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