In the never ending desire to build wealth in this country through real estate acquisition, learning how to find the right foreclosure properties is perhaps the end all be all in that process.
To start Auctions can be the ideal vehicle to find what you are looking for, and actual live auctions are the granddaddy of them all. Live auctions offer single property sales as well as many many properties or personal effects on the same day. All dependent upon your personal taste an aptitude for risk. A few caveats that you need to be aware of in this scenario is first you will need to be pay the full price in cash right away if you are the winning bidder. Next you will need to buy the property without a home inspection effectively as is where is. All of these factors are things you need to become aware of and have peace with if Auctions are your cup of tea.
Online Auctions are a different animal however because with these the experience is entirely virtual, and can be done at home in your pajamas right in front of your trusty laptop. The chances for risk and mistake are amplified here of course but so is the opportunity, buyer beware as always.
Bank/ Lender Web site Purchasing is yet another way to find the needle in the haystack as lenders/banks will often feature properties that perhaps failed to sell at auction on their company web site. This is a premium opportunity to find the best discounted prices since you can choose the area of interest and once you have this the properties featured therein having been a no sale at the auction are now practically being given away.
Government Agency Web sites are also a price are of interest with a myriad of buying opportunities. HUD is a great resource this is a the US Department of Housing and Urban Development. In this case their will be an actual real estate agent marketing the home you will need to dialogue with which is a good thing no doubt since you are likely to glean much vital information form said agent. Fannie Mae is another option, this is the federal national mortgage association, this agency has the web site HomePath where you can conveniently search for properties via zip code or address. Another is the Department of the Treasury offering properties that were seized or acquired by the IRS for nonpayment of internal revenue taxes. This is an outstanding option.
Real Estate Agents are yet another great opportunity for those seeking prime foreclosure opportunities. A local resource like this may prove the best way for you to find that special property that meet all your buying criteria. Agents have access to that all powerful tool called the MLS or multiple listings service which is wholly proprietary to agents alone. Couple this with the support and intrinsic knowledge that only an experienced agent can impart and you are in good hands no doubt, however make sure and choose a good reputable agent. Communication is key in this relationship as an agent is only as good as they inflations they are given by you the consumer as to precisely what you are looking for and what you can readily afford. Well there you have it, five of the best ways to not only find the ideal foreclosure but how to procure it as well. The beauty of foreclosure properties is that are a near constant in both good or bad markets, opportunities are always readily available for those willing to d the hard work of seeking them out. Happy Hunting. NAMSATE