How do you find forclosures in your area?...?

Question

...And what is is process of buying one or two, step by step?

Answer 1

They're listed in the legal notices section of the local paper.

To buy one, you generally will be bidding against the lender so you'll probably need to have more cash on hand than the outstanding balance of any loans. Anything less than that and you won't win the bid.

Note that I said you need to have cash. You need to typically put down at least 10% when the hammer falls. That must be in certified funds -- cashier's check or bank draft ONLY. You then must complete the purchase in a very short period of time, typically 10 to 15 days at most. That's nowhere near enough time to get a regular mortgage. The only folks who succeed at this either have enough cash on hand to complete the purchase or a hard money lender backing them up. Once they complete the buy, they refinance with a conventional lender and pay off the hard money guy.

Answer 2

Foreclosures can be found on quite a few web sites such as foreclosure.com. Real estate agents will sometimes specialize in foreclosures. There are also private foreclosure companies that will set up LLC and pool money. Then the expert will buy, manage and sell these properties and split profits among the investors.
Your might start with a foreclosure glossary located at my web site under the resource center library

Answer 3

Realtytrac.com is the nations largest database of foreclosure listings, it's a subscription website but they let you browse (without detailed info) for free.

While real estate values are declining or staying afloat in most areas of the US, it doesn't mean it's a bad time to buy, it all depends on what your reasons are for buying. dontbuy2007's advice is on target for individuals who are looking to buy something in anticipation it'll go up in value by itself, but what dontbuy2007 hasn't figured out yet is that there are many other reasons to buy real estate... especially foreclosures, which if you have a good plan, you can sell soon after you buy for a modest profit.