In my opinion No. New ARM account for a far smaller portion of total loans and the underwriting standards are much higher. Not to say that there will not be more forclosures in the future I just do not believe we will see a wave.... more
Since more properties that banks foreclose on are eventually assigned to realtors who list them on the MLS, most any resourceful realtor will find them for their buyers. The best way is to align yourself with a realtor who is knowledgeable, strategic and resourceful.
But first, if you haven't gotten yourself preapproved for a loan, that's the first thing you should do to be fully prepared on what kind of loan you can get, and what you're comfortable paying for a property.
If you are interested in bidding in an auction, note that foreclosures don't always translate to good deals. There could be other liens on the property that are not known or disclosed at the time. Or there may be extensive/hidden damage. If you have an offer accepted, then you can get your own inspections to determine costs. There are a lot of risks involved. Here's a video by Foreclosure Radar that explains the process https://www.youtube.com/watch?v=1CanJbhGdJM
By the way, Foreclosure Radar is an excellent resource for identifying properties in distress (delinquent, about to be foreclosed, etc)
The Mills College area is an excellent place for purchasing investment property. I especially like the Maxwell Park & Millsmont neighborhoods & have found some very good deals there for my investor (& 1st time home buyer) clients. I would be happy to send you a comprehensive list of available properties if you'll provide your search criteria.... more