Robert Luecke

The answer to your question is yes and yes. Certain agents have access to foreclosure sales and you will pay a fee one way or another. The reason being is because although it is public information it take time and know how to gather all the data. You need to gather the notices from the counties where they are posted and then match them up with the trustee that is selling the property. The trustee will post an opening bid that they receive from the lender usually a few days before the sale. You then will need to get title on the property. In most situations you do not receive title insurance but what is called a tip. This is a preliminary title report. You also should drive the property and do your best to inspect it. We have a full time person that just scrubs trustee sites.
You need to also understand the pitfalls of investing or buying a foreclosure. We buy 2-4 properties a month for out company out of foreclosure, but there our agents out there that work for customers as well. They will do the work above for you and if you do not have cash help you get a hard money loan. I would be careful in what ever route you choose. - Fri Nov 13 2009, 06:02