Written by Scott
Can't get the list your looking for? There are literally dozens of ways to find foreclosures - from picking them up at the auction after the banks take them back, approaching the Banks with REO's on their books, chasing down leads from pay sites, and many others.
At some point in time, you may determine it is best to have the deals coming to you, instead of you doing all the work. With that, you may want to try getting set up on a MLS alert system.
To do this, contact your local realtor and ask them if you can be emailed anytime they receive new foreclosures.
Most realtors will tell you, "sure - I can put you on a list!", but they don't even know what to look for half the time. This is when you, the investor, will need to help them by teaching them how to actually weed out all the waste and send you just the properties that meet the right criteria.
To do this, first let the realtor know the target area your looking to buy in. Once he knows this he will then be able to narrow searches to only those areas.
Then, you will want to give him a list of key words that you would like for him to query for on the "remarks/comments" section of the MLS listings. This field is used by realtors to describe things about financing, status, payment methods, condition, etc.. It is important to know what keywords to use, so here are a few that I personally use that will get you started.
Fixer Upper
Addendum
Seller exempt from disclosure
HUD
REO
Foreclosure
As-is
Vacant
Vendee
Also, there is a field in most MLS sections called "Miscellaneous" in which there are preconfigured fields such as VA Foreclosure, HUD Foreclosure, Handyman Special, etc.. You will want to also have your realtor flag these too. As I mentioned, not all MLS systems are the same but if your local MLS has these sections, make sure your using them.
Lastly - Make sure your receiving these lists 2 times a day or more. Most great deals are picked up in the first 48 hours, so if it is out there any longer, be weary and do your homework before making an offer.
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Real Estate Vietnam
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re: The easy way to find foreclosures It seems that it is a good thing to know different ways to find foreclosures. Thanks for sharing them to us. |
