Finding Foreclosures
In today’s market, foreclosures are skyrocketing and someone who pays attention to the market stands a good chance of getting a deal. You have to find them first, though. Some real estate agents specialize in foreclosed properties and have many resources at their disposal to find you a great deal with a minimum of effort. In addition, the expertise of someone knowledgeable about the market conditions is invaluable when you are investing your money and time into a purchase like this. A Realtor has access to all the information that it would take you weeks to compile, knowledge of the market, familiarity with local laws and, most importantly, will work to get the best price possible for you.
Head on over to your County Recorder’s Office (usually at the County Courthouse) to get access to notices of foreclosure. This information is free to anyone. You are more likely to find properties that have only recently fallen into foreclosure and get ahead of other foreclosure hunters in the area.
Online is another great way to find foreclosures. It won’t get you the very latest information, but it is an easy, fast, and often free way of searching for properties that are soon to come on the market. The Department of Housing and Urban Development (hud.gov) has a list of foreclosed properties on its site. The Internet is also a source of newspaper ads, bank website information, government foreclosure listings and Internet foreclosure companies. It’s also easy to create a website to let people know what you’re interested in.
Newspapers publish a Notice of Sale for every foreclosure filed. Look in the Public Notice section. Also, check out the Real Estate section for ads that indicate that the seller might be in dire straits.
Asset Managers help clients (lenders) dispose of their assets. Many asset management companies have listings of properties they represent on their websites. One subset of this profession are those who represent government foreclosures. Government-owned properties can be quite the deal for interested buyers.
Keep your eyes open for ‘For Sale’ signs or any other sign that indicates that the property might be had at a bargain, such as ‘Bank-Owned’, ‘Repo’ or any synonym of ‘cheap’, ‘bargain’ or ‘deal’. This method is not guaranteed to lead you to a foreclosed property, but at the very least, it can’t hurt to know which houses are for sale in the area.
Word-of-mouth is also a way you can get ahead of competitors. Business cards that state your interest in foreclosure properties can help you find properties through word-of-mouth. If someone is desperate to avoid a public auction, they might jump at the chance to sell their house to a friend of a friend of a friend.
Auctions are sometimes a source of very low priced properties. Successful auction buyers keep track of the homes they are interested and investigate them to figure out the general condition of the property. Sometimes, a casual inspection can net you an owner who is willing to make a pre-auction deal. However, be aware that auction properties are a crap shoot; you can make a killing or spend months trying to repair damage done by former tenants/owners.
These are a few of the main avenues to obtaining information about foreclosures in your area. However, as with all lists and suggestions, they are not the only ways. Search the Internet or visit your library for more information on foreclosures and how to find them first.
Joshua Sloan is your experienced Realtor for San Diego California real estate. Visit his website at SanDiegoRealEstateBuzz.com to view the San Diego foreclosures listings.