Finding Foreclosures

By: Benjamin DeBell

Foreclosures are homes that are being sold because the previous owner failed to make mortgage payments. When finding foreclosures, though, it is easy to run into problems - outdated listings, lack of information and homes in very poor shape. That's why these tips can help you in finding foreclosures that are right for you:

Tip 1 - Sign up for an online foreclosure service, but use a free trial before you buy. Many online services promise to list hundreds of thousands of foreclosures, but in reality many of these listings are out of date or contain very scant information.

Tip 2 -- Search county tax appraiser websites. These websites often contain lots of information about tax and properties and can point you the right direction.

Tip 3 - Visit the HUD site often. The HUD (Department of Housing and Urban Development) site can tell you how to buy a first home for less and the site also contains listings of HUD foreclosures across the country - all for free.

Tip 4 - Look at your local paper carefully -- it may list sheriff's sales and tax sales. These are well worth visiting - just remember that you will have to pay for any properties you buy at such a sale up front. You will also want to do all your research ahead of time about these properties, since all sales are 'as is.'

Tip 5 - Drive by homes in your neighborhood that may need work. Look for 'For Sale by Owner' signs. This can be a good way to buy distressed pre-foreclosure real estate for less.

Tip 6 - Get to know a real estate agent in your area with expertise in foreclosure homes. There is likely a real estate agent in your city or town specializing in distressed properties. This agent gets lists of the latest HUD homes faxed to them every week. He or she can help you find a great, low-cost home and can help guide you through the buying process as well.

Tip 7 - Visit banks or bank websites. Banks often sell off distressed properties that they repossess when mortgages are left unpaid.

Foreclosures
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Foreclosures
 



Share this article :
Click to see more related articles