. I'm not saying all this to brag or anything. Just wanted to put it out there for people who could benefit from the idea.

[@Alpha_apex]

Did you get a loan on it?

[@villiam7795]

@@Alpha_apex I did. It was an FHA loan. You'll need a 620 credit score and like at least 3% or 4% down payment to qualify (I think... check me on that). I've sold my house since that comment!

[@Alpha_apex]

@@villiam7795 nice congrats man. Many more blessings you're way.

[@arila808]

@@Alpha_apex are you interested

[@nebulanesian369]

@@villiam7795 congratulations boss! Love seeing people win! Happy for you

[@pastorjohndas9164]

"Just because it's a foreclosure, doesn't mean it's a good deal." I love the straight forward and truthful approach they have.

[@iamnobody9001]

True but if I went to a home auction and was able to buy a home for 5-10k cash, even if the home needed to be fixed up, I bet I could sell it and still make a profit...or fix it up snd rent it out :)

[@TheRenegade2424]

Wow, you’re giving out information people go to seminars for, for free. Thank you very much sir

[@PhuccinAyee]

Bought my house in 2011 for 23k from the bank. It's now appraised at 95k In the process of getting a Heloc to purchase foreclosures right now. You can do it too 👍👍 Take the necessary risks. Reap the rewards. Were only on this 🌎 a short amount of time. Work smarter not harder. Live your life to the fullest.

[@babycakes8434]

Where did you find the info that the bank was selling?

[@Jackie_theRealtor]

I have a new buyer and I’m a Real Estate agent. My buyer just asked about a foreclosure and I told him the truth I do not know anything about a foreclosure. I went on KZbin and found this and this have been so helpful! Thanks Brandon! I still need help but I think I will search the address and look into the MLS!

[@jasonadkins1455]

My second rental was a foreclosure. It was on the mls. It was easy for me to find it (it’s right next door). Being able to chose your neighbors is one of the greatest feelings ever.

[@lionheart93]

so u didnt have to pay any liens or anything or is that a myth?

[@jasonadkins1455]

Tommy Hammernots That happened once. They turn the main off and texted me the next day. Great tenants

[@justinmoody6721]

@Tommy Hammernots the point to choosing your neighbors is being selective.

[@mizoelhesny6974]

Does it have to be cash or it can be on a Morgage?

[@jasonadkins1455]

@@mizoelhesny6974 It can be a mortgage. You just have to pay 20% down.

[@clear_gray_sky539]

After you buy the foreclosure and they record the deed . Take a copy to every government agency you can think of . Especially the tax collectors office and make sure they now have your mailing address . If not all your important government paperwork like property tax bill will go to the bank that used to own it and that bank will not send it to you !

[@johndeanconway7931]

Great content as usual, I loved this as I am about to invest in uk property with 70k deposit (plus fees and more savings for furnishing and decorating) to buy my own place, but I am also treating it as my fourth investment, having two spare rooms for lodgers to cover this property mortgage and tax costs... and to build my equity whilst working my day job for my next investment.

[@jessicamegan5850]

Hello, I am in London and am considering investing in real estate as a way to get some passive income. A few years ago, my brother purchased a home in a county outside of London. Because he was unable to find tenants, the property was eventually repossessed. As a result of this experience, I'm concentrating on purchasing real estate in London, where it's quite challenging to obtain a mortgage because of the high cost of the properties. Would you kindly recommend an easy way, where one may try to sustain these cost on mortgage?

[@jadecarson5081]

First, Jessica you need to have a salary of at least 25k before you will be considered for a mortgage, that you need for properties. If you want to achieve a 75 percent yield yearly, try looking out for an investing advisory or else you will be competing against professionals themselves.

[@jadecarson5081]

That's an intentional way to live Debbie, that's the only way to become debt free. I've already paid off two previous mortgages. Now I'm working on my third and I cannot wait since it has to happen before retirement in four years and I'm already getting there the proficient way, Luckily for me my trader and coach Frost Hilda has been using every opportunity to ensure I benefit from each turn the market takes. Good luck staying debt free as much as possible in the future.

[@jadecarson5081]

Absolutely Zachary, contract agreement splits are favorable, I’m also exceptionally well positioned as I’m privy, so that’s a good return deal for any investors creating revenue for more interest.

[@mondimlotshwa3958]

I'm currently overpaying my mortgage each month with money from investing. I'm on a no buy this year and my goal is to have my mortgage paid off in under 3years, hopefully sooner, so I appreciate and am forever open to receiving tremendous amount of value to achieve my target.

[@laloluna6674]

After all this time it took a down-to-earth guy like yourself to explain it all in very good detail. Thank you for this insight

[@VanessaGarcia-gr3oo]

RIGHT !!!!! TOOK THE WORDS RIGHT OUT OF MY MOUTH!

[@Qwertyx017]

my friend bought a foreclosure in the bay area for 400k. that is a very good deal because houses in the bay area are all 2 million dollars.

[@gameragedad8953]

Video is solid gold. Wish I could like this video 100 times. Thank you for sharing valuable information and making the process clear. Many youtuber's just share bits and pieces and like to listen to the sound of their own voice without getting to the point. I feel like I actually learned a lot watching this video.

[@itsreason3238]

No worries, it has 58K+ likes now haha

[@rileymichael9954]

This man will make me a millionaire , thank you

[@lauriemomof5851]

This happened to the property that my mom was renting. The landlord went into foreclosure. The new owner was an investment company. They contacted her and asked if she would like to remain in the property as a tenant. She ended up working out a deal and stayed in her rental. Granted her rent went up a tad bit. She was very thankful that they were willing to work worth her and not kick her out just because of change of ownership.

[@roseinkpictures1782]

Sparrow Lane Jewely Etsy that’s how it should be!

[@ApartmentKing66]

Tenant turnover costs money. If she was a good tenant, kept current on her rent and took reasonable care of the place, I'd have given her the option to stay, too.

[@TheUncannyvalleygirl77]

Sparrow Lane Jewelry -Laurie :-)

[@alekzandrmelnikov909]

Boo boo boo

[@alekzandrmelnikov909]

Boo0

[@gargola1887]

I swear in all the youtube channels this guy is the only one that give you the truth and how to actually do shiets

[@itsJoshW]

2:55 -- Actually, fun fact: You can. There may be a minimum bid, though; The minimum for my father who bid on a lot next to my house was $50.

[@shai2137]

I saw one for $100 on the county foreclosure site

[@gloriahanes6490]

Check with your local realtor many have a listing of foreclosed homes. We bought our property for less than the bank paid for it when the market dipped during the Great Recession. Fast forward: ....Five years later it has gone up $135,000 in value. We found our "forever" home, and we hope to keep it in the family for generations and generations. It is my dream home made of stone on a corner lot, my dream home since I was a small child.

[@vollickplaysgames]

5:00 till he gets to the point sort of

[@jeffcreech5377]

Vollick thank you

[@Hoffmanpack]

Ty

[@younglifeextracts]

Thanks 😁

[@Brandon-gw4ed]

Thanks.

[@josef3395]

Thank you

[@TheTruthSeeker235]

My good friend recently bought a forclosed home for $170k and it was appraised at $275k. It still needed repairs but just goes to show it's still possible to get good deals.

[@geoffphillips5872]

People usually inflate their real estate deals.

[@goldwolf0606]

Will Tirad you call that a good deal?? You fucking got hustled.

[@graphene1487]

@@goldwolf0606 don't be dumb dude

[@goldwolf0606]

Graphene I’m just being honest.

[@andyfam5613]

You just gotta find a buyer. Should I wait til the market crashes and then buy someone's foreclosed property?

[@blackstoneinvestmentsllc2705]

Great video, I have bought several foreclosures. Realtors are of little help finding them, chances are they are looking too. Be vigilant and check the reality sites daily, run your comps quick and go after it especially in this housing market. Good deals in our area don't stay more than a day or two before getting a contract on them. Be wise and be smart, DON'T OVERSPEND. Have fun.

[@pedroc.6270]

Hello. In what websites do you look for foreclosures?

[@rexgamewell]

@THEANSWER Maybe computers

[@jonathanbach5456]

I have bought remodeled and sold for a profit 4 homes. I paid probably market or a little above for each. No I’m hoping to make the jump to doing it as a second form of income. Thank you for the information seems invaluable.

[@malayaanderson8222]

I’m really trying to learn more about this & look into possibly buying a home in foreclosure one day. Honestly with the price for just the basic houses, I think it’ll be the only way I can afford to buy.

[@redman3583]

Throw my 2 cents in if I may. I have purchased 3 trustee phase homes, and 1 HUD Property. Our trustee auctions in ohio, start at 2/3 the appraised home value. The bank that hold the mortgage is there, and will bid against you until your bid is higher than the amount owed on the house. The great deals are at this phase. That being said, I paid $1,000 less than the bank funded the property for with my HUD house. Lastly, You absolutely can get a home loan on the houses in any phase. I do not have cash. You need 20% down, but that is it. The buyout process will go far easier for you if your credit is good enough for a conventional loan. If you have to get an FHA loan, you can but you will have to jump through a lot of hoops. My first foreclosure was FHA.

[@ApartmentKing66]

A bank rep can bid on a house that his bank already owns? Sounds like a conflict of interest to me. If his bid winds up being the highest because neither you nor nobody else will overpay for the joint, what then?

[@redman3583]

@@ApartmentKing66 A REO/ Bank owned and Sheriff Sales are very similar. REO sale is a foreclosed house that has been vacated and put on the market. Sheriff Sale is foreclosed via a court order and becomes the property of the state. These properties then go to auction and anyone can buy them.The bank would have an interest in $100,000 house that has a foreclosed amount of $80,000. In a Sheriff Sale the opening bid is always 2/3 of the appraised value. Your $100,000 house is going to open at $66,000. All of that $66,000 goes to pay back the foreclosed amount, so the bank loses money. The bank is at the auction to run that house up to $80,000 to suffice the previous mortgage, and is prepared to buy it and sell it themselves, to take a smaller loss. Where a buyer can be a big winner, is that $100,000 house an elderly couple took out a $20,000 refinance to build a kitchen, they have an accident and go into a nursing home, stop paying on that mortgage. Their $100,000 house starts at $66,000, $20,000 is all that is owed on it so the bank does not really care what happens to it. I buy a $100,000 house for $66,000, clean it up, clean it out, put it on the market for $90,000. I make money, and the buyer has instant equity.

[@samuelbasye3508]

@@redman3583 put it on the market for $1000,00 and settle for 90

[@latrellmalone4825]

@@ApartmentKing66 a yrr

[@tiffanyreiser2246]

Red Man a

[@AndrewSmiith-s7j]

Every video you make is a gem. I always learn something new!

[@joeneuman3799]

2:58 Great video. The starting bid is not always what the owner owed on the property. Most of the time the opening bid that is just determined mostly randomly by the lien holder. The lien holder will have a proxy bid amount that is unknown to everyone except for the person conducting the auction, usually the trustee, who will then outbid any bids lower than that proxibid by just a few dollars. Very similar to eBay.

[@villageencouragelovepeacef6955]

Awesome information❤️❤️Thank you so much❤️

[@juliangigante]

Im trying to wrap my head around this so basically the final judgement is the minimum a foreclosed property on the auction will go for ??

[@bethehype5339]

This is my first video that I’ve watched to the finish on Real Estate 🏡.... and you’ve taught so much ... I feel like an agent already !

[@KevinHillRealEstate]

Great info Brandon! I'm an REO agent in North Jersey and many times I have to explain how the foreclosures work, now I can just sent them this video! Like you said, the foreclosures aren't always good deals. In today's market, the bank wants full market value and in some cases they are doing repairs & renovations to maximize that value.

[@oo1670]

Hey Kevin, I'm a new investor how do I find pre-foreclosures. WE CAN PAY CASH we are an investors group?

[@njcamocutie7085]

WOW..Lazy !!!!!!!!!!!1

[@servicenj448]

c rorie I'm a lisenced contractor here in Toms River NJ. please contact me if there is anything you need done. 973 438 0839

[@servicenj448]

Hello Kevin, I'm a lisenced contractor here in Toms River. I specialize in REO properties. Please let me know if there's anything we can do together.

[@fnjoey]

Kevin Hill, I'm a new agent (also getting into the investment side) In somerset county and I stumbled across the homepath website, I couldn't believe how many properties had work done to them by the banks, it's crazy.

[@ericharrison6418]

Pre-foreclosure is probably ideal. No court costs, attorneys fees, etc. A ton of equity in the property goes bye bye in the foreclosure process. Also who doesn't want to keep homeowners from getting evicted when they can retain some equity and just move into a more affordable situation. You cam also buy without realtor fees and title searches with an "as-is" purchase. You forgot to mention lease options and in some cases owner financing or taking over the payments on the existing debt.

[@juliangigante]

How do you find pre foreclosure deals?

[@ericharrison6418]

@@juliangigante search for properties with multiple liens, water or electric shut off, a bankruptcy discharge(least ideal), a recent spousal death or job loss, a recent move to a nursing care facility, and the ever popular targeted mailing campaign.

[@ericharrison6418]

@@juliangigante there’s also tons of software that helps like “realeflow”.

[@tptrading_23]

Thanks so much for this info. I am very interested in purchasing a home and I am looking to go this route. Thanks so much

[@jennnewton4618]

I appreciate the discount code given at timestamp 7:20 and the analysis calculator at 8:48

[@unlikelyandunfortunate7476]

So many things to consider when buying a property. Even little things like where the gas line runs all the way down to property lines, and current additions to the home like trees and even landscape not many people pay attention to this though. They see a home and are like wow I want it 🤦‍♂️

[@skysthelimit.podcast]

my first BRRRR was a foreclosure! this is a great video. so much better than buying something off the MLS right now.

[@zayvier69]

At 8:53 due diligence you say get a property inspection. Why? If the inspection finds sometwrong can you negotiate price lower? Or back out of it? I always thought that when you commit to buy a foreclosure by submitting your bid let’s say at an auction that you couldn’t back out? So what’s the point of getting an inspection before the closing when it won’t change anything?

[@robnation2475]

I'm going to invest in some O-REOs.

[@jholl269]

lol

[@jijiipetti1433]

Sort of skipped over a bunch of stuff in the sales purchase phase like how you can be sure there are no liens. In a foreclosure is title insurance necessary? Does the bank ensure the title is free and clear? I bought a foreclosure years ago and my SIL was the agent, so I was in good hands. But for others who have never done this, it's good to know how or if it differs from a regular sale. Liens are more common on distressed properties, obviously because the former owners were having financial difficulties. A few sentence would suffice.

[@zionnichole]

Can you buy a foreclosure with a bank loan during the pre-approval process?

[@affanalam6389]

Can’t wait to buy my first property

[@heavymetalhorseman2068]

So much information that it's kind of overwhelming, but I like it. Why? It makes me think.

[@toryanngames9976]

Yes more on Pre-Foreclosure & foreclosures Talking to buyers, mortgage holder, & trustee.

[@jamesrussell3272]

I really like all details and optimistic mood he delivers so much valuable info! Thank you a lot!!!

[@anniealexander9616]

There is a foreclosure in my area. It's over priced by 50%. It needs lots of work. Im wondering how long the bank is willing to let it sit on the market. Tiny price declines have begun but it means nothing when it's 50% over priced.

[@cpmiller1965]

Annie Alexander I’ve seen this several times, be patient they may pull from market and re-list. Do your homework and know what number you need to be at to purchase. There’s lots of costs involved so be diligent and work the numbers. Use the 70 % market value after repair rule as a check and balance. Repair values can eat profit fast, carry costs can add up as well (monthly payment, taxes, water sewer, electric, heating). Good luck

[@vc8028]

Such an Honest Guy really Like Him And His Book it’s almost impossible now days to hear a Honest and Trustworthy speaker.

[@karmelabun1999]

Is there anyway to obtain a loan to purchase foreclosed properties? I don't have that kind of money saved. I have excellent credit, a job... any suggestions?

[@jeromepowell643]

Yea. One of the major concerns about REOs is how long they take to complete the process of attaining the property from a bank taking forever. Any thoughts on this. In other words how about a pros and cons video

[@cpmiller1965]

Jerome powell so true! I lost a VA foreclosure due to running out of time working with town on tax parcel which was combined. VA lien holder would not extend another 30 days, we had a solution but they are on timelines.

[@jefferystensland1304]

The foreclosures at the 0:12 mark in the video look like the same properties (fixed up) that you show in another video you say the owner (Bob) called you about purchasing for 80k.

[@kirisutegomen12]

Lol it's because his videos are full of shit

[@skyfinancellc9538]

Totally great job, Brannon; thanks so much!

[@gloriavalenzuela7869]

Excelente Vídeo and and the guy is not selfish given for free all this info MGBThanks a lot

[@mariesy1466]

The closing cost would be out of the pocket? Or finance too?

[@johnstrika9170]

Thank you for this video. I'm looking to help my son buy a home sometime within the next year and i know he really can't afford it. While I'm pretty well off financially and own my home outright, I still have to be smart as far as how much money I lay out and this may help give me ideas.

[@jambo_jackbelly]

So glad I watched this video wanting to learn how or where to get financed and he totally skipped the topic as if we are all putting in all cash offers

[@SterlingWhiteRealEstate]

The "Trustee Sale" is the process of selling - to the highest bidder - a foreclosed property that was sent to the public county after going through the required legal process. At 2:30 of the video.

[@1_South_Business_Services]

What happens when house fails to sell at auction? I've seen them go back for sale after and not as OTC sale.

[@BobbNaef]

In the final steps of buying a REO property this was a informative presentation loved it

[@BrookeEli]

Great video! We do foreclose property management and often see a lot of great deals on foreclosures. Not always in the best of shape though... lol

[@myawishesuwell7605]

Yay im happy to have been able to see ya video tonight. Thanks

[@zachrahr618]

Very informal video. So glad I found this first! Thanks man!

[@idkijs435]

Question, if you buy a house for the price that is owed, does that mean that you out right own the house? Like it's all the way yours with no mortgage?

[@JackJohnson-kl8el]

IDK IJS good question, I’m pretty sure yeah

[@nehemiahstewart]

The court house sale risk are there maybe other liens and back taxes on the property, you typically don't know what the condition is inside, have to fork up all the money after the sale.

[@krisj7616]

I subscribed after a week . great job . I learned so much .

[@kendallcafritz8828]

Is there any way to find out how much is owed on a property?

[@chinaexpat1827]

It's about the info you're giving not about production tricks. Thanks

[@nancysmith9487]

Mr.turner really nice explanations... we thank you for sharing

[@xx-knight-xx2119]

So if you can't see the property before hand then how do you know its a good deal?

[@henryoffroad]

When paying cash for a foreclosure do they require you to show where the money is from the way they require you to show where your down payment is from if you’re getting a traditional loan (asking for a friend)

[@stayfocusedmedia]

How long is the process from Auction to bank owned?

[@Hogster202]

Good info , I picked up a few things here and I've been in real estate over 20 years.

[@BetterJacob]

The problem for me with forcluser is that most of the time I can't send my inspector or contractor to the property, and because of this I don't know the number of the Reno and such. Any tips for that?

[@1584magnet]

If a foreclosure home would be your second property, can it be financed? If so, what percentage do you need to put down??? What if you are hacking your 1st home? Thanks in advance :)

[@sunchylopez2452]

Thanks for the information is very valuable.

[@RyanFagan_RealEstate]

Bigger pockets 💪🏽💪🏽 you have a great communication style

[@JessMarshall]

theyve had practice

[@subaas_baig8756]

What is the difference between short sale and pre-foreclosure?

[@j3swindellbasketballbaseba875]

Do you have a video on how to wholesale foreclosures before they are sold at the courthouse steps?

[@adrian33161]

I’m assuming you can’t use loaned money to buy a property post-foreclosure then, correct?

[@JohnCantey]

Beard is looking Great. Thanks for all of your work on bigger pockets.

[@-BROWNMONK-]

Are REO departments wholesale friendly?!

[@cw9533]

Great info. Thank you!!

[@anyone150]

Foreclosure are bought on sheriff's sale in lien theory (judicial foreclosure) states such as Florida. Basically the lender's interest is secured by a mortgage lien and have to sue to get the property back.

[@gabrielsmith6411]

Awesome information! Thank you Brandon Turner and bigger pockets. You guys are always working hard to help people secure their future and you are definitely making a difference for my family as well! Thank you!!

[@waldeezee870]

Isn’t this like wholesaling or are these type of properties good with wholesaling ?

[@vipgoldmember]

Great video; What are your thoughts on Pinplus site? Regards

[@anxheloripa449]

How long does it usually take to close a foreclosure?

[@jessndvl1]

Hi! Are you familiar with obtaining a loan for a home that has been listed as a tax sale

[@JoshuaHults]

I bought a foreclosure home and we already paid it off!!

[@Mohammad-y5r2p]

Any idea about bidding

[@kathryntarlin7484]

What about liens? Is it possible that there are any liens on the property that you would be responsible for if you bought it? Thx!

[@Jay-go3il]

I appreciate this channel truly

[@lauriemomof5851]

Is there a way to find out if there are lines on the property prior to bidding?

[@paystar3436]

FREE OWNER TITLE SEARCH IN THE STATE, COUNTY OR CITY of the property online. Amazed you do not know this simple fact.. so here you go..eh ? Do you need to learn how to use a computer online next ?

[@mysionmingo535]

Pay Star you're a asshole!!

[@lightoflife6593]

@@paystar3436 Rude.

[@TieTheNatty]

Does anyone know an auction lender or have advice on how to find one? I am stuck! Thank you!

[@saharasimpson4350]

Loved the video but can you please list the links to all these websites please

[@waldeezee870]

What do they mean when they say stick to the numbers ?

[@alexandervalladares2501]

Very valuable video… Love Bigger Pockets …

[@zoe1972]

I'm just an average person wanting to buy a house for a good price. I am not a real estate agent or an investor. To investors sometimes let you hire them for a certain amount to find you a good foreclosure property at a great price?

[@Joelllllllllll15667]

Where do you live ?

[@landolorean51]

So many gems in this video, thank you for sharing such valuable information.

[@michaelangst6078]

anybody who has already looked into how it works should know all this, he didn't even explain when it is a good deal or not, and how to properly analyze it's worth depending on the current market in the area, but ok

[@flawns]

Foreclosed Home for sale in Southern California are only like $50,000 off regular price. On a house that cost 1.8 Mill

[@davehoover8214]

Great info, thank you for sharing. One piece of free advice. Always look at the camera that is shooting you. When the camera positions change and we see you looking only at the one camera, it kind of smacks of amatuer hour. Thank you for the tips though.

[@MitchDurfeeOfficial]

After Watching this I got to step up my game!

[@EK-wb1cx]

I am looking at a foreclosed property which is being sold occupied with former owners. I guess the bank can't evict them. Do you think a lender would finance this type of situation since I can't pay fully cash and will I be able to evict them in little time if I buy?

[@MysteryWithinSeries]

If a home becomes REO can you get the home with a loan at that point or is it still a cash sale?

[@priceandpride]

How do you actually buy it tho? Regular financing?

[@marpalpalmer8337]

Thanks for sharing your wisdom

[@gabwire6796]

Thanks For Your Comment Hit me up directly☝☝...

[@OpenHeartMinistry4]

Do I have to use a real estate agent? Cant I just contact the REO personally and give them my offer and negotiate? Thanks!

[@moonknight4659]

YES YOU CAN

[@hern9897]

You can but they won't get you a good of a deal.

[@otacilioricardo]

Hello. Do you know which websites contain lists of houses that will be auctioned in each state? Does the prefectures or the state make these lists available?

[@acceleratedvideoproduction]

Did you find a listing?

[@otacilioricardo]

@@acceleratedvideoproductionUnfortunately not yet. I'm creating a system for managing auction listings and property data. If you know someone who might be interested, please let me know. Sorry for the delay to reply.

[@bcaras9242]

So with a pre foreclosure, can you see the inside of the house?