Hi Debbie, hope all is well.
You have received some good information from my fellow Realtors, I most like the response that "any Realtor" can help you find them, while true, I think you need a Realtor who will stand up and help you. I'm standing up! Too funny.

I specialize in distressed properties, I list and help buyers in Short Sales & REO-Bank Owned properties, so I know how these transactions work inside out, backwards & forwards. You need someone who can advise you properly, and that is only a broker who has success time in this particular niche of the market.

If you have not already "hired" a broker to work with you, please contact me, and I would be very happy to share my knowledge with you. I would love to help you find just the right home for you, and help make the process as stress-free as possible.

I look forward to hearing from you. All my contact info is on my website

Not many available around. They are typically marketed in MLS and are available to brokers. Some are marketed by the banks themselves. If you have not yet bought a home, there is a first time tax credit from the federal government available. $8000.00.

You can find foreclosure properties in a variety of ways. You can ask a realtor to find them, you can go to the courthouse and do the research yourself or you can subscribe to a service that will provide you with foreclosure information. It's public record so the data if available. I would not recommend the courthouse route, it's incredibly time consuming. If you are not working with a realtor you should be working with an investor that specializes in short sales. You can also do some checking at the courthouse for bankruptcy filings, and they are published in newspapers, but again it's time consuming and you will have to do alot of work.

But keep in mind that just becoming aware of foreclosures or bankruptcies is just the start. You will indeed need to have the money available to actually buy the property. In the event of an auctioned property you'll need to buy it within 10 days of your winning bid. If you make a more traditional offer on a property before it goes to auction you'll still need the financing to close, and most conventional loans are going to require 20% down, not to mention the ability to actually qualify. I'm assuming you're trying to come up with a way to buy property without having to put 20% down.

I'd suggest you find a realtor or an investor who can show you properties that include options that are not so traditional, i.e. rent-to-own or lease-to-own options, and properties where the seller is willing to finance. Cary is a tough place to find a bargain on a really nice property, so depending on your price range and how flexible you can be, it may take a while, but if you're patient you can find a great property at a great price.

Hi
Any realtor can help you find foreclosures in Cary, as well as HUD owned properties. You may as well take advantage of using a realtor to save you a lot of legwork, since as a buyers agent there is generally no charge to you, and if you do make an offer on a HUD owned property you will have to have a Realtor anyway. I would be happy to send you some properties.
Thanks, Michael

I agree with Mike about getting qualified financially first. But, after you have that accomplished you can find foreclosures in a couple of ways. Although any agent can help you with a distressed property it is to your advantage to contact an agent who is familiar with working with foreclosures and bankruptcies. Besides letting you know about the distressed properties that are currently on the market; they should also explain to you how it is different dealing with a bank as the seller versus a regular property owner who is seling his/her home. What I do for my clients who are looking for foreclosures and bankruptcies is set them up on the "Prospect Gateway" system. I set it up so that the client will receive an immediate email when a distressed property is listed for sale. I have my clients tell me what the "specifics" that they are looking for in a home. The specifics that I have my clients tell me include items such as the square feet, number of beds/baths, location and price range. After I enter that information they are all set up and just need to wait for the emails to start arriving.
Another thing that is definately worth mentioning is the possible money needed to fix up the distressed property. Often, though not always there are things that need to be done to the properties before they would be considered to be habitable by a lender. With homes like these it is even more important to have an agent who is familiar with distressed properties. They will help you to know what questions to ask you lender and also they will help guide you to the right distressed properties for you. I mentioned that not all properties need work done. I personally have purchased 2 foreclosures that needed nothing done and were in move-in shape. One of them was a bank owned proeprty and the other was a HUD property. HUD properties are the type that Hilda Wilder mentioned in her response.
I hope this helps and you are welcome to call or email if you have additional questions.

Krista Abshure
Century 21 Becky Medlin Realty
(919)753-6518

There are several programs available that allow you to purchase HUD Foreclosed property with as little as $100 downpayment. We do work with agents who have lists of programs. As you need to be able to close quickly on thes properties once you make an offer - we suggst that you meet with a lender early in the homebuying process. Good Luck!
Steve and Eleanor Thorne
Meridian Residential
Cary, NC

Debbie:
You may want to check out some HUD homes. You can get some really good buys and owner occupants get first priority over investors.

Hi Debbie,

My colleague is correct about speaking with a lender in advance so you know exactly what you can afford.
There are some really great properties in Cary that are not foreclosures. You should definitely consider those as well.

Good luck!
Lizete

Debbie,
Any Realtor can help you find foreclosures. No problem.

You might do better to first find a good mortgage banker who can help you find a program to buy a well-cared for home within your financial capabilities. Distressed properties typically need a cash infusion, sometimes a lrage cash infusion to make them habitable, but at least significant cash for updating.
Downpayment on a foreclosure is only the beginning of the financial outlay.