Comments on: How to Purchase a Foreclosure on the Courthouse Steps http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/ News and info on Atlanta real estate and north Georgia real estate from the experts at Better Homes and Gardens Real Estate Metro Brokers Wed, 17 Mar 2010 15:40:54 +0000 http://wordpress.com/ hourly 1 By: Stop Foreclosure today http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1614 Stop Foreclosure today Sat, 20 Feb 2010 09:27:24 +0000 http://blog.metrobrokers.com/?p=1119#comment-1614 Love your blog I'm going to subscribe hope you give more updates. Love your blog I’m going to subscribe hope you give more updates.

]]> By: MEETA MODI http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1526 MEETA MODI Mon, 14 Dec 2009 23:30:31 +0000 http://blog.metrobrokers.com/?p=1119#comment-1526 Buying a home at courthouse steps sometimes is more fruitful than buying after it is foreclosed. Even when it goes in REO situation, if it one of the best deals then it will go in bidding process- the so called "highest & best offer". So if a buyer is smart, very well prepared, all due diligence done & follows the rule "Buyer Beware" ; then he can definitely get a great deal at the courthouse steps. Buying a home at courthouse steps sometimes is more fruitful than buying after it is foreclosed. Even when it goes in REO situation, if it one of the best deals then it will go in bidding process- the so called “highest & best offer”. So if a buyer is smart, very well prepared, all due diligence done & follows the rule “Buyer Beware” ; then he can definitely get a great deal at the courthouse steps.

]]> By: Suzanne Metro http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1398 Suzanne Metro Tue, 27 Oct 2009 20:34:01 +0000 http://blog.metrobrokers.com/?p=1119#comment-1398 Thank you for unveiling the urban myth! It's such a difficult process to explain to a buyer and they always think that they will get a deal at the courthouse steps. I certainly would never leave my area of expertise to help a buyer this way... I agree to wait until the bank has processed the property as an REO. Excellent read! Thank you for posting this! Thank you for unveiling the urban myth! It’s such a difficult process to explain to a buyer and they always think that they will get a deal at the courthouse steps. I certainly would never leave my area of expertise to help a buyer this way… I agree to wait until the bank has processed the property as an REO. Excellent read! Thank you for posting this!

]]> By: Shelia Woodall http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1333 Shelia Woodall Mon, 26 Oct 2009 23:25:38 +0000 http://blog.metrobrokers.com/?p=1119#comment-1333 I concur! I tried to assist a buyer in purchasing a home on the court house steps only to find out there was a second mortgage on the property the seller (whom we had been in contact with on a regular basis) did not inform us of. It is definitely best to wait until it goes into foreclosure to have less hassle and most likely better deal! I would say the courthouse steps process is more for an investor, not your typical buyer. Great topic Ann. I concur! I tried to assist a buyer in purchasing a home on the court house steps only to find out there was a second mortgage on the property the seller (whom we had been in contact with on a regular basis) did not inform us of. It is definitely best to wait until it goes into foreclosure to have less hassle and most likely better deal! I would say the courthouse steps process is more for an investor, not your typical buyer. Great topic Ann.

]]> By: Dennis Doll http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1325 Dennis Doll Fri, 23 Oct 2009 15:30:00 +0000 http://blog.metrobrokers.com/?p=1119#comment-1325 Thanks Ann! I wish more people would take the time to read and understand this information. Attending a sale on the courthouse steps is like going to a zoo during feeding time...a lot of hungry buyers looking to get the "meal" of the century. Yet, only a few savvy people there know and understand the process. My advice is to educate yourself to be sure you know what you are doing. Thanks Ann! I wish more people would take the time to read and understand this information.
Attending a sale on the courthouse steps is like going to a zoo during feeding time…a lot of hungry buyers looking to get the “meal” of the century. Yet, only a few savvy people there know and understand the process.
My advice is to educate yourself to be sure you know what you are doing.

]]> By: margaret Kees http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1324 margaret Kees Wed, 21 Oct 2009 22:09:18 +0000 http://blog.metrobrokers.com/?p=1119#comment-1324 You have to bring all the funds with you. If you have more than what is needed, then the firm handling the property will send you a refund often within a week (or so). What is typically done is that the investor brings a larger check and one or more smaller checks. Example - $100,000 and a $20,000. If you do not have all the funds the property will be immediately recried. Many of the firms will post the opening bid for a property on their websites so you know what they will be crying it for in the beginning. You have to bring all the funds with you. If you have more than what is needed, then the firm handling the property will send you a refund often within a week (or so). What is typically done is that the investor brings a larger check and one or more smaller checks. Example – $100,000 and a $20,000. If you do not have all the funds the property will be immediately recried. Many of the firms will post the opening bid for a property on their websites so you know what they will be crying it for in the beginning.

]]> By: Ahmed Hussein http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1322 Ahmed Hussein Wed, 21 Oct 2009 16:06:03 +0000 http://blog.metrobrokers.com/?p=1119#comment-1322 I always had questions on how you purchase on the court house steps. My biggest question of all is how you know what amount to bring in certified funds. If the bid amount is over, is there a way for reimbursement? For shortages, can you bring the rest of the funds later in the day? I always had questions on how you purchase on the court house steps. My biggest question of all is how you know what amount to bring in certified funds. If the bid amount is over, is there a way for reimbursement? For shortages, can you bring the rest of the funds later in the day?

]]> By: margaret Kees http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1321 margaret Kees Tue, 20 Oct 2009 13:24:05 +0000 http://blog.metrobrokers.com/?p=1119#comment-1321 I have purchased properties off of the steps since 2003. I highly recommend a title search and that the agents get familiar with the record rooms because items may get recorded on a property after a title report is done. Also strongly recomended is that someone interested in doing this to actually play a Monopoly Game version and follow a few properties from beginning to end - actually drive to the properties and at least look at them from the curb, check title, etc., know what the property is worth and if the house makes it to the steps listen to what happens when it's cried. This is not for the faint of heart! I have purchased properties off of the steps since 2003. I highly recommend a title search and that the agents get familiar with the record rooms because items may get recorded on a property after a title report is done.

Also strongly recomended is that someone interested in doing this to actually play a Monopoly Game version and follow a few properties from beginning to end – actually drive to the properties and at least look at them from the curb, check title, etc., know what the property is worth and if the house makes it to the steps listen to what happens when it’s cried. This is not for the faint of heart!

]]> By: Donna Ratcliff http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1320 Donna Ratcliff Tue, 20 Oct 2009 09:41:49 +0000 http://blog.metrobrokers.com/?p=1119#comment-1320 I certainly agree ( in this market ) that it is better to purchase after it is listed; we have some 1/2 of what the courthouse sale were offering. I've seen lots with tax leins and other situations where the title wasn't clear due to the death of a parent , etc. Inexperienced purchasers must certainly be aware. Good topic Ann......thanks I certainly agree ( in this market ) that it is better to purchase after it is listed; we have some 1/2 of what the courthouse sale were offering.

I’ve seen lots with tax leins and other situations where the title wasn’t clear due to the death of a parent , etc. Inexperienced purchasers must certainly be aware.

Good topic Ann……thanks

]]> By: ann bone http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1319 ann bone Mon, 19 Oct 2009 22:00:08 +0000 http://blog.metrobrokers.com/?p=1119#comment-1319 Excellent insight. Sometimes it's best to let the bank buy back their own house for the outstanding balance, plus attorney and other fees. When they place the property on the market, it may be priced much more realistically. Excellent insight. Sometimes it’s best to let the bank buy back their own house for the outstanding balance, plus attorney and other fees. When they place the property on the market, it may be priced much more realistically.

]]> By: BeinSon Bracey http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1317 BeinSon Bracey Mon, 19 Oct 2009 20:33:19 +0000 http://blog.metrobrokers.com/?p=1119#comment-1317 Great post Ann! Steve appreciate your insight, I was planning to purchase a foreclosed home in the very near future and now I have some more knowledge about the process and what to expect! Keep up the great work all of you!!! Great post Ann! Steve appreciate your insight, I was planning to purchase a foreclosed home in the very near future and now I have some more knowledge about the process and what to expect! Keep up the great work all of you!!!

]]> By: Donna Robinson http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1316 Donna Robinson Mon, 19 Oct 2009 19:59:58 +0000 http://blog.metrobrokers.com/?p=1119#comment-1316 Great Information! I always enjoy your Blogs! Thanks, Donna Great Information! I always enjoy your Blogs! Thanks, Donna

]]> By: Sandi Rdorick http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1315 Sandi Rdorick Mon, 19 Oct 2009 18:12:28 +0000 http://blog.metrobrokers.com/?p=1119#comment-1315 The Conyers office used one of their sales meetings as a field trip to the Fulton County courthiuse to view the sales firsthand. Before leaving for Fulton County. Mr. Raymer, managing attorney for Metro Title Trust, spoke to the group about what would be happening. Mr. Raymer was very informative, interesting and even humorous. The field trip was icing on the cake. Everyone was reminded that there are no easy fixes and no matter what the case it's buyer beware so do your homework to the full extent you can! The Conyers office used one of their sales meetings as a field trip to the Fulton County courthiuse to view the sales firsthand. Before leaving for Fulton County. Mr. Raymer, managing attorney for Metro Title Trust, spoke to the group about what would be happening. Mr. Raymer was very informative, interesting and even humorous. The field trip was icing on the cake. Everyone was reminded that there are no easy fixes and no matter what the case it’s buyer beware so do your homework to the full extent you can!

]]> By: Steve Adkins http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1313 Steve Adkins Mon, 19 Oct 2009 16:18:48 +0000 http://blog.metrobrokers.com/?p=1119#comment-1313 After working as a REO listing agent for one of the "Big Four" national banks, I have gained a little insite into their process of foreclosure sales at the courthouse. Seldom will a "decision" maker attend the sale, usually only a company attorney or asset/property manager, so agreeing to any terms other then the full value at that time is just not going to happen. Later, after new appraisals, BPO's and inspections, an actually sales price is set. Usually much lower then what it foreclosed at. One of my asset managers told me a few months back that she was asked by the bank to handle the sale at foreclosure to a new buyer, she swore that she will never do that again as it involved a lot more work then she expected and had time for. Usually a much better deal can be made once the property goes on the market then at the Courthouse sale. And with foreclosures still at record levels, the bank's "agent" at the sale may not have time to even talk to someone wanting to place an offer. Unless you know ahead of time who that Agent at the sale is, you may spend all morning listening to the wrong person. After working as a REO listing agent for one of the “Big Four” national banks, I have gained a little insite into their process of foreclosure sales at the courthouse. Seldom will a “decision” maker attend the sale, usually only a company attorney or asset/property manager, so agreeing to any terms other then the full value at that time is just not going to happen. Later, after new appraisals, BPO’s and inspections, an actually sales price is set. Usually much lower then what it foreclosed at.

One of my asset managers told me a few months back that she was asked by the bank to handle the sale at foreclosure to a new buyer, she swore that she will never do that again as it involved a lot more work then she expected and had time for.

Usually a much better deal can be made once the property goes on the market then at the Courthouse sale. And with foreclosures still at record levels, the bank’s “agent” at the sale may not have time to even talk to someone wanting to place an offer. Unless you know ahead of time who that Agent at the sale is, you may spend all morning listening to the wrong person.

]]> By: Arthur Harris http://blog.metrobrokers.com/2009/10/19/how-to-purchase-a-foreclosure-on-the-courthouse-steps/#comment-1309 Arthur Harris Mon, 19 Oct 2009 11:33:50 +0000 http://blog.metrobrokers.com/?p=1119#comment-1309 Great post Ann, I stay away from auctions because of the high risks involved. Great post Ann, I stay away from auctions because of the high risks involved.

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