Find Local Foreclosures Without Paying

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Where can I find houses in foreclosure in my area without paying for this information?


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You can call a local Realtor who will have that information.

If you want a foreclosure and you want to buy it at the Trustee’s Auction– be careful. There is a lot of homework that you must do prior to bidding on the property. How much is the property worth- Really? How many liens are on the property and how many will fall off during the trustee sale VS. which ones will stay on? There are many “professional” people who go to these auctions to bid on properties that have built in equity- so you should ask yourself – if you are the highest bidder-why is that?

There are two other ways of getting good deals on properties. One is called a “ Short Sale” and the other is a “REO” property.

The Short Sale is where the seller has the property on the market for less than they owe and will ask the lender to take up the difference, including selling costs.

An REO (Real Estate Owned) is a property that has already been taken back by the bank and is now in their inventory. The bank just wants it sold and will often listen to offers from creditable buyers.

The Short Sale process can produce good deals but they are a very time consuming and a lengthy process.

If you are prepared to wait at least 45-60 days to get an answer then this is your best vehicle. Most buyers are not savvy enough to know about the Short Sale process (most agents either) and therefore you don’t have much competition.

Versus everybody knows about the REO because it is listed with a Real Estate agent and put on the open market.

It is best to contact a Real Estate agent who specializes in Short Sales.

Answered over 6 years ago
Anonymous

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