Tips on Finding Foreclosure and Short Sale Properties
Florida is one of the five states that lead the nation in foreclosures and thus is a great place for investors who are looking to add to their portfolios by purchasing foreclosure properties.
Sometimes, homes that were in pre-foreclosure and originally were offered as a short sale end up as foreclosures.
There are a number of reasons why investors might refuse to buy a short sale home such as: The property assets are gone and it has been vandalized.
The lender refused to accept less than its current mortgage balance.
The buyer passed by the short sale for a hassle-free purchase.
The home is in a poor neighborhood.
Seller did not qualify for a short sale.
Investors while remembering that not all foreclosures are a great bargain can still find a good investment.
Here are some places that you should look if you're in the market for a foreclosure property: A real estate agent/firm that specializes in foreclosure properties.
Driving through neighborhoods looking for real estate signs that say foreclosure, bank-owned, or bank repossession.
Websites of major banks that list bank owned properties.
Asset management companies that sometimes handle foreclosure on behalf of the lender.
Government agencies such as HUD, Fannie Mae, The Small Business Association (SBA), and the Department of the Treasury (for homes seized by the Internal Revenue Service).
Auctions Companies Internet Foreclosure Companies (Realty Trac and Foreclosure.
com) who usually charge a fee but provide lists of foreclosed properties.
If you're more interested in finding pre-foreclosure properties that are listed as short sales, the best place to look is through those listed by real estate agents.
You can find these listings on local web sites and in MLS feeds.
If you're able to provide search terms when looking for short sales, look for the following terms: Subject to bank approval.
Preforeclosure.
Notice of default.
Give the bank time to respond.
Pre-approved by bank.
Headed for auction.
Through foreclosure sales and short sales, the savvy investor can find the right property.
Sometimes, homes that were in pre-foreclosure and originally were offered as a short sale end up as foreclosures.
There are a number of reasons why investors might refuse to buy a short sale home such as: The property assets are gone and it has been vandalized.
The lender refused to accept less than its current mortgage balance.
The buyer passed by the short sale for a hassle-free purchase.
The home is in a poor neighborhood.
Seller did not qualify for a short sale.
Investors while remembering that not all foreclosures are a great bargain can still find a good investment.
Here are some places that you should look if you're in the market for a foreclosure property: A real estate agent/firm that specializes in foreclosure properties.
Driving through neighborhoods looking for real estate signs that say foreclosure, bank-owned, or bank repossession.
Websites of major banks that list bank owned properties.
Asset management companies that sometimes handle foreclosure on behalf of the lender.
Government agencies such as HUD, Fannie Mae, The Small Business Association (SBA), and the Department of the Treasury (for homes seized by the Internal Revenue Service).
Auctions Companies Internet Foreclosure Companies (Realty Trac and Foreclosure.
com) who usually charge a fee but provide lists of foreclosed properties.
If you're more interested in finding pre-foreclosure properties that are listed as short sales, the best place to look is through those listed by real estate agents.
You can find these listings on local web sites and in MLS feeds.
If you're able to provide search terms when looking for short sales, look for the following terms: Subject to bank approval.
Preforeclosure.
Notice of default.
Give the bank time to respond.
Pre-approved by bank.
Headed for auction.
Through foreclosure sales and short sales, the savvy investor can find the right property.