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12 Replies Last post: Feb 17, 2008 9:28 AM by grantsforce

How do I find foreclosed properties?

Aug 28, 2007 1:22 PM

Click to view Mozart's profile Founders Mozart 31 posts since
Jul 28, 2007
My friends and I are interested in getting into the business of flipping property. So, we thought we would start small with a foreclosed property. How do you go about finding properties that have foreclosed already or are about to? Do I approach real estate agents, banks, or mortgage companies? Thanks for the advice.
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Click to view BDS INC's profile Founders BDS INC 131 posts since
Jul 20, 2007
1. Re: How do I find foreclosed properties? Aug 28, 2007 3:10 PM
in response to: Mozart
Mozart,

This is just the advice of one but I'd find a good real estate agent you can trust. I have an agent that helps me find properties even before they are listed. A good real estate agent potentially will have relationships with sellers who are on the brink of foreclosure. I was actually able to do that for a family who took out a 3 year ARM on their house and when rates rose they couldn't afford the payments, so I bought their house for what they owed on the mortgage, they remain in the house paying me rent which is more than my mortgage payment but much less than what their payment was before and in principle we have an agreement for me to sell them their house back for 15% more than I paid for it as long as they can find financing in two years or less.

A good real estate agent will know the market - they will be able to indentify if a market is ripe with renters, so you know exactly where to buy. If you want to get into this business part time, then certainly start with a real estate agent.
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Click to view score81's profile SCORE score81 76 posts since
Aug 6, 2007
2. Re: How do I find foreclosed properties? Aug 28, 2007 3:35 PM
in response to: Mozart
There are number of ways you can find foreclosed properties. Some of them are as follows:
1. HUD Foreclosed properties Go to Hud site and search http://hud.gov/homes/homesforsale.cfm
2. There are number of foreclosure companies provide list based on memebrship. Get the membership and they will provide you list.
3. Contact couple of Real Estate Agents and ask them to provide you foreclosure property list they own.
4. Contact your friend and network and check if anybody wants to sell home because of non-payment or danger to go in foreclosure.
5. Contact local Title company account officer and ask you provide list of foreclosure.
6. Talk to local bank and check from bank REO( real estate Own) group regarding foreclosure homes list.
7. Go to yahoo real state site and search for forclosure list in your area.
I hope this helps.
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Click to view InvestorB's profile Start-up InvestorB 1 posts since
Oct 10, 2007
3. Re: How do I find foreclosed properties? Oct 10, 2007 12:57 PM
in response to: Mozart
Hello Mozart,

I have been investing in foreclosures for three years now in Southern CA. Perhaps I could be of assisstance as an investor and real estate agent. Please don't hesistate to give me a call at your earliest convenience.

Thank you,
Brett R.
Brett@RandRinvestment.com
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Click to view sharingwealth's profile Professional sharingwealth 4 posts since
Nov 21, 2008
4. Re: How do I find foreclosed properties? Dec 30, 2008 5:19 PM
in response to: Mozart
You can search for any REO (Real Estate Owned) websites to find foreclosed properties. I have been buying foreclosed properties to turn them into group homes so, if you need words of encouragement, now is the best time to buy properties for cheap. George Bush lifted the flipping rule to make it easier for people to purchase these properties, but that will end in June 2009. Get 'em while their hot.
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Click to view BankOwnedhome's profile Professional BankOwnedhome 1 posts since
Dec 28, 2008
5. Re: How do I find foreclosed properties? Dec 30, 2008 8:19 PM
in response to: Mozart
Visit www.BankOwnedTeam.com and www.BankOwnedLists.com This is the best place to start. They work for you for free and do all the work. I have been investing in Bank Owned Foreclosures for flipping for 11 years. If you need any tips call me 401-473-5050 or visit my blog www.fixandflipit.com
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Click to view Maddeb's profile Mogul Maddeb 36 posts since
Dec 17, 2008
6. Re: How do I find foreclosed properties? Dec 31, 2008 10:11 AM
in response to: Mozart
Just look at your neighbors? Almost every home with a for sale sign on the lawn is a forclosure

The bankers conned all the nieve americans with a dream of being a home owner... Put this economy into a great resession. Then they've got the nerve to ask our government for billions of our tax dollars, to bail them out of bad debts.

if I were looking for a forclosure deal, I'd go directly to the bankers/morgage co. Wamu, fannie mae, chase, harris, etc. I'm sure they'd love to have someone take on some of the forclosed properties.
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Click to view IsabellaW's profile Professional IsabellaW 3 posts since
Mar 18, 2009
7. Re: How do I find foreclosed properties? Mar 18, 2009 8:04 AM
in response to: Mozart
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments. To read more about this article, check out at: http://personalmoneystore.com/moneyblog/2009/03/12/madoff-pleads-guilty/
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