How to buy a foreclosure direct from the courthouse-Part 1

hi there I'm Dave Dettman this is my partner Dave hello hi there and we're going to dispel some rumors today because there's been a lot of questions about how you go hunting for foreclosures we've got a list from the courthouse for the courthouse property that's coming up we're going to take you with us on today's video so you can see firsthand the work that goes in looking for a foreclosure we got almost 50 houses today to look at for a foreclosure that's going to be starting in nine days so come on along with us alright okay here we are at our first house now this home here I want to tell you how this all starts we get a list and this is our list of homes we're going to look at today okay there are over 100 100 homes on the courthouse list then we went through the list and selected the ones that we thought were the best ones to go after and other in terms of checking them out neighborhoods the age of the home all that type of thing and if somebody's living in the home we don't go in sometimes we knock it all depends on the neighborhood the a lot of factors go into that on occasion they let us in to take a look at it this home here however you can see behind me by the way this Bush is overgrown nobody's lived here for a long time so there's an excellent chance that nobody's home would you agree yeah me too now we're going to go around we try the doors and if it's unlocked we go in you'd be surprised how many of these are unlocked however if it's locked we don't go in because that's called breaking and entering and if we can't get in we don't usually bid on it it was built between 2004 and 2007 because of Chinese drywall the reason we go in to take a look at these is because we have to find out what's missing some of the homes have been completely stripped this looks like a great home once that bush is cut but it could be missing the whole everything inside could need twenty thirty forty thousand dollars worth of work inside or worst case scenario Chinese drywall which is not something that's desirable so this one the door is open and we're going to take a walk inside here we are coming through the bush door and as I mentioned it was open and coming in here first we're going to walk around we take stock of everything so we take a look at the room arrangement this appears to be a three bedroom plus a den in this particular one we can see the tile floors are in good shape carpeting needs to be stretched and cleaned it appears to be okay we check the wiring immediately for signs of Chinese drywall and this one has no signs of change drywall because when you make a bid on a foreclosed home your bid is final there is no inspection so you got to know what you're bidding up and so here the kitchen is intact cupboards are here dishwashers here but everything else is missing so we have to take into account appliances this one here has light fixtures in it often we have taken to account light fixtures the paint job is in pretty good shape a lot of things on the floor from what looks like an animal or possibly rats might have been living in here you never know what these places so you have to take that into account as part of a cost but carpet looks like it will clean up okay and most importantly most importantly everything's intact that we can see so oftentimes we've got pest problems bug crawls cockroach problems rat problems mouse problems you just never know these places as you can see from the front of this house have an empty for a very very very long time so although this to us is an extremely simple fix virtually no work needed on this one that's very rare usually these places are really beat the heck in the garage it's hard to see but even the garage owners ear water heaters here there are some wires bought I can see up to check that out but the ACN and air handler are intact so that's all going to come into our estimate as to what we believe the place is worth we then will comp this place out against other homes sales in the area and decide what what we can pay for it so and we can usually get in and through a house in as little as 3 to 5 minutes all comped and ready to go as we leave this house the water system is intact sprinkler system is intact however those always need service because even sitting a long time and our AC unit seems to have something missing so we did go up in the attic on this one the air handler was intact and also the wiring ins is tacked a lot of times we'll carry a ladder with us and we will go in the Attic because we've actually found homes where people have stripped the electrical wiring out of the house so these are just some things to look for overall that was a good house 57 sheet once this is my house 12 hours portfolio alright now we're going to take a look and figure out what the retail value is in this house it's a sixteen hundred and fifty five square feet at a final judgment of two hundred and ninety thousand four hundred eighty nine dollars against it was a Bank of New York listing we've got roughly thirty nine hundred dollars and repair charges there are three hundred for servicing the water so if we're going everything back together put dollars together and basically ready to sell for about forty two hundred we know that the 650 square foot home in this neighborhood this part of Lehigh believe it or not is probably only worth about eighty to eighty-five thousand dollars eighty five s probably the high point you would think it would go for more but that's about all it's worth is about eighty five in today's market so depending on the profit margins you want to make will have an impact on what you want to bid on the property unless whatever your cost of repairs now watching the next one they will pull 85 out of this um it's 650 square feet you're gonna pull a be out of it I think 79 nine is realistic estimate I think you got a seventy nine nine I don't along with that we haven't sold anything for that kind of money oh yeah yeah but it's seventy nine nine as late as a good realistic number 79 fix is 42 realistic commissions a profit is 20 what else one forget again you you

Channel: Dave Dettmann

Views: 393,362

Rating: 4.7847795 out of 5

Keywords: Part 1, How, to, buy, foreclosure, direct, from, the, courthouse

Id: J_0v5m5aUKQ

Length: 7min 50sec (470 seconds)

Published: Tue Jun 22 2010