how do you find out about foreclosed house in your city.?

Question

Are there free listings in a goverment office?

Answer 1

what you really NEED is a buyer's broker who is conversant in selling foreclosures. once you retain one (you don't have to pay, the seller pays) to represent YOU, then you are on your road to building wealth. the buyer's broker is a licensed real estate agent that makes a contract with you to perform for you over and above what his interest is (the real estate commission, payable at closing). that means that he can't disclose your negotiating tactics to the seller or seller's AGENT.

the foreclosure seller is normally the bank that holds the first mortgage to the real estate. if other mortgages exist, then take a second seat to the first. all the bank really wants is to get the mortgage paid in full. but if the bank can make a profit, it will, of course!

and so, a lot of foreclosed parcels are out there. they have signs on the lawns like all the other properties for sale. they are normally listed in the multiple listing service that all professionals pay bookoo dinero to use.

some agents specialize in HUD foreclosures. i was becoming approved to do so as i was supplying a buyer with addresses on its public listing. yet, many times with HUD foreclosures you will NEVER get the house if you will not live in it. so if you want to simply invest in foreclosures, i advise you to stay away from HUD foreclosures or else find a Realtor (r) who specializes in them.

you should call your local lending institutions to see if they have a foreclosure coming in soon, too.

however, i always stress 2 items:

1. first, go to the lender of your choice to get a "pre approval letter" that states how much money it will give you in the form of a mortgage, at what interest rate, how long the loan will be amortized, and, especially, THE LENGTH OF TIME THAT THE LETTER IS VALID.

2. get yourself a buyer's agent/broker. it's so easy, it is free (unless you specify particular properties not in foreclosure, a/k/a "dumps," like one of my clients buys all the time, therefore, the seller does not pay me, so he does). you can find one in any good real estate office. be sure that the office uses the MLS, has the "R" insignia for the National Assc of Realtors, and a fair housing decal in the window.

find one that isn't selling ten trillion a year. they don't have time to listen to your needs. find one that will explain buyer agency, seller agency, and dual agency to you to your satisfaction.

when you get a person that is in your corner, not the corner of the seller, you are well on your way to gaining the american dream of real estate ownership--which BUILDS WEALTH.

good luck!

Answer 2

There are several ways you can find foreclosure listings in your area. You can check the legal section of your local newspaper, you can look online through the IRS or HUD, or you can go to a bank or mortgage lender and ask for a list of R.E.O (real estate owned) properties.

The ones in the paper or online are normally sold at auction, but if they do not sell at auction, they will become R.E.Os with the lender or govt. agency associated with the sale.

Answer 3

Your best bet is to obtain a Buyer's agent who is familiar with buying foreclosure property. You can also subscribe to various websites. We use www.foreclosures.com in addition to the HUD and IRS websites. You can also check with banks in your area. Some banks hold property as "Real Estate Owned" for sale and some do not. Be careful however, foreclosures are not always a good deal.

Answer 4

Many times notice of the forclosure must be published in a local paper for the general public to see. Look for this type of ad in a local paper in your area.

You could also try calling the local banks and credit unions and ask about foreclosed property.

Check out auctions at the federal government. Click on seized property auctions. http://www.ustreas.gov
IRS, DEA, ATF, HUD, GSA, DHS