What is the best way to buy a foreclosure? Where do you find them?

Steven, Thanks for that info. If preforeclosure is the way to go, how does one go about finding these? Is this also what the call a short sale?

Similar Stories

    3 thoughts on “What is the best way to buy a foreclosure? Where do you find them?”

    1. A short sale is a home sold (with the underlying lien holder’s approval) where the sale price will not pay off the seller’s loan. Often the only way to avoid foreclosure.

      You can find many REO property listings here & you don’t have to pay a fee:

      FreddieMac Homes http://www.homesteps.com/hm01_1featurese

      HUD Homes http://www.hud.gov/homes/index.cfm

      Fannie Mae Homes http://www.fanniemae.com/reoSearchApplic

      VA & Other Homes http://www.ocwen.com/reo/residential/res

      Most are listed with real estate offices anymore & any agent could pull them for you.

      22 Years Washington State Real Estate Experience ~ Associate Broker since 1991

    2. Riverman, foreclosure is a bad bet, go for houses in preclosure, those are the houses that are about to be foreclosed.

      The reason why is you have more leverage. Foreclosed houses mean the owner loses control and it’s off to the auction house where the house will pick a fair price.

      In preclosures, you go to the owner and tell him you will pay him say 50-75% of the house’s value based on the municipality’s accessment or fair market value. The owner will most likely be desperate in a preclosure and will hopefully accept an offer that will allow him to pay off the loan and get a cut if he is that greedy.

    Leave a Reply

    This site uses Akismet to reduce spam. Learn how your comment data is processed.