I am thinking on buying foreclosed homes and renting them or selling them. I need to know if anyone has ever used realty trac to look up foreclosed homes to buy, or any methods to purchase homes that are in foreclosure. There is a lot of courses out there that claim you can learn to purchase foreclose homes but I have never tried them because I dont know if they are just a ripp off and then you dont even get any real knoledge out of it. If anyone here knows or deals with buying foreclosed homes (with no money down if possible) can you please direct me to some good resources on the web I will really appreciate that. And this question is only geared towards those who have dealt with this kind of thing.
Hey thanks for the advice! Apreciate it.
This is a "referral" program that they refer you to a licensed real estate broker and charge YOU a fee. They also charge the agent for the referral.
You can go straight to a real estate broker, avoid the fee while getting the best advice and assistance. There are brokers who specialize in the type property you seek and would serve you well.
Companies like this, HomeGain and others cost you in the long run. They charge the agent a "referral fee", a percentage of the referral, from 25% up to 50% of the expected commission- and they add absolutely nothing, not one thing of value to the service you receive.
You can get minimally the same or better results by going straight to manager broker of any real estate firm and ask for the top 3 brokers in the office, not necessarily his favorite but the best. I’d venture to say that the service may even be better as the agent knows that they are geting the full pay and paying no referral. I work harder when I am compensated better, as do all people.
I personally decline such referrals, or I’d have to raise my fees to you in order to pay them and cover the referral expense. The cost of news paper ads, automobiles, maintenance, gas to haul you around, computers, websites, insurance, staff, meeting state and federal laws, education, facilities and the utilities required to provide the services is not cheap. And I likely overlooked a number of other costs but there is enough here to get the point.
Avoid the TV "gurus" who tell you how to "get rich" doing their deals, they make theoir money from you buying their program. If it worked everybody would be doing it, it "is so simple" per their shows. They do not tell you how many times they have gone broke, and the fine print nobody reads after the "success" story is related says "Results are not typical of most investors."
So, good luck in your efforts, be aware that contrary to what the news media would have you believe things are simply slowing, not stopped, just getting back to normal from a fast paced market.
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