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Once you've decided to start investing in foreclosures, you still have one big step left to handle. You must find the right foreclosure listings. There are numerous sources of foreclosure listings and I find it helpful to divide the sources into two broad categories: government foreclosures and reo properties. There are a number of sources you might consult to learn more about government foreclosures. The Department of Veterans Affairs is one starting point, as is the Department of Housing and Urban Development. You might also look into the General Services Administration and see if the Office of Property Disposal has any listings. Other resources include the Treasury, Small Business Administration and Agricultural Departments, law enforcement sources such as the Marshals Service, and banking sources such as Fannie Mae and the FDIC. Many REO sales are listed online, under the category of REO listings, and many directories exist that can help you find these websites. You can also identify these properties by asking an asset management company for input. This company will help the banks to sell off foreclosed homes, and may even have a useful website of its own. Looking at pre-foreclosure listings as an alternative source for one's investments is very important. A decent understanding of the foreclosure process is necessary to be able to capitalize on this option. At different stages of the foreclosure process, notices are recorded with the County Clerk. This enables one to access public records and to easily locate properties that are heading towards foreclosure. Once the property of interest has been located, the owners of the said property can be approached for inquiries about acquisition of the property prior to foreclosure. As is required, the Notice of Sale of a foreclosed property must me published in the newspaper. You will find notices for trustee sales in the Public Notices section of the local newspaper. It is important to be thorough with your research when you buy at trustee sales, therefore it may be better to be aware of properties before they reach the public notice stage of the foreclosure process. Exercise caution as properties are sold "as is-where is". It would also be beneficial to become familiar with the website for the county that is your target area to make use of the resources that it offers for searching for foreclosures in the area. This will be useful for you whether you are looking for pre-foreclosure listings, or foreclosure auctions on the steps of the county courthouse. Using multiple sources of foreclosure listings is encouraged because it allows you to access multiple sources of listings. There are many different sources, and reviewing the inventories of multiple asset managers, banks, the county clerk, and other government departments will give you a larger range of properties to chooses from. And the bigger your selection, the bigger your advantage over other investors.
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At some point, you may have made the decision to begin dabbling in foreclosure investing, but you haven't yet started since you don't yet have foreclosure listings.
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