Looking for Tips on Buying Preforclosure Properties
Hi all! I have never purchased a property in preforclosure, but it seems like a good thing to look into and wondering if anyone has advice. Where do you find preflorclosure listings, and who do you contact first to get the deal going - the owner, the entity processing the forclosure, or a title attorney?
A lot of the advice I've seen online for buying prefoclosure properties says you should get a real estate agent who specializes in that ... well I am a licensed agent and would like to represent myself in any deals, but I don't know anything about preforclosure! Any advice or tips would be greatly appreciated!! Also, what about tax lien forclosures, or other types of forclosures rather than just a bank?
Another thing to note is that we do not buy houses, we are spec developers and therefore we are only buying vacant land. I know there can be a lot of emotions when someone's home that they live in is being forclosed on, but it seems like that isn't as much of an issue with vacant lots. Granted forclosure happens a lot less with vacant lots than with improved property, but it's still an avenue I'd like to look into.
Thanks a bunch!