Don’t Waste Your Money Paying For “Search Foreclosure Sites”
The difficult part about finding a diamond in the rough foreclosure in this market is being able to snag the deal before you are competing with multiple offers.
In desperation many of you avid web surfers will end up finding websites advertising foreclosure listings if you will only PAY a small monthly fee to join their service. Seems like a small fee when you could end up saving thousands in viewing a home advertised for thousands less than others.
I am not calling all of these programs scams so I will avoid naming them, but I am asked about them often. I have yet to see homes that are either not in auction or are not already listed by a Realtor in the MLS to be offered in these programs that are requiring you to pay for them.
A few days ago I received a call from a guy who was interested in me representing him on a home he found on one of these pay-for-sites. This home was for sale in Ashburn Village for $28,000!!! (If you are not from here, the home he was looking at would not sell in foreclosure for any less than $230K). Nevertheless, he gave me the address to the home being advertised for sale currently on this site and I looked it up. It had already sold in April of this past year for over $255,000! In other words, this site was falsely advertising this home for sale as currently active and had under priced it by over $220,000!!! What a scam. And this guy was paying for this service.
Think about it… why would a bank who wants to pocket as much money as possible on these foreclosures list their home exclusively through a service that only people who pay to use can view? They wouldn’t… This is why they list their homes through Realtors in the MLS.
Photo taken from jolyon.co.uk
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As an investor I regularly see questions about these services. I agree most are scams. But even the ones that are not, you are basically paying to have more competition for your deals.
What is actually mean by foreclosure sites?can you provide some help?