How Can you Purchase Foreclosure Properties?
October 13th, 2009
Given the unstable nature of the stock market, if you have money to invest, real estate is your best bet right now. An investment property bought for a low price can yield a nice profit as a rental unit. And one of the best ways to get a good deal on an investment property is to shop for foreclosure properties. Foreclosed homes are put up for sale by banks and lenders who are eager to get rid of them and since they sell at auction, they often go for well below the market value for the property.
You can find a local realtor who has connections at the local banks who can get you a list of rental properties in your area. You can also use online services to get comprehensive listings of all the foreclosures in your area. You then want to tour the properties if you can. Often times foreclosed homes can be in bad shape because they have been abandoned during the foreclosure process while no one was taking care of them. Other properties get vandalized or damaged by unhappy former owners or renters who have been evicted. They may smash the drywall or steal the light fixtures. Other homes will be in great shape. It is impossible to know without taking a look. That will let you know what the home is worth to you.
Next you need to know when the home is coming up for auction. The auctions are typically held on the county courthouse steps or inside in a designated area. There will be a public notice telling you when the auction will be held.
- Foreclosures are Leading to Property Value Plunging and Shortfall in School FundL
- For the Housing Industry to Bounce Back, Foreclosures Must Slow Down
- Foreclosure Evictees Vandalize Properties Before Exiting
- The bill passed for foreclosure properties
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