What is the best way to find foreclosures?

Question

I am 19 years old and I want to get started in real estate. I am trying to determine the best route to go and foreclosures seem to be the right way for me. I am in a market that’s not very expensive but I have limited cash. But I was wondering how to find foreclosures. Thank you anything helps!

Crystal Smith · Answer

Here are some ways to find foreclosures:

HUD Home Store

Fannie Mae

Auction.com

Hubzu

There are other sites. You can also monitor your local county recorders office. Foreclosures must be recorded. You can also hire a realtor.

Sarita Scherpereel · Answer

Hi Philip. I'm interested to know why you think Foreclosures are the way to go? Speaking from the Chicago market which has micro-markets in various neighborhoods. So please take my input with a grain of salt. In some of the areas in Chicago, foreclosures and short sales can be just as competitive as the regular market. Also, here the properties can have building code violations that need addressing. Chicago also has different closing processes for these at times, such as tax prorations not increasing, etc. Chicago pays taxes in the arrears which is not helpful to some buyers in foreclosures. Especially, if there budget is tight. Every deal is different so again take this for what it's worth. And really it's all about the math. A buyer might get a good deal on the property but not have the cash to fix these other issues OR the deal is so good they can keep their cash to fix any closing issues. My recommendation is to contact a realtor in your area that can mentor you through these financial aspects through your market. Find someone that guide you through this. And don't take your eye off of the market. You don't want to miss anything out there that might be a good deal for you! Best of luck!

Michael J Scanlon · Answer

A real estate agent will have tools for that. The courthouse has lists as well but a realtor can find foreclosures, pre-foreclosures, vacant properties, absentee owners, etc.

What is the best way to find foreclosures?

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