Maybe you're in the market to buy a new home for investment or to live in. Whatever the case, why pay full price for a home if you don't have to? Foreclosured and REO properties are a great way to go if you want to save money and if you don't mind property you may have to fix up. There is even a 203k mortgage that gives you extra money for rehab costs less than $5,000. Not sure where to find these properties? Well here is a list of places that deal in foreclosure and REO properties.
Local Lending Institutions
Call all the banks and loan companies in your area. Ask to speak with the person who handles foreclosure and REO sales. Ask them how they sell these properties. Tell them what kind of property you are looking for. Be as specific as possible. If they have any properties available, they will usually tell you the location of the property and have you drive by to take a look. If you like what you see, act fast! Call the lender and get the process going.
Auction Notices Posted at the County CourthouseCheck with the County Recorder or Clerk to find the exact place where notices are posted at your County Courthouse. These notices give you all the relevant information about upcoming foreclosure sales-dates, times, and locations.
Public Notices Published in the NewspaperLenders are required to give borrowers "sufficient and timely notice" of any foreclosure proceedings against them. This is most often done by printing a public notice in the local newspaper. Default notices are usually published in the Legal Notices section of the paper, but also check the classified ad and real estate sections. These notices give the date, time and location of upcoming sales.
Publications Dealing with Financial MattersJust about every county in every state has publications that list pending foreclosures. They may be published weekly-or even daily. Sometimes you can subscribe to a service that will send you this information on a regular basis. You can find these publications by looking in the Yellow Pages under headings like Publishers, Newspapers, Financial Data, and Foreclosure Services. Look for companies that publish legal notices from the county recorder's office.
Other places to look are business departments at universities and the county law library. You can also go to your local public library and ask to see the Commercial Record. This publication lists all the divorces, foreclosures, deaths and probates in your area, and is published for use by attorneys and title companies.
Talk to Everyone You KnowYou can make friends with people in the foreclosure industry. Making contact with people who are in the business of buying, selling and servicing real esate is probably the best way to find out about these great deals. So don't hesitate to talk to people and let them know what you are looking for.
There are a vast number of real estate companies and independent realtors who make a business of specializing in foreclosure properties. Scan the real estate section of your local newspaper. Look for advertisements of agencies who deal with foreclosures. Some real estate companies have 800 numbers that you can call for a pre-recorded list of properties currently being offered.
Reference:
Harris, Rebecca A. How To Buy Goverment Foreclosures Volume I. Unites States of America: Clarendon House 1998
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