There are tons and tons of articles you can read about the do's and don'ts of buying foreclosure property. You can even subscribe to programs (for a price) that will keep you updated on what properties are available (or soon to be) and what stage they are in at any given moment. While most of these programs will give you an idea of what's available, by doing a little homework on your own, you can find properties that are in various stages of the foreclosure process. Here is a list of some of the ways you can find and even bid on foreclosure property:
- Subscribe to a foreclosure listing website -
Some of the more popular ones will give you a free trial of 14 to 30 days to try out the program. This is an opportunity to see what's available in the area in which you are looking to purchase. Serious investors will have other avenues, but this is a good place to get your feet wet.
- Talk to realtors that list in the area -
If it gets to this point, it may already be listed and you may or may not know that it's a foreclosure. Ask them! With a little research, you may even find that one realtor in the area that specializes in foreclosures. This one will have the most knowledge and even the most listings.
- Investigate the neighborhood -
Many times a potential foreclosure will stick out like a sore thumb. Upkeep goes down when the house is abandoned. You can always ask the neighbors. They generally know what's going on. At any rate, there isn't always a sign in the front yard but there might be a notice posted on the front door.
- Read the paper -
Sheriff's Auctions are published in the legal notices. There's usually a special time or date that they show up and it's almost always in the main paper for the locality.
- Check out County Websites -
A lot of auctions are listed on the website for the county where the property is located. Look on the sidebar for Sheriff's auctions or click through to the sheriff department page if they have one. Worst case senario is you can call the court house and they can tell you the date and time for upcoming auctions.
- Check out the County Websites -
I put this in twice for a reason. If you go to the auditor's page of the county website, you may be able to find all kinds of information on a property that you suspect may be entering foreclosure. I've found information on previous owners, property valuation and taxes, whether there are liens on the property, who the lending institution is, if back taxes are owed, and even if the property has been refinanced through the years. Note - this can also help if you are just looking to buy outright through a realtor or direct from owner, too.
- Call local banks -
Many times local banks are the ones that own the property loan. Check with them when you find a property in the early stages of foreclosure. If you get to them early, you may beat out the competition.
There's a lot of information out there. It really depends on how resourceful you are on how successful you can be. Remember that there are two reasons to buy foreclosure properties. One is for investment, the other is to find a house at a reasonable price to call home.
