Every now and then a disgruntled homeowner that is facing foreclosure will trash the house, so that whoever buys it will have to put a lot of money into it. At the time, it might feel good to the homeowner to take out his/her frustrations out on the house, but in the end the bank will either file a claim with the homeowner’s insurance carrier, or sue for the loss caused by the vandalism. The house will go into the home foreclosure listings, and the use-to-be homeowner will have to deal with the damage done to the property. For this reason, a buyer should always inspect the properties on the home foreclosure listings before making plans to buy them.
If you are interested in a home found on the home foreclosure listings, go visit the property. Take a pen, notebook, and camera to the property and take notes and photos of the property. This method will help you keep track of all the properties you inspect. Take note of any evidence of vandalism, as well as the over all condition of the home and the land it is sitting on.
It is quite possible to save as much as 30 percent by buying homes from home foreclosure listings; however, it is essential that you know that you are truly getting a bargain. Saving $20,000 on a home wouldn’t be worth it if you have to sink $50,000 back into it for repairs and renovations. Home foreclosure listings are very helpful in locating homes, but they don’t tell you if the homes have been vandalized by the owner. There may be holes punched into the walls, broken windows, and missing light fixtures when you go to the property to inspect it. The cost of this damage will be passed on to the person that eventually buys the house, so a rule of them is to never buy a foreclosure property sight unseen.
Home foreclosure listings are available at any bank’s REO (real estate owned) department. You can also go online and find home foreclosure listings on the Internet. Type the words home foreclosure listings into your search engine and you will find page after page of websites that advertise them. The Yahoo search engine will take you to the Yahoo real estate website; it lists the homes, and the street they are located on, the number of bedrooms, bathrooms, square footage, and the real estate company that is handling that property.
Locating the homes is made easy when you have the Internet at your disposal; it may take some time to purchase a home in foreclosure, if the bank hasn’t taken possession of the property. You may be dealing with just the bank, or you may also be dealing with the seller of the property if the bank has not already taken possession of it. By being patient, and making visual inspections of the property on the home foreclosure listings, you may be able to save yourself a significant amount of money, compared to buying a home on the open real estate market.
Whether you are an investor looking to make a quick profit, or just someone who is looking for an affordable home, the free foreclosure listings are where you want to begin your search for a foreclosure property. The internet is a good place to start your search; HUD and Foreclosure Free Search both have websites that provide free home foreclosure listings.
Another way to find free home foreclosure listings is to take a drive in your surrounding area. You may find several homes in your own city with bank signs advertising the property for forced sale, or you may see a sign that the property is going up for auction. The sign will give the place, date and time of the auction. Taking your time driving around all the neighborhoods in your area is a good thing to do when you want to find free home foreclosure listings, because you get to see what the property looks like. Some you may be interested in and some might not even be worth looking at, but you can get a good idea of what you might want to purchase by driving around.
Call your local bank and ask to speak to someone in the real estate owned (REO) properties department. The person working in the REO department can give you a list of free home foreclosure listings. Check with some real estate agents, they may have some inside information on properties that are being foreclosed on, and can give you some great leads. If you ask the real estate agent, you may get free home foreclosure listings delivered right to your email box on a weekly basis, because many real estate companies provide this service.
You can buy a home in any stage of the foreclosure process. You may find homes in pre-foreclosure, which can very often buy the home below market value. You will find properties in pre-foreclosure, strict, and judicial foreclosure on the free home foreclosure listings.
Word of mouth goes a long way; talk to your friends and neighbors. Talk to your coworkers. Let people know you are interested in locating properties. Your friends may have seen some free home foreclosure listings that you are not aware of. Your friends and neighbors are often a wealth of information when it comes to locating foreclosure properties.
Since the economy is the way it is, everyone is looking for a great deal, which is why they often refer to the free home foreclosure listings. By obtaining free home foreclosure lists periodically you can stay on top of your search to either buy a home from the seller, or buy it at auction. Most bidding starts at $5,000 and the home will go to the highest bidder.
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