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How To Find And Buy A Foreclosure Property

Feb 27, 2008
One of the best ways to get a great deal on real estate is to buy a foreclosure property. Somehow, most people do not consider this as an option. Whether you want your dream home or want to dabble in real estate, this is a great opportunity. You could end up saving 20-30% of the market value of the property. At times, there might be almost no down payment, and you will not have to wait too long before moving in.

Of course, if this convinces you that you should buy a foreclosure property, you are faced with another problem. How can you find foreclosure property auctions? Let us find out.

Keep an Eye on Banks' Issue Notices in the Papers

When a foreclosure is about to take place, the bank or lending institution should make a formal announcement about it in advance. Published in a legal section of a local newspaper, the notice comes under either of the two names: "Notice of Default" or "Lis Pendens". With the property's address and the current owner's name available, you have all the initial information needed to proceed. If you manage to buy a foreclosure property at this pre-foreclosure stage, you can save a whooping sum.

Look for Auction Advertisements

They are normally advertised in local or business newspapers and online, and notifications are also available upon subscription. Additionally, you can contact lending institutions directly to find out about any auctions scheduled in the nearest future. Make sure to confirm the dates again, as many foreclosure property auctions get delayed or even cancelled.

Contact a Bank's "Real Estate Owned" (REO) Property Department

By doing this you can get a chance to buy a foreclosure property - one that failed to be sold at an auction - from the bank directly. It can be time consuming, since you will have to contact several lending institutions, make your listings and gather the details about each prospective property.

Carry Out an Online Research

Subscribing to notifications that many sites provide is an easy way of staying informed. The subscription fees are usually nominal. This way, you will immediately know when you have the chance to buy a foreclosure property, with a lot of time and effort saved.
About the Author
Master the techniques to buy a foreclosure home at reduced prices today. Get yourself a good deal.
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