Where can i find a free list of foreclosed homes in my area?
February 3rd, 2010
I live in NC and am looking for foreclosed homes in my area. Most of the sites I pull up on the net ask for your credit card # etc. Is there someplace that I can find out for free? Would the county courthouse be able to give me this info?
Here is HUD:
http://www.hud.gov/homes/index.cfm
You have to know who is foreclosing? Some Banks buy the home at foreclosure price then turn it over to a Realtor to sell for them at a profit. The public never knew it was foreclosed.
February 3rd, 2010 at 11:30 pm
If they are going to be auctioned off then they will be listed in the announcements section of your classifieds. A lot of websites claim to give you all this info but most of them are BS, if someone is auctioning off a house they want the most people to know about it possible so you can find it in the paper.
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February 4th, 2010 at 12:10 am
Here is HUD:
http://www.hud.gov/homes/index.cfm
You have to know who is foreclosing? Some Banks buy the home at foreclosure price then turn it over to a Realtor to sell for them at a profit. The public never knew it was foreclosed.
References :
Real Live Virginia Realtor
February 4th, 2010 at 12:41 am
Foreclosures are public record. Look in your local paper, they have to be there somewhere. Mine is typically in the Wednesday paper, just a 1/2 article, you have to look out for it.
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February 4th, 2010 at 12:58 am
Your best source of foreclosure houses is a GOOD local realtor. Not only can they give you list of properties but they can also pull sales comps for those properties, get you into the houses to inspect them, and SAVE you money by helping you decide which house is the best INVESTMENT of your funds.
You will NEED a realtor in most cases so why not get one on your team early to help you select properties? Remember that the seller pays the cost of commisions so you going it alone does not save you or them any money.
Now the question becomes HOW do you pick a realtor? I would call every real estate office in your area and ask," Who is the BEST agent to talk to about INVESTMENT RENTAL property?" Get that person on the phone and ask how much experience they have on INVESTMENT property, do they own any, and what they think the current opputunities are. If they say thinks like "cute house" you ahve the wrong person. If they start quoting rental rates, supply versus demand numbers, rates of return, etc. THEN you have found a good one. Write down the top 2 or 3 good sounding agents and then setup a time to meet with them and have them show you online 4 or 5 possible houses that fit your investment goals. After meeting ALL of them you sould know who you "click" with and who would be a valuable addition to your investment team. These people are out there EVERY day looking at houses, talking to sellers and studying the market so you are handicapped if you try to go it alone.
My BEST deals are deals that an agent finds and brings to me BEFORE it gets listed on MLS or before others find out about it. I have NEVER had a realtor "cost" me more then they make me so in my mind they work for me for free.
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Fulltime real estate investor
February 4th, 2010 at 1:15 am
You can find free lists posted in the newspaper – whether they’re worthwhile or not is another question. You can also find listings on days designated in municipal courts for auctions. However at these auctions, many of the listed properties never make it to auction because the owners file for bankruptcy at the last minute. In addition, many investors hound the owners based on leads that they acquire from references through bankruptcy attorneys, real estate agents, brokers and financial planners.
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February 4th, 2010 at 2:05 am
I use Realtytrac ( http://www.tkqlhce.com/click-2679184-10406016) it is a paysite but well worth it.
These services are valuable to a seasoned real estate investor because they may save time. If you are willing to do a little leg work, you can find foreclosed and distressed properties online for free. Here are some tips for doing so.
Bank websites: Bank of America and IndyMac Bank are two of the largest mortgage companies in the US. They both list their REO property on their websites. Some other banks, such as Washington Mutual (The largest mortgage lender in the US) do not post their REO on their site. If you know of other bank REO links, please let me know.
Government websites. The majority of foreclosed homes are returned to the federal government. The agencies insuring homes include HuD, Fannie Mae, Freddie Mac, VA and USDA. There are links to all of these and more on the HUD website at http://www.hud.gov/homes/homesforsale.cf... For HUD homes only, go to http://www.hud.gov/homes/ click on your state for a listing of properties in your area. Fannie Mae properties are at http://www.mortgagecontent.net/reoSearch...
Traditional sites. Sites such as realtor.com list foreclosures. You can search them yourself by simply limiting the price in the area in which you are looking. Put in a price that is about 20% less than the going rate in your area. Foreclosures will generally say "corporate owned." You may also find some non-foreclosure homes that are a bargain this way.
Public Records: Check your local legal notices at http://www.publicnoticeads.com This is a free search but not all areas are listed. You can check online to see if the county recorder in the area in which you would like to purchase has online access. If they do search for Lis Pendens and you can follow the home through the entire foreclosure process. Search on Deed and put in the name of your local sheriff as grantor and you will get only the houses that have gone to auction. If publicnoticeads.com does not cover your local area, you can do the same search in your local newspaper, often online
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