Foreclosure Property

One of the best sources to find foreclosure property is by scanning local or national bank foreclosure listings either on the internet or your local newspaper.

Once you come across a few listings that pique tour interest, get the contact information and get going. But before you jump off, take some time to properly evaluate the properties thoroughly.

The following are a few helpful suggestions you might use when considering your next purchase:

  • Don’t bid (or buy) on properties that you cannot see with your own two eyes. Pictures alone simply do not do justice to any piece of real estate. And, you will miss a lot of details of the house that only you can see up close and personal.
  • If going to real estate auctions for the first time, it’s probably not in your best interest to do any actual bidding. In fact, we recommend attending two or three auctions without bidding and just observe and take notes. Get a feel for how these things operate – and to whom you will be bidding against at future auctions. You’ll see people from all walks of life at these events who are there, just like you, to find good foreclosure property if they can.
  • Be wary of properties that you are unable to enter to see for yourself, what needs to be done in the way of major repair work, or any remodeling that need to be addressed.

You might come across a piece of property that, on the surface, looks like a steal. But only upon closer inspection you may find out later, for example, that there are major foundation problems costing thousands of dollars in repairs.

  • Be aware of big fees to pay when you submit a winning bid at real estate auctions put on by private auctioneers. You will need to account for thousands of dollars extra toward your purchasing espense when buying properties at these events.

As an example, you might have a winning bid for a house at $83,500. The fee you pay the auctioneer could be as much as $6000, driving the overall purchase price up to $89,500.

Updated Foreclosure Listings

There are many fine sources for finding foreclosure property out there at the present time. If you are not sure where to begin, however, we might suggest that you check out these guys first for your foreclosure search.

This site has been around a long time, and definitely well worth your time and effeort. You can get many excellent search tips, as well a wealth of investment strategy information to boot. We highly recommend them.