Now you know what a foreclosure sale is, how do you go about finding them? Well there are a number of places you can look.
In this guide we will go through the pros and cons of each to give you a better idea of what to expect and the savings you can make.
1. Real Estate Agents
Some local real estate agents specialize in foreclosure sales. They’re contracted by the major banks to sell foreclosed homes in their neighbourhood.
Do some research and find out who these agents are, then contact them directly to see what they have to offer.
2. Real Estate Signs
Drive around any neighbourhood and you’ll see any number of realtor’s signs, but the ones you’re looking for will say something like Bank Repo or Foreclosure on them.
Make a note of the agent’s telephone number and contact them directly. If they have one Repo home for sale they’ll likely have others so you should have quite a few to choose from.
3. Bank Websites
All the major banks list foreclosure sales on their websites; you can’t deal with the banks directly you’ll have to deal with their local representative but they’re a good way to see what properties are available.
Then all you need to do is contact the local representative for any property you may be interested in.
4. Asset Management Companies
Some of the major property lenders employ the services of asset management companies to dispose of foreclosure properties.
Usually you’ll have to log in to view the properties and there isn’t a huge range to choose from but they are never the less a good opportunity to find those hidden gems.
5. Government Agencies
Not all home loans are foreclosed by the lenders; sometimes the Internal Revenue Service (IRS) forecloses loans because of non payment of tax. The US Treasury is also a good source for a list of homes and other items for sale.
6. Auction Houses
This is the most common way to buy a foreclosure home. Usually you’ll have the choice of hundreds of properties so you should be able to find something within your budget and location.
Always remember to do due diligence before you buy and set a price which you’re willing to pay and stick to it.
You may find searching through all these websites and agency’s too time consuming or troublesome. But don’t worry help is at hand, there are a number of websites who do all the searching for you. They do charge for the service though.