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The last step left to do after you have made you decision to invest in foreclosures is finding the right foreclosure properties. There are many sources to find properties that are in foreclosure. The two major categories are bank foreclosures and government foreclosures.
There are a variety of types of government foreclosures. Examples range from a wide variety of governmental agencies, from housing to veterans to banking administration agencies, to other more traditional sources, such as Fannie Mae and other quasi-governmental institutions. There is even a governmental agency that is solely responsible for figuring out what to do with property it no longer wants and getting rid of it!
Many REO sales are listed online, under the category of REO listings, and many directories exist that can help you find these websites. You can also identify these properties by asking an asset management company for input. This company will help the banks to sell off foreclosed homes, and may even have a useful website of its own.
It is also very important to look at pre-foreclosure properties as a possible source for your investments. To be able to capitalize on this option you really need to have a decent understanding of the foreclosure process. But at various stages of the process notices are recorded with the County Clerk and these public records may be searched by anyone which gives you the possibility of locating properties that are heading towards foreclosure. You can then approach the owners about acquiring the property prior to foreclosure and help them out of a sticky situation.
As is required, the Notice of Sale of a foreclosed property must me published in the newspaper. You will find notices for trustee sales in the Public Notices section of the local newspaper. It is important to be thorough with your research when you buy at trustee sales, therefore it may be better to be aware of properties before they reach the public notice stage of the foreclosure process. Exercise caution as properties are sold "as is-where is".
It could be worth your time to research the county website to learn about your target market. Look for resources that are available to research foreclosures in the market. This can help you if you are interested in buying pre-foreclosure properties or foreclosures at a county auction.
As you may notice there various sources of foreclosure properties and I recommend that you explore several sources as opposed to only using one foreclosure database. If you expand to include the listings of a few banks, asset managers and government agencies as well as the county clerk you will have a more varied range of listings to chose from. And this will give you an edge over investors competing with you for properties.
At some point, you may have made the decision to begin foreclosure investing, but you haven’t yet started since you don’t yet have foreclosure homes. Two key groups of listings include government foreclosures and bank owned homes. It is useful to think in terms of two groups as there are numerous ways to identify properties. Explore several sources as opposed to one database. If you expand to include the listings of a few banks, asset managers and government agencies and the county clerk you will have a more varied range of listings to chose from. And this will give you an edge over others.
- David E. Williams
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