Young Real Estate Investor

Posted onJanuary 01, 2012 - 1:35 pm by Admin | 0 Comments

The first step in buying foreclosed properties is to find them, hopefully before anyone else. Being the first person to see a foreclosure on the horizon has its advantages as it gives a leg up on any competition.

Public notices for loan defaults and trustee sales can be found in local newspapers, but internet data services are a more efficient method as the lists are generally updated daily. Two such services are www.redloc.com, a data service that lists Notice of Defaults, Notice of Trustee Sales and REO's in the State of California, and www.foreclosure.com, which lists them for the entire United States.

Buying Cheap Real Estate

Pre-foreclosures involve properties where the owners have stopped paying their mortgage or Deed of Trust, but the bank hasn't taken ownership yet. Lenders will first post a Notice of Default at the County Recorder's Office, which will list the particulars about the loan, the names of the owners and the address. These properties are still owned by their 'distressed owners,' who hold control and will be the ones to receive an offer. If more months go by, the lender will file a Notice of Trustee Sale and schedule the property to be sold at auction. As the auction date draws near, owners are more likely to sell.


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