If you get this info, you need to find a way to reach the homeowners in trouble and get them to actually respond to you without aiming a rifle at you while you are walking up to the front door. This is an art that takes skill and experience... and that's if you can find the owners, who have often already moved and left the trashed house behind. And if you do fine them, do you know how to structure the contract and get it through to closing? Another way to pursue a deal already in the foreclosure process is to work with a real estate broker to find a short sale, which is a house listed for sale for less than the amount owed. The issues here are that every lender is different and will discount different amounts (usually 5-20% off current market value) and they can take up to a year to finally be approved - so you need to be patient and flexible. I sometimes submit offers for my buyers on a number of short sale properties at the same time and see which one we can get to work. Banks simply do not have efficient systems to deal with the sheer volumes of properties in default that they are managing these days. So, I guess the bottom line is that, yes, you can find some deals out there in this flood of foreclosures, but it takes time and effort. You can read a handful of books that will give you a bunch of info that is not specific to your county and you can spend the time to learn by experience (or find a mentor), or you can find a good real estate broker to help you. You can find good ones by asking them if they are currently buying and selling distresseed properties in this market. If they are not investing their own money in these "great deals", then find one who is. By the way, you can see my latest remod (flip project) here: http://budurl.com/Trulia0724 Email, text, or call me anytime with questions... best of luck! :o)
I agree with Bill's answer & would be happy to help you with that. I'm a local Realtor with experience in the foreclosure market & can get you access to foreclosure & short sale properties. Please feel free to contact me anytime at 505-400-4129.
RE/MAX Alliance REALTORS