Curious: foreclosures? (auctions, foreclosure, agent, sales)

[Lulu_IWG]

Just curious, what is the best way to go about looking for foreclosure homes? I know sometimes they can be bought for pennies on the dollar, flipped and sold for a good profit just like some people down the street from us did......so, how did they land the awesome deal in the first place? Is there a secret newspaper circulating around....LOL?

JK....but really, what's the scoop?

LuLu

[joeymarine]

You just have to be patient...keep your eyes open....wait....educate yourself....and be ready to move because you have to have the money ready. Know what the process is, that way you are ready with what you need to be.

[cassy1]

Go to the county court house, they usually have a listing of all that will be going up on the auction block. Lenders are another excellent source.

[Racelady88]

Where I am the County Clerk handles the foreclosure auctions. Their website lists all of the upcoming sales for the next 30 days. They list the sale date, lender, homeowner, and the amount that the lender's agent will bid up to (default amount plus costs to foreclose).

[olecapt]

I have been watching foreclosures and such for about five years. I have never seen a successful flip from a foreclosure. Neither the banks nor those who watch that market are dumb. In general most REO and foreclosure properties sell above their rational market value.

The only thing I know of that actually works is to find people who have reasonable amounts of equity and want to sell badly and quickly. It happens but they are hard to find.

Your agent can find candidates in the MLS. Someone who is making motivated selller sounds...who has been on the market a year...who has come down 20% or more in price and who has lots of equity. A property somewhat distressed. Then you make a low ball offer and see what happens.