Where do you Find Foreclosures? At the court House 1. In the Tax Assessors Office 2. In the Recorders Office/ Ask an employee, they could be listed online or on microfish; Ask for Records in Defaults for the past 30 days they are at the pre-foreclosure stage.
Check out the Neighborhoods before you make a bid on a house.
Be very careful when you make an offer to the bank, you have to deduct the cost you will have to pay for repairs.
You may find the house bare; No refrigerator, no sinks, no kitchen cabinets, no water tank or heater.
The house might have a leaking roof or electrical problems.
All those purchases and repairs and repainting may run into thousands of dollars which will reduce your net profit.
You should also know that if two loans were secured to the property (which is common these days), the second lender sometimes does not foreclose.
If the second lender does not make up the back payments to the first lender and commence its own foreclosure proceedings, the second lender gets wiped out in the foreclosure.
Many second mortgages comprise 20% or more of original market value.
Banks will price homes for less if they did not receive a minimum bid during the foreclosure at the courthouse because they do not want to sit on their inventory. msn.com How to Finance the Purchase of Foreclosures/CNN Open House - Foreclosure Hotspots
