I can appreciate your interest in foreclosures. Unfortunately, if there are properties on the internet without the house number in the address, this generally means they are propagated by XxxxxxYyyy. This website aggregates public records data and syndicates it to many Real Estate sites. The business model is to get buyers to pay a monthly fee for the rest of the information needed to identify the houses.
As Shakespeare's work says: Therein lies the rub!
Almost always; these properties are not available for sale. For instance look at the property you mentioned on Avondale. If you click on the detail info, you will see that the transfer date was September 22, “2010”. This was the date of the Sheriff Sale on the courthouse steps. After that Sheriff Sale, the current owner has a 180 day redemption period to pay in full the mortgage and accrued fees. They can also live in the home until the redemption period expires. Generally only the bank will bid to protect their own mortgage secured by the home.
For a buyer or novice investor this is not a viable form of purchase. First – the buyer has no access to the property to preview prior to purchase or within the next 180 days. Second – the purchase can only be made in cash and must be delivered to the Courthouse by the end of the day of the Sheriff Sale. Third – there can be no mortgage placed on the property until the end of the 180 day redemption period. And just for good measure; the new buyer may have to complete the foreclosure and eviction process. Just the highlights of the process; not a complete overview!
So to make a large topic short and incomplete – these homes are not for sale and the website is misleading! This home was listed on the Multiple Listing Service on 4/1/2011 and sold 5/11/2011 for $140,000. Almost all bank owned properties now go to the local MLS marketing service to insure a true market value for the bank and its shareholders. There are currently many bank owned properties in the listings that you view on either www.hjnteam.com or www.homeviewsiouxfalls.com or www.BrandonHomeCenter.com . These are complete compilations of currently available properties.
Kind of long-winded, but I did not want to simply say – “Not an option”.
Saturday, November 26, 2011
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