November 28th, 2009
Where do you find legit information on buying foreclosed real estate and attending real estate auctions?
I live in CA and have taken two college level Real Estate classes and a few seminars, but no one seems to have any information that is actually available to the public on how to buy foreclosures, where to get the lists from for free and where to find the auctions. My college instructors advised to just buy a house via the “normal” route and avoid many of the problems people have with such properties, and the seminar instructors just seemed to want to sell their own mailing lists which just listed banks that didn’t have any information you couldn’t find on Google.
I’ve sent a few letters to Fannie Mae and have only received their “new home buyers’ guide – which is very informative – but not helpful.
I’d like to invest in foreclosures and possibly “flip” a property and I know it isn’t easy and it is a true risk of $$, but it seems like those in the know are keeping quiet about their resources – if this is public information, where do you find it without taking a get-rich quick seminar?
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Filed under: Buy Property
I think what your college instructor advised you is probably the best way to start. Everyone thinks that foreclosures are the best deals and honestly it doesnt always work that way. You can place an ad saying you buy “distressed” properties, or can look inyour local paper for “handyman” specials. You can also enlist the help of one realtor (so they will remain loyal to you, you must remain loyal to them) you can meet with them and tell them your goals and to keep you as a prospect for any properties that come up “pre-foreclosure” Realtors are a valuable tool in helping you buy homes that need a little TLC even homes that are close to foreclosure but the seller is still trying to salvage their credit and sell to prevent the foreclosure on their record. Interview realtors and find one that is willing to work with you. Many homeowners out there are having problems making their mortgage payment and you may be able to pick up a home like that.
To buy a home in California at a foreclosure auction, you need the full amount of the price in CASH.
You can not see the inside of the house so you don’t know if it has been trashed. Flipping a house in California now is a way to loose a lot of money. Home prices are going down.
Buying a home at a foreclosure sale is only for VERY EXPERIENCED real estate investors.
Go to your local county clerk’s office. Foreclosures are a matter of public record. However, I recommend that you do your research as some properties have hidden defects. Don’t let anybody discourage you in your dreams…even the clowns on this forum.
Hope this helps…
Check out TaxSal]Go to your local county clerk’s office. Foreclosures are a matter of public record. However, I recommend that you do your research as some properties have hidden defects. Don’t let anybody discourage you in your dreams…even the clowns on this forum.
Hope this helps…
Check out TaxSaleWealth]
You can contact a few local mortgage companies and get set up on their foreclosure notification lists. Another option is to visit the court house, there will be posting for foreclosure auctions that will be taking place in the future. Also just a tip… if you happen to looking at Reality website and it says, “quick sale” that means foreclosure! These foreclosures can be financed; therefore, you would not have to have the cash in hand, as you would at an auction.