The first step to becoming a successful investor of foreclosed homes is to know where to find these properties. Since repossessed homes are usually sold below market value, many investors, real estate agents and even the general homebuyers are always on the lookout for good real estate. As such, you should know where to find foreclosure listings before your competition does.
Be aware that not all repo homes on the market are good deals. It would take deeper research and assessment to find profitable opportunities within the foreclosure market. There are several ways of finding amazing deals on repossessed homes.
Foreclosure Listing Services
On the internet alone, there are thousands of foreclosure listing services available both for public and private viewing. Unfortunately, not all listings online are reliable. Be sure to do your homework before paying for foreclosure subscription because the quality of their services varies significantly. To ensure you are on the right track, inquire about how the foreclosure listing services obtain information.
These are yellow or white corrugated signs with metal stands that stick into the ground. Many people use these signs to advertise or look for foreclosed properties. If you want to use bandit signs, you can easily buy plain signs and handwrite a message that you are willing to purchase a repossessed home. You could place these signs on corners around areas where you wish to buy a property.
Some serious homebuyers check out the local courthouse and look up foreclosure records. Some can even get access to the lien information, property’s assessed value, homeowner’s lawyer handling the foreclosure process and other information that could help you evaluate if a property is a good deal or not. If you’re new to the foreclosure market, you can ask assistance in looking for the Lis Pendens or Notices of Default.
Experienced Real Estate Agents and Realtors
Most real estate agents have inside connections with the bank or courthouse so even if the homeowner has not yet started the foreclosure process, Realtors and other agents can have access to foreclosure listings.
Whichever way you collect foreclosure listings, it is important that you do your research before negotiating a purchase. While most repossessed homes do offer great discounts, not all properties can be profitable. If you are serious about searching for a great deal, whether for residence or for profit, it is best to use as many ways in collecting foreclosure listings so that you could sift through these lists to find the best deal available on the market.