Real estate foreclosures are a golden opportunity for investors in the real estate market to buy the property of their choice. A foreclosure occurs when a home owner defaults on payment of his mortgage. Some of the foreclosure properties are diamonds waiting to be polished, others are potential nightmares. You must consult an experienced real estate agency for help.
Some of the sources where you can locate a real estate foreclosure are:
1. Real estate agents: Real estate agents are the top source of real estate foreclosures. You can ask for REO Listings and observe the name that comes repeatedly in the listings. This is the Real estate agent with access to the best properties. You may find thousands of foreclosures in this manner.
2. Real Estate signs: You can drive through neighborhood that interests you and spot the properties in foreclosure. The sign posts may read:
? Foreclosure
? Bank owned
? Bank repo
Call the agent whose address is on the sign and enquire about foreclosure listings coming up. Agents who specialize in foreclosures usually wait till banks are ready with list price. But you can get your hand on property ?that is not yet listed.
3. Websites of major banks: Many banks maintain online list of foreclosed properties. Examples of national banks that maintain such details are Bank of America, Country wide etc.
4. Asset management companies: Some lenders hire asset management companies on behalf of their customers who have real estate foreclosures.
5. Government agencies: Some government agencies want a real estate broker to finish the deal. Some of the government agencies are
? HUD- Housing Urban development foreclosure homes
? Fannie Mae foreclosure homes
? Department of the Treasury
? SBA: Small Business Association
6. Auction houses: Auction houses hold huge auctions selling as much as 100 houses in a day. Critics say that the properties sold are at high rates but sometimes you can land a real winning deal via the auction house.
7. Internet foreclosure companies: Internet based foreclosure companies provide you information on real estate foreclosures for a small fee. The fee is justified because of the time and effort put in collating, arranging and presenting real estate foreclosures lists in their website. Examples are Foreclosure.com and Realty track.
Thus there are numerous sources from which you can glean information about real estate foreclosures. Hiring a real estate agent especially will make the process easier for you.
About the Author
Celeste Faucher is an avid writer on real estate foreclosures. She has over twelve years of experience in writing.Her articles are focused to help and inform people of latest developments on foreclosures. For more details please visit real estate foreclosures.
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