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How to Find Forclosure Listings - Real Estate Investing
Opportunity presents itself in many ways, shapes and forms. This statement holds particularly true in the Real Estate market where a loss for one investor or homeowner can turn into financial gain for another. Forclosures are such an opportunity where profits can be made from buying and selling properties that have fallen into non-payment status. From the MortgageMag.com article Buying a Foreclosure Property Below Market Value, here is a brief description of the various types of forclosures.
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There are three basic types of foreclosure properties, representing different stages in the foreclosure process: notice-of-default (NOD) and notice of trustee sale (NTS), which are both pre-foreclosure properties; and real-estate-owned (REO), a foreclosure property which has been re-purchased by the bank.For most consumers, buying a pre-foreclosure property from a private homeowner is the best option. It s important that both the buyer and the seller see the situation as a win-win situation, in order to ensure a smooth process. In this case, the seller is able to get out from under a mortgage without destroying their credit rating, the lender is saved the time and expense of foreclosing on the property, and the buyer gets a below-market price on a home.Foreclosure auction sales are typically the domain of the professional investor. These properties are formally in default, and sold to the highest bidder at an auction. Buyers are required to be physically present at the auction, and must pay 100% of the sale price in cash, on the spot. Though foreclosure auctions can offer significant savings, they are not for the feint of heart or the uninformed. Unless the buyer is already familiar with a particular property, there is usually little time to examine it. And the buyer will be competing against professional investors and sometimes even the lender at the auction.
Once the lender officially reclaims a home, it becomes a real-estate-owned property (REO). While REO properties typically offer more time for evaluation and a more standard bank-managed transaction, their prices are usually very close to full retail market value. |
If you are interested in learning more about these type of real estate opportunities, Cheap Homes Blowout is The #1 place to find national foreclosures, bank auctions, HUD homes, VA homes and more! which allows full access to their Foreclosure Search Network which is an online service that aggregates public data and provides its members with the foreclosure listings of publicly listed foreclosed homes. Included are Forclosures, Preforeclosures, Tax Liens and Distressed Properties. Some of the homes you will find are priced at $10,000 or less !!!
by C4G
I would be careful if I were you about what you are calling a scam and/or fraud, these are quite strong terms and possibly you do not comprehend the literal meaning of those words because all you’re doing is looking for linkbait.
While it is unfortunate that some homeowners fall into forclosure, it is by no means a “scam” or “fraud” to capitalize on other people’s inability to pay their bills. Would you rather those people be coddled like suckling babes and have their hands held while they max their credit cards out on junk like iPods, Xbox, clothes, car stereos, plasma TV’s and then they can’t afford to pay their bills?
Nobody said the business world is a perfect place but to call a perfectly acceptable business practice a scam or a fraud shows your lack of maturity.
What about the lenders who wrote these mortgage loans that are being defaulted on? How about the real estate brokers who sold these people their over-priced homes? Are they scammers and fraudsters? Oh, I guess everybody should just be entitled to a free house, a free car and a free ride in life.
a shto chesh!
by James Kobzeff
I totally appreciate the homework you did about foreclosure properties. I have tried similar foreclosure sites, however, and didn’t find them to be particularly helpful.
by First Time Home Buyers
I second C4G on the “scam” issue. Buying foreclosure properties is smart business, that nets many investors a fortune. The fact of that matter is that the homeowner couldn’t pay their bills, their house was foreclosed on and now being sold for cheap, do you want to cash in or let someone else do it?
My wife got me into investing in these types of properties a couple of years ago and we have managed to make a pretty decent income, I don’t feel bad about it, if I didn’t buy the homes then someone else would!
by Robert
It is true that lots of foreclosure scam is going around and we should take note of them before moving ahead. Foreclosures are taking place and homes are sold in auctions. The problem with auctions is that a bidding war starts which result in homes sold at a higher price. For this reason many investors try to approach the owner before his/her home is foreclosed.
by Jayboy
There are also real estate agents who specialize in foreclosure properties specifically. In my local area at this point the vast majority of homes on the market are either foreclosures or short sales, so it’s important to work with an agent who’s knowledgeable when it comes to this facet of the real estate business.