How to Buy a Foreclosed Property

Video Transcript

"Buying a foreclosed property can often represent a good deal. I'm Richard Blake and I'm here to help assist you in buying foreclosed property. The first thing that you want to do is locate the property it is that you're interested in, meaning finding the foreclosure properties that are available. The first place that you can do this on is the internet. There are several web sites available that offer lists of foreclosed properties in the area. Generally these web sites will charge a fee for access to their web sites or for the list of properties. An easier route and a more an expensive route is actually to contact your local real estate agent. Unbeknownst to many they actually have full access to the foreclosure properties in the local area and they can print out the list for you as well as look up property values in that neighborhood and that sort of thing and give you a good idea of what a good offer or a good bid would be. Once you've located that property or once you've decided which property it is that you're interested in do your homework on it. Make sure there are no leans on the property. You can do this by hiring a title company or a lawyer to do a title search on the property and make sure that it's clean and ready to be transferred to a new owner. At that point in time you're going to decide what type of offer you'd like to put on the property and then you just go and bid down at the city court when the auction date has been stated. You might be able to find those dates in the local newspaper as well. OK. So, I'm Richard Blake. I hope that helped you a little bit in how to buy a foreclosure property. Again, see your local real estate agent and they can assist you further. Thank you."