Where To Look For Foreclosures
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In a down real estate market, finding foreclosed homes is easy. However to make your search easier, here is the list of the places where you can find foreclosures.
Auctions
Auction companies hold a inventory of properties, sometimes selling as much as 100 homes or more in just 1 day. Since the bidding is relatively quick and houses can be sold in a matter of seconds, prices of real estate can go over the board but you can find really good properties in their inventory.
Bank Web sites
Most major banks maintain a list of foreclosed properties that they now own. Visit bank web sites and check out the foreclosed properties listing. More often then not this is a great method to find good solid investment property...just be warned...banks take FOREVER to move on a sale if your offering below what they feels is "Fair market value".
Online foreclosure companies
There are a few companies online that specialize in selling foreclosed homes. A small,one-time membership fee is charged to anyone who wishes to access the list of foreclosed properties. Once you join you will normally have access to a list of property from across the nation. This is very helpful if you have a part of the country you prefer to invest in.
Good Real Estate agents (Buyers Agents)
These agents are either maintaining personal web sites or deal directly with real estate companies that sell foreclosed properties. You can search them online. Major cities have real estate offices where you can inquire into possibility of acquiring foreclosures. Be sure to ask if the agent is a "buyers agent."
Real Estate Signs
You don't need to look anywhere else because you can find foreclosure signs around your neighborhood. Homes with signs like foreclosure, bank repo, and bank-owned are for you to consider. These signs contain address and contact information of the agents you can visit or call. The best thing about considering homes with real estate signs is that you can actually check the condition of the house on-site. And with one phone call, you can arrange with the agent the date when you want to see the interior of the house.
Government Agencies
Department of the Treasury and other government agencies have a list of real estate properties for sale. Usually, when buying a house from these agencies, you are required to acquire the services of a real estate broker or personally submit an offer. Go to any of the government agencies web sites for more information. VA forclosed homes, Fannie Mae foreclosure homes, Housing Urban Development, Small Business Association just to name a few.
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