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How to Find Foreclosures
In today’s economy, finding a foreclosed property may seem to be a simple matter. In every neighborhood, there are ‘For Sale’ signs. In some neighborhoods or cities, there are numerous ‘For Sale’ signs. At the end of the first quarter of 2009, there were 803,489 homes in foreclosure in the United States.
Yet, there is usually no sign (“foreclosure”, “bank-owned”, “bank repo”) that the house is in foreclosure. And driving up and down the street is time consuming and yields very little information about a property… particularly its legal and financial entanglements.
There are numerous risks involved in buying a foreclosure property. You don’t want to buy one that ends up costing you more time or stress than one on the regular market. You want to purchase a property where:
1. The price is less than comparable properties.
2. The location of the home or neighborhood is desirable
3. The property is in good condition and has not been vandalized or stripped of assets.
4. There are no legal or financial entanglements.
5. The property is vacant or in responsible hands.
6. The seller (whether it is the owner or the property trustee) is honest and open.
These are the best sources for finding that perfect property.
Real Estate Agents
Some real estate agents specialize in foreclosure property. This specialty is usually not advertised but, with a little research, you can find one in your area.
Ask a realtor to search the Multiple Listing Service (MLS) for REOs (Real Estate Owned) properties in the area in which you are interested. You might find that one or two agents dominate the listings. Next, search MLS for listings by those agents, and you will probably find quite a few foreclosures. If you don’t have access to the MLS listings, try entering something like “real estate agents specializing foreclosure Miami” in an internet search engine. You will certainly find an agent in your search results.
Because of the complexity of foreclosure property, you will be wise to find an agent to work with you in finding a home and in buying it. In some cases, (e.g. HUD homes), you must use a real estate agent.
Internet Foreclosure Companies
The Yellow Pages used to “let your fingers do the walking”; now the internet is the best way to view up-to-the-minute information on multiple properties, in multiple locations at the touch of a key.
There are numerous website services specializing in foreclosure listings. You can find several more website services simply be searching for “foreclosure”.
These sites maintain an up-to-date list of addresses of pre-foreclosure, foreclosure auction, bank-owned, and government-owned properties. The information on each property is extensive:
• detailed property descriptions,
• comparable neighborhood sales,
• loan history,
• foreclosing loan information,
• owner, trustee and lender contact information
In addition, they offer advanced searches, property alerts, state foreclosure laws, access to financing, access to online auctions, and access to make offers directly to lenders.
Although there is a fee for this detailed information and service, this and other sites offer a Free Trial so you can do quite a bit of research without paying.
If you are serious about investing in foreclosures however, you can look to your heart’s content and select properties, but consult an experienced realtor to handle the negotiation for you.
Auction Houses
Auction houses sell hundreds of homes. But, auctions are not recommended for the novice. The bids are usually sealed and the bidding process is dominated by professional representatives of banks and other big lenders so an individual’s chance of getting a property is slim to none.
If you are interested in the auctions, however, you might investigate a leading one, Real Estate Disposition Corporation (REDC).
Also, foreclosures are often auctioned at a public site within the county in which the property is located. Ask the county clerk for the location and date of mortgage foreclosure auctions.
Government Agencies
Several Federal government agencies have foreclosure properties for sell. Refer to the agency website for instructions on offers for these properties.
• Department of the Treasury
• Fannie May
• Federal Deposit Insurance Corp. (FDIC)
• Freddie Mac
• Housing Urban Development (HUD)
• Small Business Association (SBA)
Bank / Mortgage Websites
Many banks and mortgage companies maintain lists of foreclosed properties online. These are a few of the major ones.
• Bank of America
• Chase Mortgage
• GMAC Financial Services
Don’t forget your local bank.
Location, Location, Location
Your chances of finding a foreclosure property are better if you are looking for a property in a state or city where the foreclosure rate is high. According to several sources, the leading states for foreclosure at the end of 2008 were Nevada (1 in every 76 homes), Florida, Arizona, California, Michigan, Georgia, Ohio, Colorado, Utah, and Idaho (1 in every 479 homes).
The Metropolitan Foreclosure Market Report for Q1 2009, indicates that cities in California, Florida, Nevada and Arizona account for the 26 highest foreclosure rates among metropolitan areas. These cities are listed below along with the number of homes in foreclosure.
Nevada
35,321 Las Vegas-Paradise
3,837 Reno-Sparks
Florida
13,875 Cape Coral-Fort Myers
4,439 Port St. Lucie
17,669 Orlando-Kissimmee
3,771 Naples-Marco Island
4,991 Sarasota-Bradenton-Venice
30,477 Miami-Fort Lauderdale-Pompano Beach
16,464 Tampa-St. Petersburg-Clearwater
3,049 Deltona-Daytona Beach-Ormond Beach
Arizona
41,382 Phoenix-Mesa-Scottsdale
1,273 Prescott
California
3,397 Merced
8,403 Stockton
50,885 Riverside-San Bernadino-Ontaria
5,931 Modesto
7,260 Bakersfield
4,023 Vallejo-Fairfield
18,175 Sacramento-Arden-Arcade-Roseville
2,622 Salinas
5,572 Fresno
2,308 Visalia-Porterville
17,887 San Diego-Carlsbad-San Marcos
3,921 Oxnard-Thousand Oaks-Ventura
59,652 Los Angeles-Long Beach-Santa Ana
Summary
You should have no difficulty in finding foreclosure property. But, as a novice, you need to be careful and patient. And, if you have any doubts about a transaction, contact a qualified real estate agent.
Remember your goal is to find a property which meets ALL of these criteria:
1. price less than comparable properties
2. desirable location
3. good condition (not vandalized or stripped of assets)
4. no legal or financial entanglements
5. vacant or in responsible hands
6. an honest and open seller
Don’t expect to buy the first (or even the tenth) property you find. There are plenty of properties available and more to come.
If you’re looking for help in finding foreclosures properties in San Jose CA? Just click the link San Jose CA Realtor
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