Foreclosures: How to Find Foreclosures

In the Pekin Real Estate market, finding a foreclosed property may seem to be a simple matter. In every neighborhood, there are ‘For Sale’ signs. In some neighborhoods or cities, there are numerous ‘For Sale’ signs. At the end of the first quarter of 2009, there were 803,489 homes in foreclosure in the United States.

Yet, there is usually no sign (“foreclosure”, “bank-owned”, “bank repo”) that the house is in foreclosure. And driving up and down the street is time consuming and yields very little information about a property … particularly its legal and financial entanglements.

There are numerous risks involved in buying a foreclosure property. You don’t want to buy one that ends up costing you more time or stress than one on the regular market. You want to purchase a property where:

1.      The price is less than comparable properties.

2.      The location of the home or neighborhood is desirable

3.      The property is in good condition and has not been vandalized or stripped of assets.

4.      There are no legal or financial entanglements.

5.      The property is vacant or in responsible hands.

6.      The seller (whether it is the owner or the property trustee) is honest and open.

These are the best sources for finding that perfect property.

Real Estate Agents

Some real estate agents specialize in foreclosure property.  This specialty is usually not advertised but, with a little research, you can find one in your area.

Ask a realtor to search the Multiple Listing Service (MLS) for REOs (Real Estate Owned) properties in the area in which you are interested.

. Summary

You should have no difficulty in finding foreclosure property. But, as a novice, you need to be careful and patient. And, if you have any doubts about a transaction, contact a qualified real estate agent.

Remember your goal is to find a property which meets ALL of these criteria:

1.      price less than comparable properties

2.      desirable location

3.      good condition (not vandalized or stripped of assets)

4.      no legal or financial entanglements

5.      vacant or in responsible hands

6.      an honest and open seller

Don’t expect to buy the first (or even the tenth) property you find. There are plenty of properties available and more to come.

For a FREE list of Bank Owned properties in the Pekin Real Estate market, visit us at www.livinginpekin.com or www.free4closedlist.com. Or contact us directly at 309-241-0313.