Things You'll Need:
- Computer Internet service
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Step 1
Buy Freddie Mac properties. Freddie Mac purchases residential loans from lending institutions. Home Step Asset Services markets Freddie Mac foreclosures. View listings by visiting www.homesteps.com.
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Step 2
Buy Fannie Mae foreclosures. Fannie Mae is the largest purchaser of secondary loans from lending institutions. Contact real estate brokers in each state. Apply for special financing from HomePath Specialists, employees of Fannie Mae. View lists of foreclosures and real estate brokers at www.fanniemae.com.
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Step 3
Purchase federal government properties. Purchase homes, apartment buildings, office buildings and land from the Internal Revenue Service and the Federal Deposit Insurance Corporation .View online lists of properties and purchasing rules and procedures at www.ustreas.gov/auctions/irs/Tips and www.fdic.gov/buying/owned.
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Step 4
Attend sheriff's sales or judicial sales. These sales are legally forced sales resulting from a property tax lien, civil lawsuit or bankruptcy and are conducted by the circuit court. Do a title search before purchasing. Obtain a cashier's check for 10 percent prior to sale. Pay balance within 24 hours.
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Step 5
Purchase at private auctions. Look in the local newspaper and national publications such as the Wall Street Journal. Search for local auctioneers in the Yellow Pages. Inspect property, read paperwork and have an adequate deposit prior to bidding.
