It definitely takes some hard work and patience to go through the process of buying real estate foreclosures. But the good bargains are truly out there if you can spare the time to look for them. You can also get a lot of help from a broker who can spot great bargains for you.
How to Look
Spotting the right property where the seller is willing to negotiate is your next step. Find out how long the real estate foreclosures have been on the market. The longer they have been there, the more likely your seller will be willing to bring down their price tag. If you find that the price has recently been reduced then you know that there is a chance you can still bring it down in the not so far future.
This information is public information and would be available at the office of the county assessor. But why even go there when you can get it online through a real estate foreclosures listing service. For a small investment, you can enjoy a slew of tools and services that can speed up your search for a property.
Let Your Fingers Do the Walking
An online subscription service for real estate foreclosures has information on all types of homes in all locations across the country. Going through their databases, you want to look at fixer-uppers or handyman specials first because these are the ones where you can get a good price for. The trade off of course is that you will need some repairs to get the home in shape. If you are doing this for the first time, it may be prudent to seek the help of an expert, a realtor whose speciality is foreclosures. They can help you find the right property, negotiate for a good price and fix all the paper work to make sure there are no hidden obligations attached to the property.
Bear in mind that the value of real estate foreclosures will depend on the amount still owed to the lender, and you will foot the bill for all liens or unpaid taxes due on the home so be sure that you make a thorough inspection and conduct your title research to ensure that you know your financial exposure.