Are you a real estate investor or just a hopeful homebuyer who is looking to score a great deal? If so, you might want to focus most of your attention on bank owned foreclosures for sale. Due to the current real estate market and economy, there are a lot of foreclosure properties listed all across the country. What is the best way to find them?
Speak With Your Local Bank
First, it is important to note that a lot of the foreclosure problems have targeted larger mortgage lenders. So if your bank is locally owned and operated, they might have a fewer amount of foreclosed properties or none at all. With that said, it won’t hurt to ask. Basically, state you are wondering if they have any foreclosures or short sale properties available for sale.
Speak With Other Lenders
In addition to physically calling a larger and national bank or mortgage lender, consider doing a search on their website. Many have added a special foreclosure or short sale section due to the increase in delinquent mortgages. Keep in mind that although a lender may have a reputation for having a high number of foreclosed properties and short sales it doesn’t necessary mean you’ll find any in your area.
Check Public Listings
Whether it be stopping down at your local government office or keeping an eye on a local newspaper, you will occasionally see information on foreclosures listed. It doesn’t matter if one property is being auctioned off (publicly or silently) or if at 100 are going at once; a public notice is required by law in most states. You will want to check often though because sometimes these auctions or sales are listed just one week or a few days before they are scheduled to take place.
Online, you will find a number of websites that claim they’ll connect you with the largest number of bank owned homes (including short sale properties). With a standard free search, you should be able to see the general location of the property and maybe a quick picture. However, most sites charge you a membership fee or you can sign up for their free trial to get the information you need. It is recommended that you try all other approaches before taking this route. And, always be sure to read the fine print of any membership or free trial offer.
So there you have it – you got some greats suggestions on how you can cheap properties for sale. So what are you waiting for? Start your real estate search today.