Securing a foreclosed home as an investment or place to live requires skill and dedication. Foreclosed homes offer you a way to purchase a home for below its market value. The home may need repairs, so be aware of what you're getting into. What might seem like a good deal on a property can suddenly seem like not such a good deal if the foundation needs replacement or the home requires significant structural changes. Even cosmetic repairs can become expensive.
Instructions
1. Contact a real estate broker. Real estate agents have access to a database of homes that is not available to the general public. Ask about foreclosed homes in the area. Your agent is likely willing to help you, especially if the home is his listing.
2. Drive around the neighborhood. Signs for foreclosed homes may be placed in front of a house. This is an easy way to locate them. The bank is actively advertising the sale of the home since it knows it will have to incur costs for the trustee sale. This method lets you take down phone numbers and contact the agent or bank selling the home.
3. Search large bank websites. Some banks maintain a database of homes that are for sale. Bank-owned properties may or may not have signs in the front yard advertising the sale of a home, and their website might allow you to see homes that may not be actively promoted. It also allows you to quickly sift through homes in the comfort of your home, rather than driving around looking for one.
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