Forget websites. Go to the country courthouse where these foreclosures have to be posted. Take the name of the referree and number and call him and ask him about the property. Find out which bank has the mortgage and call them and find out how much they have into the property. Go look at the property to make sure that they don’t owe more than you want to pay.
You will need probably 20% when the hammer drops at the auction and the balance in 30 days. Have the money ready or an equity line of credit to finance it till you can take it over, fix it up so a bank will give you a mortgage on it and refinance it if you want cash out.
Good way to make money but be careful because a lot of people are upside down on their mortgages at this time because they got 95% financing and property went down in value and they didn’t keep it up further reducing it’s value.
Good luck!
I dont know if they still do it or not but try….
http://www.searchsystems.com or .net
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I invest in NYC and I use Property Shark. Although they do have some free services the services that you do have to pay for are really inexpensive. The also cover only a few areas throughout the country so their information is accurate and their coverage is complete. I’ve been using them for over a year now and I couldn’t be happier.
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Forget websites. Go to the country courthouse where these foreclosures have to be posted. Take the name of the referree and number and call him and ask him about the property. Find out which bank has the mortgage and call them and find out how much they have into the property. Go look at the property to make sure that they don’t owe more than you want to pay.
You will need probably 20% when the hammer drops at the auction and the balance in 30 days. Have the money ready or an equity line of credit to finance it till you can take it over, fix it up so a bank will give you a mortgage on it and refinance it if you want cash out.
Good way to make money but be careful because a lot of people are upside down on their mortgages at this time because they got 95% financing and property went down in value and they didn’t keep it up further reducing it’s value.
Good luck!
References :
I was researching forclosed homes about six months ago but never got around to purchasing, too many other financial obligations at the moment. I tried several online tools but the only one that I found with the most aggreagated information was this: http://www.rsrvr.com/forclosure-listings/
Best of luck, I hope you find what you’re looking for. There’s nothing better than buying a new home… and there’s nothing worse than paying the mortgage!
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