Foreclosures, Part Three: Where to Look
Foreclosure and pre-foreclosure properties are often a great deal for homebuyers and a particularly profitable opportunity for investors. Now more than ever, nicer and nicer properties are being auctioned off as foreclosure rates skyrocket across all economic levels. Any homebuyer considering perusing the foreclosure offerings will want to keep on their toes and look at several sources to find the best deal.
Public Records: The county clerk or county recorder’s office keeps a record of all notices sent to homeowners during the foreclosure process. It is free to visit the office and search the public records for notices of default, Lis Pendens and notices of sale. This route may also help a person stay a step ahead of the foreclosure announcements made to the general public. It is the ideal option for anyone thinking of making a pre-foreclosure offer.
Internet: There are plenty of web sites that list foreclosure offerings. These are typically a vast national or regional database and offer free trials that allow users to determine whether the service is right for them. The information found here usually includes name, address, amount left on the loan, any additional loans outstanding and possibly a contact phone number as well.
Newspapers: Check for notices of foreclosure sales in the newspaper’s classified section. Publication of these notices is required by law.
Asset Management Companies: These companies assist banks in selling property that has been foreclosed upon. Check their web sites for more information on listings and contact details.
Government Agencies: From HUD to the U.S. Army Corps of Engineers, there are plenty of government sites listing foreclosure property and details like any plumbing or pest problems.
For a fairly comprehensive list of government listing web sites, asset management companies’ web sites, etc., click here.
