Thats a good question that I hear often. The other agent is correct about where to find them and that they can be tough. I know because I actively search them for investment opportunities myself. (I am in the process of renovating one right now and just helped one of my clients purchase one in Corvallis). One common misconception is that because a home is on the foreclosure list, that they are the best deals out there. Sometimes this is true, but others its not. It comes down to a case by case situation. The deals are out there though! I actively work the Corvallis and Albany markets and have access to a couple of good sources for foreclosures, HUD homes and VA repo homes. There are far too many things to discuss with regards to foreclosures that cannot possibly be covered in a blog so if you would like to visit about them further, please know that my door is always open. I welcome the call or email.

Cory. Great Question! When properties go through Foreclosure that Bank wants them sold and sold fast! The single best way to find those homes is the MLS for your area. Banks know that 95% of all buyers pick a home from the MLS. So that is where they show up and sometimes they are great deals.

You can watch the local papers and or get a Title company to get you the NDF list which will tell you who is going under and you could try to track them that way and find out about them as they go through. Some mail these folks and some knock on their doors but it is not uncommon for people going under to receive 200 pieces of mail and several door knockers so being one of these vultures is a tough deal really.

For my money in this market you just need to know 2 words: SHORT SALE. You can get a better deal buying one of these than you can a foreclosure. This is where the seller is offering to sell you their home for less than they owe the bank. Therefore the sale is "Short" but you can get the Banks to do this.

In Bend they are selling homes at 50-60% of value to get them sold. These are usually better buys and the seller is still living there and taking care of that home. So this is my recommendation to you and anyone looking to buy homes right now.

This all starts with a good buyers agent and someone that can get you daily updates in the markets that you want to be in most. Find a great agent and you can make some real good $$$ in this economy.

I wish you all the success in the World!

Best wishes;

Dirk Knudsen
ReMax Hall of Fame
#1 Rated ReMax Team in Oregon
503-799-8383