Where can I find free access to foreclosures?

Question

Where can I get free access to discounted foreclosures near Los Angeles County, Orange County, or Riverside County?

I'm interested in foreclosures because the property is vacant and heavily discounted.

Joe Homs · Answer

@Michael Douglas  Timing only matters in that it is time to do fix and flips to make real money in California.  Buy and holds do NOT pencil out.  I do this for a living and repeat the same process over and over again.  That is NOT called "timing," but experience and expertise.

You asked for discounted Foreclosures, but I can honestly tell you that they are far and few between if you are only searching the MLS.  I may acquire, at most, two properties a year and have to compete with 50+ other wanna-be investors.  At the court house steps I'm only competing with less than five and we are all professionals looking to make a profit.

I don't believe in luck and believe you make your own luck with hard work.  I would strongly suggest finding a mentor that is willing to teach you the in's and outs of Real Estate Investing if you are really serious and have the capital or risk tolerance to make real money.

Good investing.

Joe Homs · Answer

@Michael Douglas Welcome to BP.  You can get a list of "Foreclosed" homes through a Real Estate Agent who has access to the MLS and knows what they are doing.  If you want "Pre-foreclosure" homes then you would have to pay for a service like "Property Radar" which I use and recommend.  I use it yesterday to buy a home at the court house steps in Orange County, California.

If you need help let me know.

P.S. I love all the movies that you make and I am sure you hear that a lot.

Good Investing,

Peter Mckernan · Answer

Account Closed. He has been through many years and through many investments! Property Radar would be a great resource to use for looking for those foreclosures. It gives you dates and properties that will be sold at the courthouse steps too.

Account Closed · Answer

Zillow does have foreclosure listings and technically that answers my question. The admin can close this post right now. I must clarify Auction.com foreclosure listings have flooded Zillow. There are several disadvantages to Auction.com listings: 1. Little to no due diligence can be performed, forget about getting a property inspection. 2. Title insurance, liens against the property? Not sure. 3. Closing documents must be signed last minute with little opportunity for counsel to revue (or so the complaints say).

The only luck I have had is with local lenders posting with local brokerages. I'd much rather compete with a smaller pool of buyers.

Jo-Ann Lapin · Answer

Try foreclosure radar

Joe Homs · Answer

@Michael Douglas  Here are the details of the last completed flip purchase at the court house steps:

PP: $570K

Rehab $72K

Sales Price $740K

Minus Commission/Closing $30K

Profit $68K

David Friedman · Answer

When you buy a property at foreclosure they're usually occupied. More times than not, someone is living inside. You can find foreclosures on Zillow, but one of the most important aspects of auction investing is knowing if you were buying a first trust deed or not. I am not aware of any free programs that let you know this information. If you buy anything but a first Trust Deed, unless you know what you are doing, you will have bought 2nd place in line instead of a property. I suggest you do some more research before buying at auction.

Sean OToole · Answer

Account Closed if myself or my team can do anything to help, please don't hesitate to reach out.

Account Closed · Answer

Mr. Homs your sage advice is much appreciated. I'm not an expert. I do need a mentor. I don't have much to bring to the table except for a willingness to learn. Your 9.2% ROI is commendable as Orange County is a desireable place to work and live. I'll give Property Radar a closer look. Thank you.

Account Closed · Answer

Timing is everything. It appears your investment sold above the median price for Orange County, likely due to improved employment and tight inventory. The OC is home to many notable employers which props up demand for housing. Thank you for sharing your numbers.

Where can I find free access to foreclosures?

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