How to Find Foreclosures

As foreclosures continue to rise, new opportunities await not only for investors but also those who are recovering from it and are looking for a new place to purchase. These properties are usually sold at good discounts which is perfect for those recovering from the debacle.

Some Steps on How to Find Foreclosures

In the past, foreclosure ads are posted on newspapers and telephone posts. Nowadays, they take different form and are easier to locate. Below are some tips that you can follow when looking for foreclosures.

Finding Foreclosures

Photo Courtesy of Micah Sittig Flickr

1. Look online

Today, the best places to look for foreclosures are online listings. These sites often include amount owed and the estimated value of the property. This will save you a lot of time compared to doing it the old fashioned way. Some of these sites have membership fees but they also offer a free trial period so try it out before you commit to a paid service.

2. Forget about auctions

Unless you’re an expert in real estate auctions, stay away from public foreclosure auctions. Despite what you might have known from books, these auctions are actually controlled by the banks so the chances of you getting a good deal are slim. This means that you are really better off with the websites.

3. Get in touch with the owner

After you have spotted an ideal property online, make sure to contact the owner immediately or his or her lawyer. The purpose of this is to negotiate with the owner for a possible purchase before the property is auctioned. Let me warn you that the lawyer would usually say no to the deal because it gives no added benefit to him. The best thing that you should do is to contact the owner in person.

4. Strike a deal with the owner

After meeting with the owner, make sure to immediately strike a deal. Coming from the same experience, you could easily convince him to sell his property. You could for example convince him that selling would ease out his mortgage problems.

If you are recovering from your foreclosure debacle and are eligible to a new mortgage, you can use this technique to find a new home.

How to find foreclosures nowadays is no longer as tedious as it used to be. If the owner refuses to sell his or her property, you better move on and find a new one. There are a lot of other properties to choose from.

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