Buying Foreclose Property
I am a newbie and wanted to find out the best way to get info regarding foreclose properties. How do I find a foreclose property? On the internet there seems to be a lot of companies selling information regarding foreclosed properties? Are they real? Where do Banks adverised foreclosed properties and how can I get that information. I don't see too many advertisement in the local paper. Any help and direction will be greatly appreciated.
http://www.foreclosureworld.net is a good site. Updated every Thursday --$360 for a year's worth of information.
DON'T PAY FOR IT!!!!!
Go to the courthouse and look for the records. Whenever a bank is going to forclose on a property it is filed at the courthouse. You may find out about the forclosure before the owner does. You can get all of their info from their and have no competition.
Do you have the money to invest? If you do or can get the money, approach them and let them know that you know their situation. Low ball an offer on their house. They might not go for it. Let them tough it out. When they realize that they have no other option then they'll come back to you.
If they wait to the last minute, pay them even less. I have used this exact method time and time again to buy properties for 100k or 150k less than FMV. That is a nice return when I sell it.
Main point, DON'T buy a membership somewhere and open yourself up to all that competition when you can find the info on your own.
Nick
All the foreclosures for my county are listed on the internet for free. Find out what the legal newspaper is for your county and search accordingly. Good Luck.
Mike
I get all my properties from foreclosure .com and the HUD website. I don't mind paying $4.95 to sit at a computer and look at 1000's of properties as compared to being at the courthouse. It cost s me $22.50 to park there. I had to go to the court house 3 times this month that's $67.50. It's only $4.95 a month to use someone's website. It costs at least $25.00 to be on this website. I am a firm believer that my time is very valuable, If I have to pay for something that I am making money on, it's called an expense.
But ultimately have to decide how much your time is worth and how you want to spend it!!!!!!
Lori
[addsig]
Here in NH and in MA most properties are sold by auction companies. I found the names of these companies in the paper when they advertised a foreclosure auction. From there I found their website and they have a schedule of upcoming auctions. Keep in mind that if you try to buy at the auction you'll be bidding against the regulars who go to all of the auctions. Most of these guys have a network of people that they just flip these properties to. Getting to know them can be valuable if you're in a position to buy quickly and provide other value such as rehabbing then flipping the properties yourself.
Someone else mentioned finding the properties at the court house first. This will more than likely be your best shot at getting a good deal. You will however have to deal with people who are about to loose their houses and aren't always very pleasent when approached.You'd be amazed at how some will think they're in the drivers seat and want way to much for their properties.
Good stuff,
I actually use paid and free info. check city or county wed site. time is money as some one else stated.