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Five ways to find properties in foreclosure
from:Finding foreclosure properties to begin real estate investment is relatively simple. There are several methods to find property that has been foreclosed or is in the process of being foreclosed. Here are a few of them.
1. Records at the local county courthouse. In this method you can find the houses that are being foreclosed either by lending institutions or for non-payment of taxes. This method is time consuming, but you have complete control over your search. The thoroughness of the information you collect is totally dependent upon the work you put into it.
2. Newspapers. In every newspaper in the country there is a section for legal notices. These notices hold the legal information for properties in foreclosure. These notices will name the person(s) who has the legal proceeding against him/her, the name of the lender(s), the name of the county sheriff, if this is a tax foreclosure, or any other pertinent information. It will give the date of the proceedings and ask for further information from anyone who wishes to put a lien against the property.
3. The internet. Online foreclosure listing companies will search for notifications of default. Then they sell a subscription for this information. Although this is a very easy way to get the information about foreclosures, this is a 'buyer beware' situation. There will be others using this service that are looking for the same information that you're looking for. Along with that, you need to be sure that the information you get is current and not outdated. See if they'll give you a free trial period before purchasing.
4. Direct Mail. Consider a mass mailing through the postal service for home owners going through a foreclosure. As you receive information back from this mailing you can be assured that these are good leads. Another advantage is that you may be able talk with to someone that is still in the pre-foreclosure period. They are motivated to sell, or they wouldn't have made contact with you about their property.
5. Real estate companies. A bank that ends up with properties that are being foreclosed will hire a real estate agent to represent them The bank doesn't want the property; it wants it sold. A good real estate agent can get a list of properties that the bank has possession of.
As you can see, there are numerous ways to find information on foreclosures. Don't forget, one of the best ways to get information of any kind is by word-of-mouth. You might hear that the brother-in-law of the your sisters best friend is preparing to go through foreclosure proceedings. Be ready with a business card, flyer or brochure to give them.
Foreclosure News
Foreclosure Properties Decline to 20% of Home Purchases in U.S.
Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.
Read more...Foreclosure-Related Properties Decline to 20% of Home Purchases in U.S.
Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.
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The Obama administration is taking another swing at improving its main foreclosure prevention program.
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IRVINE, CA-- - RealtyTrac® , the leading online marketplace for foreclosures, today released its Q3 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure ...
Read more...17% of Chicago-area homes sold in 3Q were in foreclosure
RealtyTrac also found that 16% of homes sold in Illinois in 3Q were in foreclosure Sales of homes in foreclosure or already bank-owned represented more than 17 percent of all sales in the Chicago area during the third quarter, a decline from previous periods because of foreclosure processing delays.
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