How to Find Information on Foreclosures
If you want to invest in a foreclosure to get your home at reduced cost, you need listings of foreclosed properties, and you'll need to investigate interesting properties to find out if there are any tax liens, structural problems or other unpleasant surprises in store for an unwary buyer. To find information on foreclosures you should use more than one strategy and information source.
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Instructions
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Contact the real estate officer at your bank and other area mortgage providers. They are the first to know if a property is going into foreclosure and you can often find a great deal early. Mortgage lenders can also tell you if there are any tax liens or other legal problems associated with a particular property.
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Develop a working relationship with a local realtor experienced in foreclosures. In addition to bringing their expertise to the task of finding foreclosed properties, good realtors will help you investigate particular properties to determine their investment value. If you don't know a realtor, contact your local Board of Realtors for a referral.
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Check out online listings of homes. One excellent source is the Department of Housing and Urban Development (HUD), which maintains an up-to-date, state-by-state online listing of foreclosed and other properties. There are also some good online real estate websites that don't charge you to see their listings. Two that you can start with are BidSelect.com and HotPads.com.
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Browse the listings of upcoming foreclosures published by your local tax office. In many areas, these listings are available for free online. If your local agencies don't yet provide online listings, you may have to pay a small fee to see their postings of foreclosures.
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Check traditional sources of information about foreclosures such as newspapers and real estate newsletters.
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Check with the local tax office to find out if there are any outstanding liens on a property before you make an offer.
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Retain the services of a qualified home inspector to check out the structure, wiring and other critical parts of a property before you commit yourself to the purchase. Your realtor or local Chamber of Commerce can recommend a reputable expert to properly inspect the property.
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