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Buying a FORECLOSURE…10 Common Mistakes People Make

Wayne Turner 93 views

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I'm new to this and I'm just trying to learn I'm a bit overwhelmed at the moment but this is what I want to do
Comment from : @georgedevine4130

For #3: Another good point is to use the appropriate people for the job Yeah, it'll cost $150 per light for a licensed electrician to replace each light, but a handyman will do just as good of a job for 1/3 the price Why would you pay an aircraft mechanic's hourly wage to replace the spark plug in your lawn mower?
Comment from : @dienekes4364

Your videos are part of my education
Comment from : @williamsnipes9810

Great video!
Comment from : @SLife22

I've never seen worse advice about real estate than what this guy is saying in this video LOL Please don't listen to him
Comment from : @edwardcase6594

If you purchase a property at a 2nd mortgage forclosure auction, how can you find out what the payoff is on the 1st mortgage? I was able to tell at the county courthouse it was originated at bank of america in 2006, but without the loan number or the last 4 of the borrowers social security number, it is near impossible to discern payoff and how to apply it to the correct loan, when no one at BOA can give me info Complicating matters is the fact that the original borrower passed away in 2021 Can you file a motion in court to compel BOA to provide payoff and loan number to the new owner of record, which would be me after having recieved a new deed of trust? Please share any suggestions you may have Thank you!
Comment from : @rescueracewayparkllc

Sir, great lecture, they need start houses to build like in Europe, their houses are very durable, not like those movie sets here
Comment from : @ursulasmith6402

As the sheriff civil office, we appraise for value as we visit evaluating, home, land or lot, and location When these homes are sold, sometimes still lived it, you do not see the inside Home is sold as is, there is no home inspection, what you purchase is yours, final sale no money back Not like shown on video
Comment from : @opinioncounts5490

I work at one of the largest real estate foreclosure law firms in the country and some states, such as Texas, do NOT offer any kind of due diligence period Indeed, do your research!
Comment from : @alysenchristensen3309

Great advice, thank you sir!
Comment from : @samv8932

While you are not obligated to buy the house during the period, if you buy from a foreclosure auction you will loose the deposit if you don't end up paying The deposit is usually around 20 so could suck but, its better than loosing 100!
Comment from : @natecra3823

Wayne, $20 or $30 to pay a contractor for a bid is not even going to cover his gas to get to the property let alone for his time when they can earn thousands per hour in contracting deals Otherwise, invaluable advise that you provide I was fortunate in buying a foreclosure ten years ago that is now worth about five times my original cost In the meantime, I have earned at least $130k on rents Thanks for the advice
Comment from : @joking6052

Thanks again Wayne very valuable info Appreciate it
Comment from :

Great Video ❤
Comment from : @LifeBlessings101

Amazing video! You are so correct maybe my first deal wasn’t the best one, but it sure did teach me a lot when I went to buy my second and the second one taught me more stuff so I definitely understand what you mean
Comment from : @dimelosantitbs

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k Every seller in my neighborhood is currently making a $350k profit Simply unreal In all honesty, deflation is what we require The only other option is for many people to go bankrupt, which would also be bad for the economy That is the only way to return to normal
Comment from : @DonaldMark-ne7se

This information is extremely valuable, useful for people like me Your good will always comes back to my dear sirbrGod bless
Comment from : @sarahmughal5615

i appreciate the video, im a tile 33yo contractor in daytona beach area never owned and have been trying to buy property to put a barn on for years and just cant seem to keep up with the hoops and rapid growth of cost here what you said about even if you break even and make no money you gained experience is the reaffirmation i needed to not give up brbrkeep up the good work!
Comment from : @surffish386

Wynne what is ur contact emails
Comment from : @nellyngugi8381

How do u pay for a foreclosure house if i have cash 💸 do i need to put it in the bank or how does it work?
Comment from : @karinavlog9703

Title policy does not cover mechanics liens within a certain time frame of purchase This is a gamble that anyone and everyone makes when making realestate purchases
Comment from : @Stonecrusher311

Why do you winterize a home around New Orleans? It doesnt get that cold?
Comment from : @jillc8059

I lived on my parents property in West Cary for 23 years since I was 18 years old
Comment from : @PraveenSrJ01

Wayne, I am finally ready to buy, but find I cannot access the County sales auction houses for inspection And these are auctions-- they are definitely saying I it's mine once I buy, WHATEVER the condition Do you know how to find out the interior condition or backyard condition before I bid? Thank you
Comment from : @CelticBearWoman

Do you have any classes Need a mentor to help me start my journey on buying or flipping houses
Comment from : @ane_dreambig5823

Interesting 💯
Comment from : @Kiua-9601

Thank you!
Comment from : @hawkeyepi9512

Most of this does not apply to buying a foreclosure at tax deed auction Refundable deposit? Nope, too bad so sad Title insurance? Nope, try again in 3 years if the previous owner (or a lien holder you didn’t know about) finds a way to take the property back, improvements and all Eviction? So much more The condition of the property is a big deal but all of these challenges stack on top of it
Comment from : @christopheralan7600

This is good information, definitely will use some of these tips in my wholesale business Thank you so much, Wayne!
Comment from : @jerel2119

Hi Wayne, By any chance you teach how to buy the first foreclosure property in cash? I am a Realtor in Orlando Fl and I own my company that we buy properties for cash but have not had luck
Comment from : @valentina-bonilla

Very helpful Thank you for sharing this
Comment from : @leeroach3381

Did anyone catch #4 ???
Comment from : @teamjesus6383

How to buy a foreclosure out of state?
Comment from : @living4thekingdom170

Great information 👍
Comment from : @LJ-eb7qt

Thank you for sharing your knowledge
Comment from : @Mayra-h8c

I'm a property preservation vendor in Slidell LA since 2010 I really appreciate this info I have been considering real estate but have 0 experience brI have good leads and get all the initial secure work orders
Comment from : @brandonroussell9552

Thank you for your knowledge and taking the time
Comment from : @joelproulx6252

Wayne rules Easy to understand, very thorough
Comment from : @jackboyd614

House bought is on sheriff’s sale, previous owner came back by broken in the door, got arrested, now file claim say new owner/ purchaser damages their personal property that still remains, now trail coming, any obligation?
Comment from : @iBellaLin

Thank You for the info!
Comment from : @ThomasBaird11

Good advice
Comment from : @southparktrap1279

Thank u for taking the time to spread the knowledge loved the video
Comment from : @DannyBoyDuffy777

I watch your videos a couple times a week I have learned something from every one Some of these things I already use but now I know I'm doing things the right way Thanks
Comment from : @jasmith1867

Thank you for the information, much appreciated!
Comment from : @lateshiakellman4657

This video is very helpful I’m hoping to find a home to stay in permanently
Comment from : @blankprivatecompany9296

Great advice Wayne, thanks for posting this video 😊
Comment from : @MovingToCharleston

Appreciate you for the message I'm retired divorced want to purchase small home with few Acres any suggestions, God bless you & to Hank you ( Michigan)
Comment from : @BuckMT-xf1qj

Thanks Wayne! Always a pleasure to watch your videos, I live in Miami Florida, anyone you know that can advice me in identifying real opportunities down here?
Comment from : @Alejorv1

What website to buy auction/pre foreclosure properties in state of Indiana?
Comment from : @khanconsultant

Mr Turner, thank you so much for the most valuable information in this video I’m some what knowledgeable about home buying and fixing stuff in my own home but your information has taken my knowledge so much further I thank you so much for your kindness and time for putting together the info for us out in the public trying to make good home buying decisions Thank you, thank you, thank you I’m so appreciative!❤😊
Comment from : @courtneyfulcher5255

Great informative video Thanks for sharing
Comment from : @jamiegoodson950

2:34 Does that include online auctions of foreclosures?
Comment from : @nwilt7114

How do I see If i can get one of this house
Comment from : @albertperez5889

Thank you as always Wayne ❤
Comment from : @dawngrace1317

2:23 chance to inspect Grace period 😊
Comment from : @artisticagi

Thank you for the information
Comment from : @KaanYilmaz-o5k

We found you a little late However we learned a lot so far Our thanks
Comment from : @bearb7406

Fantastic video! Thanks!
Comment from : @TrevorSmith-p1g

Great Video I'm currently not looking for a home, but my sister is, and this will help her
Comment from : @Litt1leMe

Never! buy a forclosure with someone in it My state after the sale the original owners have up to a FULL YEAR of actions they can take to stay in the property
Comment from : @getinthespace7715

Thanks for sharing your knowledge
Comment from : @thecontinental8978

I hate to upset you people but if you're not paying cash for it you can't afford it in the first place ✌️
Comment from : @shaneapplegate1975

Good information's
Comment from : @NusratJahan-gr8ir

I learned that the hard way thousands of dollars later live in New Hampshire on the Maine line went to work in Maine while fixing up the place they stole about everything I own And it was a money pit if I had a cord of wood in the basement 1700 cement blocks I almost put a cord of wood in that basmemt 5 gallons of diesel fuel in a case of beer we'd had a barbecue😂 you got to know when to give up and you're going to have good neighbors finally walked away thank God I grew up in the construction business my dad was professional builder by trade but if he was alive at the time he would have just slapped me before I bought it😂 sometimes you can't fix stupid but I learned a very good lesson next piece of property I buy buy there will be no neighbors only trees😂brOn a good note I had a view that people come from all around the world to see I'll never make that mistake again In Carroll county New Hampshire land of the mountains and lakes you might as well build something out of solid masonry fort Knox keep your neighbors out😂
Comment from : @MADDCHOPER68

Fat chance you will get a 20 down loan! More likely it will be a 30 down loan If I wanted to pay cash I could and the banks still demanded a 30 down The only way you will get a 20 down loan is if it will be your primary residence
Comment from : @Donkeyearsa

Dude!! You may be saying something but how you write ABSOLUTELY SUCKS!!br Everything you wrote is a run on sentence Its a paragraph that got in a train wreckbr You write as if you dont want people to breathe in air reading your wordsbrbr brThe best start for you is to break sentences down
Comment from : @dipndaVic

Don’t forget that you can only do inspections if that is negotiated and accepted as part of the offer Many foreclosures have no electricity, no fuel in the tank, no water turned on, etc which limits the inspections you can do Most banks or lenders will not make the home available for inspections Also, many owners who have lost a home to foreclosure will trash the home in anger They damage walls, remove appliances, roofing, strip copper piping, etc to sell Be careful
Comment from : @KatarinaSophia0795

I believe there's an abandoned, foreclosure in my neighborhood How do I go about finding its current status, or who may presently own it? Thanks for all the great vids!
Comment from : @KarlKarsnark

Wyane, this was posted just for me Yesterday morning, this was the 1st video in my notifications right before I went to my 1st real estate tax auction I did watch this before I went I did bid on 2 properties yesterday and lost both thanks to you!😊 After I went over my cap by 10k, a Wayne Turner voice popped in my head & and said, "You're getting emotional" So I stopped Thank you for this video!🤍
Comment from : @AshleyRDB

In CA if you sale within 18 months you need to disclose all the information of the contractors
Comment from : @RaulPelcastreRealEstate

The cost of living seems to be increasing every year, making it harder to keep up
Comment from : @WhitneyRoss-dj4rf

Foreclosure look good up frontbrBut you never know whats behind the doorsbrFix them up at costthe property taxes costs insurance GOES UP! UP! AND UP WHY CAUSE U IMPROVED THE VALUE OF THAT PROPERTYbrjbok
Comment from : @riverlife2379

In 2023 fema fukked me on flood plain changes along with others Likely cost me 100k
Comment from : @JohnDoe-np3zk

You don't want a house with a ghosts
Comment from : @josephthibeault9919

What happens when the Gov't comes along and expands the flood zone maps and now your in a flood zone when you were not when the property was purchased ?
Comment from : @danieldanfoxworth9528

Appreciate the great ideas and thank you for saving me time and money for the information Best to you going forward!!
Comment from : @cheryldunaway9177

All of is excellent advise simply excellent 😮😮!
Comment from : @richardavery2244

Thank you for another wonderful video All the help you give is great
Comment from : @dustinschneider935

I bought a foreclosed house in 2009 for $110k Sitting nice on $500k in equity So Cal
Comment from : @Atah714

Thank You Wayne!!!!
Comment from : @dalitohana6979

IAM POOR with bad credit
Comment from : @pipelayer6954

Wayne always you have a good advice Always preach to get title Insurance is worth the value I am also seeing what you were talking about People were so angry for losing their home They Did destroy the inside and the banks will not cover it and right now they’re not budging trying to get full market value I have tried numerous times don’t forget the squatters it’s starting to get worse I was viewing a home in Diamondhead, Mississippi and me and the realtor was just stunned and law-enforcement Couldn’t do nothing about it watch out for this
Comment from : @philiplarson8228

Careful for sure, foreclosure in our area, house completely trashed (teardown) land also trashed with junk,garbage, tires, price is really just land and even that requires money to cleanup to make usable
Comment from : @jburch1544

Precious tips Thank you
Comment from : @ricardofonseca1970

I like your videos and look forward to watching them
Comment from : @darkmanzz

20 to 30 if I know you and have a history on projectsnever a charge for estimateif they are 'Investors ' I've never worked with I may give you a ballpark numberI've found after 25 years as a remodel builder most of these do not happen They always always think it will cost much less than it actually does if we have a good working relationship I will make the project happen nowand complete on schedualgeneral info for anyone that can use itgreat chanel here!!and top notch information
Comment from : @gregsandifer2398

As a long-time home rehabber, your recommendations on what not to do are SPOT ON! Your advice to pay contractors and handymen for their upfront quotes is brilliant, as it makes them more willing to partner with you at reasonable prices For budgeting money and time, I plan for costs to be 50 over my initial estimates and everything to take three times longer than I originally thought
Comment from : @dougcook5167

Very educational, and as always- thanks !
Comment from : @mikewalker5618

@TheRealWayneTurner Hmm you say banks wont wait around on you but if its a foreclosure arent you still dealing with the owner? im confused explain why the bank matters if its not an REO
Comment from : @Erati243

Thank you! Greetings from sweden
Comment from : @delalohemesixe

# 11 is how much the Government is going to bleed you in taxes # 12 in how much the insurance company is going to bleed you for coverage
Comment from : @tonyalexander3842

I bought a place that had been sold on seller financing, buyer didn’t make payments and seller reclaimed it I was a little nervous buying, hoping to avoid a difficult seller and any legal fights brbrTurned out to be a totally legit and awesome seller Really happy with how it turned out
Comment from : @ThePropertyProject