Investing & Financing: Foreclosures - How to Find?
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Currently I look to all the banks/mortgage companies for foreclosure properties, also www.hud.gov. It's a tediuos process and rarely do I ever find anything worth looking at.
Does anyone else have a better process for this?
What do you think of foreclosures? Is it better to invest in Fixer Uppers that aren't going through foreclosure?
Obviously finding a 'motivated seller' is the best route, unfortunately that's difficult sometimes as you'll never see a house advertised as such ;)
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CommentAuthorbonafizzle8
- CommentTimeAug 1st 2005 edited
in the past, foreclosed properties have been true sh*tboxes with a lot of work required, but now, with the real estate boom, you have otherwise good people who didn't do all their homework, biting off more than they can chew in terms of mortgages on vacation homes and/or investment properties. Therefore, good, clean foreclosed homes are more plentiful and available...
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CommentAuthorbonafizzle8
- CommentTimeAug 1st 2005 edited
haha, no, I'm only 16, but my father is a successful real estate investor, and I've always asked questions, so i know alot on the subject...
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Do an ebay search in the real estate section
for "fixer upper" or "handyman" you can get some decent property for around $3k -
Everybody and their mother invests in foreclosures. No I don't (we have a non-judicial system called Power of Sale in Ontario, Canada) but do invest in real estate.
Expect ALOT of competition with regards to foreclosure. Even in the pre-foreclosure stage.
Get acquainted with your state and local foreclosure procedures, start looking for resources and approach with a well thought out game plan.
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Check out creonline.com it is a wealth of info.
Also, you can check the title office, the court houses.. make friends with the mail man (pay them a bird dog fee even) etc.
Hook up with a local investors group and create a network... you will have foreclosure information passed along by other investors.
Karen
"It's the repetition of affirmations that leads to belief. And once that belief becomes a deep conviction, things begin to happen." -
I have always wanted to do this. I am thinking of getting a home equity loan in a year or two and getting a property to flip. I would like to flip a couple and then hold some long term after that.
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