Do you know how to find the bank foreclosures in your area?
It doesn’t matter whether you want to find Antioch bank foreclosures or you’re looking to buy foreclosed properties in some other part of the state or county, the methods you use for finding these properties is the same either way. You will probably develop a preference for a certain method of locating foreclosures as you get more experience, but for now you should be aware of all of the options.
Most foreclosures are advertised in the legal section of the local newspaper before the auction sale is held. In some areas of the country, the required notice can be delivered by posting a notice on the property itself or mailing a notice to the owner’s last known address. However, in most places, the notice must be published in the newspaper. This notice will tell you some basic information about the property, the amount owed on the mortgage and the owner’s name.
If you’re buying properties in many different areas, you’ll probably want to subscribe to an online foreclosure listing service rather than paying for multiple newspaper subscriptions. This is likely to save you money, plus it will be faster and easier than thumbing through the newspapers. You still get all of the information you need to purchase each individual foreclosure property.
Many banks, such as ASC Mortgage, have a real estate section on the websites. This section may be labeled “real estate for sale” or “REO.” Most banks list their foreclosed properties through real estate agents, but the listings on their website will tell you which agent to contact if you are interested in a specific property. It also allows you to see all of the bank’s real estate holdings at a glance.
When a house that has a government-guaranteed loan is foreclosed, it usually ends up on the HUD website. This is a good place to look for foreclosed properties that have already been through the foreclosure sale and are ready to be purchased. However, you’ll find that many of these properties need a lot of repairs, so be careful when deciding how much to bid.
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