Hi Omani,

Christopher gave you two good websites, Realtytrac.com and Propertyshark.com.
Properties that are in foreclosure are public record once their mortgage lender files a “lis pends” which is the first stage of the foreclosure.

One option that these home owners have, if they do not qualify for a loan modification, is to sell the house in a short sale. In a short sale, the lender agrees to accept a payment amount that is less than the mortgage balance owed. If a short sale can not be negotiated the bank forecloses on the home and it becomes a bank owned property.

Most of these properties, bank owned and short sales, are being handled or will eventually be listed with a Real Estate office.

It is very difficult for a buyer to negotiate a sale that is acceptable to a defaulted bank. Home owners that are facing foreclosure don’t understand the process and banks are not in the business of educating buyers on how to get a good deal on a bank owned property. Experienced real estate professionals specialize in these negotiations and can assist you with finding one of these distressed properties.

My advice to you would be to find a realtor who deals in distressed properties in your area to guide you through the process.

Best Regards,

Teresa Cannady
Associate Broker
CBC Realty Services

Hi Omani,

Christopher gave you two good websites, Realtytrac.com and Propertyshark.com.
Properties that are in foreclosure are public record once their mortgage lender files a “lis pends” which is the first stage of the foreclosure.

One option that these home owners have, if they do not qualify for a loan modification, is to sell the house in a short sale. In a short sale, the lender agrees to accept a payment amount that is less than the mortgage balance owed. If a short sale can not be negotiated the bank forecloses on the home and it becomes a bank owned property.

Most of these properties, bank owned and short sales, are being handled or will eventually be listed with a Real Estate office.

It is very difficult for a buyer to negotiate a sale that is acceptable to a defaulted bank. Home owners that are facing foreclosure don’t understand the process and banks are not in the business of educating buyers on how to get a good deal on a bank owned property. Experienced real estate professionals specialize in these negotiations and can assist you with finding one of these distressed properties.

My advice to you would be to find a realtor who deals in distressed properties in your area to guide you through the process.

Best Regards,

Teresa Cannady
Associate Broker
CBC Realty Services

There's a free list of auctions & foreclosures printed every day. The local/regional & national newspapers print these public notices. If there's an area your interested in, start picking up the local newspapers. It's usually required by law to publish these notices prior to auctioning the properties. You should pay special attention to the Petitions to Foreclose, these would be the earliest stages of the foreclosure process. It'll take a little extra leg work on your part, but you might learn alot more useful information this way.

Hi, Checkout Realtytrac.com and Propertyshark.com.

Sincerely,

Christopher Pagli
associate Broker
Legends Realty Group
914.406.9023

Omani, Did you know that the Banks and Gov. have sites for the public to view their properties for sale (REO/Foreclosure). These sites are Free and also have information about the purchase/bid process.
Sites like this....http://www.wamuproperties.com/ ....http://www.nhmsi.com/ ....http://www.countrywide.com/purchase/f_reo.asp .....http://reosearch.fanniemae.com/reosearch/
You can find the links for the Bank/Gov. sites here...
http://www.biggerpockets.com/bank-reo.html
http://www.thedirectoriescompany.com/reos.htm
http://www.mortgagenewsdaily.com/

Good luck, Dunes

Most of the sites that offer foreclosure properties cost money or at least they will charge you if you want the address and other contact info. Often these sites have info that is old and outdated anyway.

Here is a list with full listing info and addresses: http://www.miketrinch.com/foreclosures-and-short-sales.php