How to go about buying a foreclosure property?
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Answer:
I have known a lot of people who have purchased homes from HUD. They fix them up and either live or rent them out. These same "investors" went to their banker and asked to see who were on their list of coming foreclosures and offered to buy their mortgage out. Why? The person holding the mortgage may accept being purchased out of their home than ruining their credit. However, for more details and answers on this method, contact your local banker.
Look in your local newspaper, in the announcment portion, there will be a listing of homes that are going to be auctioned. You can also check the county court house, in your area. They will have a listing of upcoming auctions. They will also have a listing of tax sales. Now that's a bit more sticky as they have so much time after the auction, to still pay the back taxes and reclaim the house. You may want to look into both options. There books and what not you can get into, information is available on line, the initital fee is right around a hundred bucks to get the ins and outs and what not.
There are agents in your state that deals with puting bids on the houses for you.If use visit firstgov.gov,there is an excellent description about getting a forcloser house.
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