Foreclosures

Consider buying foreclosed property for real-estate bargains

(Sunday Daily News) - Investors and buyers, if you’re looking for real-estate bargains, consider buying foreclosed property. A foreclosure takes place when a homeowner or property owner cannot pay the mortgage fees on the property and is forced to give up the property to pay back what is owed.

You can locate properties scheduled for foreclosure sales by checking classified newspaper for listings under Foreclosure Notices, Auction Sales or Sheriff’s Sales. Keep in mind not all of these properties actually go to sale. Many are redeemed or the owners are able to do a loan modification with their lender. Also, if a property does go back to the bank, it could take several months or even a year before the property is offered for sale. This week in Summit County, there are approximately 101 properties in default (excluding timeshares.)

One way to purchase a foreclosed property is at the courthouse steps. This is for the experienced investor as there can be many pitfalls. One, you do not get to see the inside of the property so you are buying “unknowns” and could be in for some big surprises. If you are considering this type of purchase a good attorney is worth their weight in gold. Do not navigate this water alone, seek good counsel from a title company and experienced real-estate agent.

There are also several websites that post foreclosure properties. One of the most well surfed sites is www.realtytrac.com. Keep in mind most have a monthly fee associated with access to their data.

Read full story

© 2009 Realty News Now.