The best thing to do is to contact a real estate expert in the area that you are looking to buy.
Some big companies keep a list of all the foreclosed homes in the area. Although any real estate agent that has access to the MLS can pull up any foreclosed home which will be labeled as REO, or per-foreclosure Short sale.
My question to you is, if you want to get a foreclosed home to get a better deal on a home???
If the answer is yes, Well you will have to be prepared for several things.
The best discounted homes that you can get are foreclosed ( REO ) and per-foreclosure home ( Short Sales ).
REO's are bank own homes. You have to understand that in most cases, people use to live in that home and lost the house through the foreclosure process. That is why most REO's are vacany homes, with all types of conditions. Ready to move -in, need a little TLC, need a complete remodeling.
The Challenge sometimes is that if the house is in the market for below market value, the you will have competition with other buyers. Best thing to do is to work with an agent who is on top of new properties that come on the market.
Short Sales can take about 2-4 months just to know what price it is approved by the lender. If you have patience, you may be able to submit an offer below market value and get it approved
OBJECTIVE REAL ESTATE
6399 WILSHIRE BLVD SUITE 908
LOS ANGELES, CA, 90048