How to find and buy a foreclosed home?

Question

I'm interested in the San Antonio, TX area.

Answer 1

Contact me at once. The HUD bids are due Sunday night by midnight. I have sold many of these, and live in one myself.

Foreclosed homes are houses that someone could not make the payments, and the bank has already taken it back. The houses at the courthouse steps are going through the foreclosure process, and are not yet a "foreclosed home".

In the San Antonio area (I am very familiar with this market) 100% of the HUD and VA foreclosures are also listed on the MLS. The vast majority of the Bank Foreclosures are also. The REO people at banks know that they get their best price on a house if they list it with a Realtor.

To buy a foreclosed home, you do need to get a loan - unless you have the cash. Some are good deals, yet some people get into a mindset of "must win the bid" and pay too much.

Answer 2

There are several ways you can locate and purchase foreclosed houses.

#1. You can subscribe to a list of them from someone in your area. Everyone in San Antonio that want this list purchase it.

#2. You can go to the county court house and look them up yourself as this is public records, they could charge a fee for the copying of the individual foreclosures.

#3. You can advertise in your local paper that you buy foreclosues and other distressed properties.

#4. You can find them listed in your local area, you will find a few of the listed there.

#5. You can prepare and make flyers, select an area that you want to work in and pass out your flyer in this selected area. (I prefer this method).

Select between 5000 and 10000 houses pass out your flyers each month to this selected area. You will learn the prices of the house, individuals will know you as a person that purchase distressed property because you are advertising monthly to them. You can also change your flyer into a newsletter.

Put together a professional team that would help you to be a success in your business. You will need but are not limited to an attorney, a real estate agent, an insurance person that sells insurance to home owners, a notary public, an appraiser, a title rep and others that you think will help you.

Now you should pass out business cards to clients that you talk to that need their services and they should pass out business cards to those that they talk to that need your service.

There are many other things you can do, I have outlined a few that I have done over the years of being in real estate.

I hope this has been of some use to you, good luck.

"FIGHT ON"