The thrill of the hunt, finding a real estate deal, is one reason I wanted to find foreclosure listings. This post is how to find a property in foreclosure.
When I started looking for real estate opportunities I would drive around areas I was interested in. I started to notice some properties that looked vacant often had a couple of papers stuck to the windows. Generally it was two sheets 8.5 X 11 inches. I was a bit shy and nervous so at first I was afraid to go and check them out. When I finally got the nerve and walked up to the properties I felt like I found gold.
The foreclosure notification was found. One of the sheets was from a property management company stating that the property has been secured and is being watched, so stay away. The other sheet had legal and bank information about the foreclosure. I found out that when this notification is posted, it could be several months before the property would make its way through the court process.
I started to contact the lawyers involved to see if I could buy the property before it went through all the full foreclosure process.
This form of communication was met with mixed results. Some of the contacts were nice and helpful about providing an update to when the property might be going up for auction, others provided the feeling that I was bugging them and were quick to get off the phone.
What I did learn was that if I kept track of the property it would eventually show up in the local court or listed by a real estate agent.
That is when I had the real estate agent I was dealing with alert me of any bank owned properties hitting the market, I also went to the local court house to find out where properties in the process of foreclosure were listed.
Read here to find out how to navigate the court process
The challenge with many of the properties that are in foreclosure is that the amount owing is much higher than the value. In many cases the owner has refinanced and pushed the amount they could borrow against the property to the edge. That is generally when payments are missed and the property enters a foreclosure process.
In areas that have an abundance of foreclosures you will often find foreclosure auctions, in smaller areas you may find that only a handful of lawyers or real estate agents deal with the majority of foreclosure properties.
There are many ways to tap into the foreclosure property scene, it often depends on the area in which you are located. Some countries such as the United states have more ways to get involved such as short sales or large Foreclosure Auctions In my area there is an amazing website www.viewpoint.ca which provides past sale history plus easy search functions. These are the
Instructions for Conduct of Foreclosure Auction in Nova Scotia.
Good luck on your hunt.
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