If you do, then there are several ways for you to find a foreclosure and get a hold of the property before someone else snags it. Yes, foreclosures are one way to profit in the real estate business, but you need to know where to go and act quick! Keep reading for some useful tips.
Foreclosure Deals
HUD – The U.S. Department of Housing and Urban Development or HUD is a marketer of foreclosed homes. HUD takes ownership of houses that the FHA or Federal Housing Authority has repossessed after homeowners of FHA-backed loans fail to keep up with payments. Homes are offered to people who plan on living in the homes first.
If no owner occupant is found, then HUD property is then made available to investors. Check the HUD site frequently for updates.
Foreclosure.Com – You can find a complete list of foreclosures in your area by visiting Foreclosure.com. The site pulls together more than 1.2 million homes that are “distressed” meaning their owners are in preforeclosure, bankrupt, foreclosed, and tax lien listings. In addition, FSBO listings are featured.
You can get a 7-day free trial followed by a $39.80 per month charge to your credit card. You can cancel at any time.
Do the Drive – Drive around neighborhoods that interest you and contact realtors about homes that are sitting vacant. Many times these homes are distressed properties and may have already been taken over by the bank.
Foreclosed properties are easily recognized as curtains are missing and the lawn is typically not well maintained or some otherwise “vacant’ appearance is evident.
Visit Your Government Office — A drive to your county seat can reveal information not immediately available elsewhere. The sheriff’s department might have a list of homes ready to be foreclosed; get a copy of that list and visit the home before foreclosure takes place.
Who knows, but you may be able to make an 11th hour bid on the property. A true “white knight” response for someone who is in crisis!
Foreclosure Considerations
Not all foreclosed homes are bargains, however. Many homes are in desperate need of repairs or complete overhauls as the homes were neglected or abused by their most recent owners.
In some situations tax bill and utility bill liens will be added to the final cost of the home purchase and must be considered when placing a bid on foreclosed property.
See Also — How to Avoid Becoming a Foreclosure Statistic
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