BEST ANSWER
Apart from lists provided by banks and other lenders, you can also locate foreclosures by reading the notices issued by the city or county and posted in the legal sections of business journals and local newspapers.
Some properties are available to purchase when the city or county has “red-tagged” them, meaning that the house is unfit for human habitation because of a safety or health issue.
Look for newspaper advertisements that state that the advertiser buys properties – “We buy Houses” is often a giveaway. These are usually ads that have been placed by fellow investors and there is nothing to stop you calling them and asking for their list of properties.
Networking is important when it comes to locating and buying wholesale properties. If local realtors are aware that you are interested in potential wholesale deals, you will find it a lot easier to find properties. A good network of useful contacts is invaluable and one of the best things you can have in real estate. Make sure you always follow up with your contacts – rather than waiting for them to call you back.
And sometimes the simple approach is effective - many successful investors advise that you can do worse than simply drive around respectable neighborhoods and look for slightly run down houses that are for sale.
Many people who are trying to locate wholesale properties make the understandable mistake of concentrating on the cheapest properties in their area. In fact, a profit can be made from wholesaling more expensive homes as there are usually homeowners who are desperate to sell their more expensive home, too.
Wholesaling has been around for a while, but in recent years it has become more widespread and acceptable – and contrary to what some people believe, it is perfectly legal. And with the right knowledge, foresight and connections it can be a profitable venture.
There are other sources of information that you can get from. The internet is a good way to start. There are websites such as http://www.finestexpert.com that offers services and has a wide range of properties that are for sale, rental properties, foreclosed properties. You could also check foreclosure.com and realtytrac.com for property listings but I think they charge a certain monthly service fee.
I hope this information will help you in a lot of ways. Good Luck
Sun Oct 18 2009, 07:03