Where to Look for Foreclosure Listings
Getting your hands on foreclosure listings for the area you are looking to buy is one of the first things that anyone interested in entering the market for foreclosure properties should consider doing. Foreclosure listings are available from a number of sources, including the County Records Office, realtors and over the internet in the form of searchable databases and specialist sites. Foreclosure Magic is one such site covering the whole of the US.
With so many avenues to explore, there should be no problem getting foreclosure listings for properties in your area. If profit is your aim, you need to focus your search on bank foreclosure listings, as these usually result in quick sales at lower prices.
Winners and Losers
Although buying foreclosed homes can be a great opportunity to make money, it should always be remembered that someone has lost their home. Foreclosed properties are often available at prices significantly below market value (anywhere between five and fifty percent less than their true market value, in fact) making a wise investment choice.
A pre-foreclosure listing is another form of foreclosure listing containing details of properties, as designated by individual lending institutions, that are in default on the terms of their home loan. When looking for foreclosure listings you can choose to search for them on the Internet, check out realtors, or try out the county records. It is quite common after the property is seized that it gets placed in an auction conducted by county officials. The county in which the property is located is the county where you will find them listed, although many online databases cover the whole of the country and you simply select your own search criteria to narrow the selection down.
If you are willing to pay a fee for your foreclosure listings, a number of websites will supply you with regular (usually monthly) listings of currently foreclosed homes, or homes designated as being in “pre-foreclosure”. If you want more choice, consider checking out realtors that are operating in your community. Occasionally, when a bank is unable to satisfy the outstanding debt through a bidding process, it puts the property directly in the hands of the realtor. It is then the task of the realtor to find a buyer for the property.
When considering pre-foreclosure listings, it is worth remembering that the lender has a duty to notify the borrower that a foreclosure proceedings are due to commence (typically a minimum of thirty days prior to formal foreclosure action commencing). At any time during this period of notice, the homeowner may decide to sell the property in order to clear his or her debt and satisfy the terms of the mortgage.
The key to finding good foreclosure listings is to be patient and not jump in to the first deal you see. Contact realtors who you know have relationships or associations with lenders, as they are always the first to know when a foreclosed property is coming on the market. Realtors often use the term “fire sale” when referring to foreclosure listings, so you may want to use this phrase when contacting them, as they will be more likely to divulge more information if they think you “speak the lingo”. Realtors are also a great source for bargaining tips, as it is in their best interests to get a quick sale on their foreclosure listings.
At first, you may find it a time consuming activity learning how to find the best listings, but once you have tapped into them, the rewards will be more than worth the effort.
