Where can you find foreclosures?

In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the sale is to take place.
When a homeowner is late on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The financial institution that has initiated foreclosure proceedings usually will set the bid price at the loan amount.
Despite these seemingly straightforward rules, buying foreclosures is not easy as it may sound. Sophisticated investors use the technique so novices may find themselves among stiff competition.
Resources:
* "The Smart Money Guide to Bargain Homes, How to Find and Buy Foreclosures," James I. Wiedemer, Dearborn Financial Publishing, Chicago; 1994.
* "Real Estate Principles," Charles O. Stapleton III, Thomas Moran and Martha R. Williams, Dearborn Financial Publishing, Chicago; 1994.
* "Real Estate Investing From A to Z," William H. Pivar, Probus Publishing, Chicago, 1993.

Tips and Questions

Can I get a HUD home for as little as $100 down?

How does a home go into foreclosure?

Are foreclosures an option?

What are problems buying foreclosures?

What types of foreclosure are there?

What happens at a trustee sale?

How do you get financing for a foreclosure?

How do you find government-repossessed homes?

Where do I learn about HUD foreclosures?

Where can you find foreclosed HUD homes?

Do you have to buy HUD homes through a realty agent?

What about buying a foreclosure "as is"?

 
 

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