How do you buy a foreclosure?
Question:
Answer:
Most banks and mortgage insurance companies require that foreclosed properties be listed with a Realtor to obtain "top dollar". If I were you, I would locate an agent that will email you properties as they become available from their MLS...just be specific as to what you are looking for as an investment (no sense in sending listings that you would not entertain purchasing). Most foreclosures will state in their remarks such things as "bank-owned", "special addenda apply", "subject to third party approval", "HUD", "FHA Case#", and/or "short sale".
Another thing you can do is locate a title company that will send you for a minimal fee or deal directly with you on-line county records office and access properties that have a "Notice of Default" recorded against the property.
www.theforeclosures.com website, in my opinion, is not as up-to-date as it needs to be and I wouldn't wast my money by purchasing a membership. They are very good about advertising properties that are in default but do not remove them when they have been SOLD or go UNDER CONTRACT...Realtors will almost always have the most current information.
Realtor, Utah
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