Finding Foreclosures - Fast!

Before you start investing in foreclosures, you need to look at a ton - AND I MEAN A TON - of properties. What's the fastest way to find foreclosures?

One school of thought for finding foreclosure properties is to find them on your own (the drive-by method, courthouse steps, online, newspaper ads, etc.). But a faster way is to use a seasoned realtor, preferably a "listing realtor" who specializes in foreclosures.

Why? Because if a realtor specializes in listing foreclosures, they get that very first call from the bank saying I have a home (or, in this day and age, a number of homes!) from our REO (Real Estate Owned) division that needs to go on the market. These realtors usually have a cache of foreclosure listings they can point you to right away. The seller (the bank!) is paying the realtor's commission, so it's a win for you as a new investor.

My first foreclosure purchase (pictured above) was a cute little bungalow in Fayetteville, GA (boy, did it need lots of work when I got it, but that's a different blog altogether!). I found the property through a realtor specializing in foreclosures. I purchased the home before the For Sale sign had a chance to even hit the yard! (And before the bank had a chance to do any curb appeal, too. But, again, that's another story as well.)

You can find realtor databases all over the place, but a good place to find realtor's specializing in HUD homes and foreclosures is to go to such sites as www.NewBidSelect.com. You can actually search for realtors specializing in HUD homes by state, city, county and zip. Very easy tool to use.

That should get you started. Play around on www.NewBidSelect.com a bit and see what properties you find, too. Some SUPER deals out there! But, keep your hand on your wallet. Don't buy a thing until you've looked at at least 50 homes... that way, you have a basis of comparison and you can make an informed, educated decision... keep your hand on your wallet!!

Happy searching... until next time...

Remember, one property at a time can lead to early retirement and foreclosure millionairism!!!!