Tips in Looking for Foreclosed Homes and Properties for Sale
It might sound absurd, but you can actually benefit from the misfortune of others in the form of foreclosed properties. According to the US Real Estate Trends & Market Info, 1 out of 1903 residents has his property foreclosed.
With such number, people have found a way to gain profits by investing in foreclosed houses and bargaining them later. The problem is: it’s not always that easy to come across foreclosure listings for a list of available foreclosed properties to bid on.
To help you with the process, here are some tips you can consider:
#1: Look for Online Listings
The internet is your friend when it comes to searching for available foreclosed properties to bid on. There are several websites that provide foreclosure listings at a very affordable price. Of course, you have to pay for the service. After all, looking for a comprehensive list of foreclosed properties is not that simple.
Most of these services will provide you with several useful information such as the name, address, amount owned, outstanding loans, and more. There are even a select few that also provide you with contact numbers.
#2: Contact a Real Estate Agent
Real estate agents are knowledgeable when it comes to local properties that are at risk of foreclosure. It is because they network with other real estate agents and are quite familiar with the local market. With a real estate agent, he will help you search for foreclosure listings within the Multiple Listing Service (MLS). Ideally, you need to choose an agent with adequate experience when it comes to foreclosures.
#3: Check out Government-Owned Listings
You can also look for listings from a government agency such as the Department of Housing and Urban Development. You can check the list from its website and make offers through an agent that represents the property you want.
#4: Take Advantage of Traditional Resources
Newspapers still remain as one of the most reliable sources of information for foreclosed properties. Since it is required to publish a Notice of Sale in a local newspaper when filing a foreclosure, you can take advantage of this when looking for foreclosed homes to invest in. Aside from local newspapers, you can also search for information from real estate newsletters, business journals, and other publications.
#5: Look for Public Records in Your Local Area
Throughout the foreclosure process, notices and foreclosure information are recorded in your County Recorder’s Office. By visiting your local office, you can gain access to this information for free. To do so, simply visit a local county’s office then look for a Notice of Default (NOD) or Notice of Sale. There are also cases where they post this information online.
The Bottom Line
The process of looking for a foreclosed property listing is difficult if you don’t know the right places to look. By keeping these tips in mind, you can have insights on where to look for foreclosure information. With such information from either online or offline sources, you can finally start making profits from your investments.