What's The Best Method of Proespecting for Foreclosure Homes?

Foreclosure Prospecting

One of the readers asked me the best way I knew of for prospecting and finding of foreclosure homes.

As you know, I am a proponent of free services and in fact in one of my earlier posts in this blog, I shoed how I used a free service called Craigslist to find a beach front foreclosure. I also use Yahoo Real Estate to do some prelimnary investigating.

Believe or not, the newspapers and Real Estate Agents remain and have always been my best sources of finding below market homes as well as pre-foreclosed homes!

The fact of the matter is, there are about a dozen solid ways you can conduct your foreclosure treasure hunt and have a prospective list ready to go within 48 hours and be in escrow within 7 days. I'll list a few here:

1- Real Estate Agents
2- Local Foreclosure Hot Sheets
3- Craigslist Real Estate Listing
4- Yahoo Real Estate
5- FHA and VA Foreclosed home website
6- News Papers
7- Free Online Foreclosure Listings
8- County Records Notice of Default and Notice of Sale Listings
9- Local Bank's REO listing department

and many more...
Word of caution. If you are going to wotk with a foreclosure agent (a Real Estate Agent specializing in foreclosures) be sure to have all your ducks in a rowe and have the financing in place or at least a pre-qual letter from the lender stating that you've been pre-approved for a loan.

Foreclosre market is very competetive and you want to be ready when the deal presents itself.

Good luck and happy investing

filed under: foreclosure investing