subject: Ways To Find Foreclosures [print this page] If you have decided to purchase foreclosed homes as an investment strategy, you'll first have to locate suitable properties. Fortunately, there are many ways to find candidates for your foreclosure flip transaction.
The Local Realty Office
Real estate agents in your area are an excellent resource when you are trying to find foreclosures. There are even realtors who specialize in foreclosure listings. However, these individuals do not always advertise their services in this regard; your best bet is to go online and do an Internet search for local real estate offices in your community, noting those whose names appear most often. Then, study those listings. Chances are goof that you will find foreclosures as well as
motivated sellers.
The Drive-By
Another strategy is to visit some neighborhoods in your town. You'll be looking for signs such as "For Sale by Owner," or "foreclosure," "bank-owned" and "bank repo." In the case of the latter, note the name of the realty company or preferably the agent. Banks and lending institutions tend to be much slower to approve sale prices than they are lining up for taxpayer handouts, so there's a good chance you'll have first crack at purchasing the property in question.
Another way is to take a drive through neighborhoods that interest you. Look for signs with words like Note who the realtor is and call them straight away. Since it usually takes banks much longer to approve a sale price than to get a handout from the federal government, you could conceivably be first in line when the home finally goes on the market.
Banks, Mortagage Companies and Lending Institutions
The following private companies generally keep listings of foreclosures that are accessible to the public. You're likely to find foreclosures at any of the following:
Bank of America
Chase
US Bank
Wells-Fargo
Keystone Asset Management
You may also want to check out the following Federal agencies.
Housing and Urban Development (HUD)
Fannie Mae
Internal Revenue Service
Small Business Association (SBA)
Auctions
Your best best is to confine your search to local auctions. If you try to buy foreclosures at an online auction, you're going to be competing with buyers from all over the country; the result is that prices will get bid up very quickly, and you won't get the best deal.
As you can see, there are many ways to find foreclosures. Just be certain to do your due diligence beforehand and make certain that you have a ready buyer lined up; otherwise, when you buy foreclosures, you may wind up with a major liability rather than an asset.
