What is the simplest wasy to go about acquiring foreclosure homes?
Question:
Answer:
go to the company that forclosed on it
A) you can directly to the banks and see what sort of foreclosed properties they have
B) can directly the county courthouse or sheriffs office and locate the resources on who is currently or has been foreclosed on
C) you can sign up for various newsletters either online or in print that will notify you of foreclosures in your area.
Subscribe to the local Legal News - they'll have the postings. However, in more foreclosures, there is a period of time that the owners can pay you back what you put in and take the property back - settlement period - sometimes 6 months to a year, so don't be so quick on fixing it up. Another option is to go to your local bank and starting finding out what they may start foreclosures on. However, remember that they want to get their $$ out. Many foreclosures don't let you get inside the house, so you don't know if it's trashed, plumbing gone, covered in feces, or what - so buyer really beware. You've see the ads on TV, there are 99.9% of the people buying foreclosures not making any money, but a small percentage can do very well (I know someone who turns his foreclosures into rental units, that seems to work better than trying to flip houses).
I would say to do what I did
1) Find out how much of a loan you will qualify for through a local mortgage broker
2) find a real estate agent that specializes in bank owned properties
3) pick out about 5 to 6 homes and have the agent place bids
4) by your home and fix it up
I Just purchased a bank owned house fixed it up the way I wanted and moved in. I love my house!! I bought it for 107000.
fixed it up with 20000 and it is now worth 175000. I could not have done this without the team who specialized in these types of purchases.
The easiest way is to work with an agent and make offers to the banks.
Regards
More Related Questions & Answers...