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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 foreclosures. Two key groups of listings include government foreclosures and bank owned homes, and it is useful to think in terms of these two groups as there are numerous ways to identify foreclosures. There are many different sources when thinking about government foreclosures. A few of the available sources of information include: va foreclosures within the Department of Veterans Affairs, hud foreclosures from the Department of Housing and Urban Development, the Department of the Treasury, the Small Business Administration, the Marshals Services, the USDA (Department of Agriculture), the FDIC (Federal Deposit Insurance Corporation) and Fannie Mae. With respect to bank owned real estate you will find many banks have their REO listings on their websites and can even find directories of the banks that do online. Otherwise you can find many bank owned homes via asset management companies. It is their job to help lenders dispose of such assets and many asset managers list the REO properties of the banks they work for on their own website. A good investment possibility is homes that are currently in pre-foreclosure situations. Public notices are available at the County Clerk which can be searched by anyone and will be registered at various stages of the foreclosure process. This allows you to find properties that are on their way to foreclosure and you the owners may be willing to sell in order to avoid foreclosure. Keep in mind that in order to make this type of investment you must have a good understanding of how foreclosures work. A step in any foreclosure is that a Notice of Sale has to be placed in the local paper. Look for trustee sales in the section where public notices are in local publications and magazines. You are at an advantage if you know about the properties before they are at this step in the proceeding. If you make a purchase at a trustee sale, be sure to do your homework, as the properties as 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-foreclosures, or foreclosure auctions on the steps of the county courthouse. Using multiple sources of foreclosures 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 foreclosure investing, but you haven't yet started since you don't yet have foreclosure properties. Two key groups of listings include government foreclosures and bank owned homes.
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