Thousands of homes are being foreclosed. The current economic climate sure looks bleak. But wise spenders will tell you this is also the best time to invest in real estate. Free foreclosures are a great source of investment opportunities. Before making any purchase, seek the advice of a local real estate agent and a home inspector. It can save you thousands of dollars and years of headaches in the future.
Finding Free Foreclosures
There are several ways to find free foreclosures or pre-foreclosures.
1. Public Records
Foreclosures are reported to the County Clerk. This information is public record and is available to anyone. Documents that you should look for are Notice of Defaults (NOD), Lis Pendens, or Notices of Sale. Searching these records enables you to find newly posted properties that haven't yet reached many of the online foreclosure data providers.
2. The Internet
If you find a trip to the Clerk or Recorder's Office to be time consuming, you can find free foreclosures from the comforts of your home, right in front of your computer. You can subscribe to an online listing service or browse through national and regional listing services for free foreclosures. These directories typically provide information including owner's name, address, loan amount owed, and additional loans outstanding. Most banks also post a list of their REO properties on their websites.
3. Local Newspapers
A foreclosure Notice of Sale is also required to be published in a newspaper. Local papers and business journals usually post notices for trustee sales in the Public Notice section.
4. Asset Managers
Asset management companies help lenders dispose of assets. Many provide listings of the REO properties that they represent on their website.
5. Government Foreclosures
Properties that have been foreclosed by the government are listed on the websites of the US Department of Housing and Urban Development and other government agencies. Free foreclosures are also published on state and local government websites.
1. Public Records
Foreclosures are reported to the County Clerk. This information is public record and is available to anyone. Documents that you should look for are Notice of Defaults (NOD), Lis Pendens, or Notices of Sale. Searching these records enables you to find newly posted properties that haven't yet reached many of the online foreclosure data providers.
2. The Internet
If you find a trip to the Clerk or Recorder's Office to be time consuming, you can find free foreclosures from the comforts of your home, right in front of your computer. You can subscribe to an online listing service or browse through national and regional listing services for free foreclosures. These directories typically provide information including owner's name, address, loan amount owed, and additional loans outstanding. Most banks also post a list of their REO properties on their websites.
3. Local Newspapers
A foreclosure Notice of Sale is also required to be published in a newspaper. Local papers and business journals usually post notices for trustee sales in the Public Notice section.
4. Asset Managers
Asset management companies help lenders dispose of assets. Many provide listings of the REO properties that they represent on their website.
5. Government Foreclosures
Properties that have been foreclosed by the government are listed on the websites of the US Department of Housing and Urban Development and other government agencies. Free foreclosures are also published on state and local government websites.
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