Finding
Foreclosures - Fast!
By Cassandra
Black
Before you start investing in foreclosures, you need to look
at a ton - AND I MEAN A TON - of properties. What's the fastest way to
find foreclosures?
One school of thought for finding foreclosure properties is to find
them on your own (the drive-by method, courthouse steps, online, newspaper
ads, etc.). But a faster way is to use a seasoned realtor, preferably a
"listing realtor" who specializes in foreclosures.
Why? Because if a realtor specializes in listing foreclosures, they get
that very first call from the bank saying I have a home (or, in this day
and age, a number of homes!) from our REO (Real Estate Owned) division
that needs to go on the market. These realtors usually have a cache of
foreclosure listings they can point you to right away. The seller (the
bank!) is paying the realtor's commission, so it's a win for you as a new
investor.
My first foreclosure purchase was a cute little bungalow in
Fayetteville, GA (boy, did it need lots of work when I got it, but that's
a different blog altogether!). I found the property through a realtor
specializing in foreclosures. I purchased the home before the For Sale
sign had a chance to even hit the yard! (And before the bank had a chance
to do any curb appeal, too. But, again, that's another story as well.)
You can find realtor databases all over the place, but a good place to
find realtor's specializing in HUD homes and foreclosures is to go to such
sites as New Bid Select. You can actually search for realtors specializing
in HUD homes by state, city, county and zip. Very easy tool to use.
That should get you started. Play around on New Bid Select's website
(it's an easy GOOGLE) a bit and see what properties you find, too. Some
SUPER deals out there! But, keep your hand on your wallet. Don't buy a
thing until you've looked at at least 50 homes... that way, you have a
basis of comparison and you can make an informed, educated decision...
keep your hand on your wallet!!
Happy searching...
Cassandra Black is the author of How To Start a
Foreclosure Cleanup Business, and the Owner of
Foreclosure
Cleanup, LLC, Atlanta, GA
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