How to Find, Buy, and then Sell Foreclosures

I've listed a step by step process for finding,buying,and listed resources for selling foreclosures.I did research online and in different Real Estate Investing guides, and am making it available to the group.

ATTENTION--These sources are also listed in other places within this site--I'm listing them again for you here for ease of use--

The real estate market is in constant flux,but it remains one of the smartest investments and wealth builders for the average person in today's society. Home prices are often out of reach for many,but those who are willing to do a little research can buy foreclosures at a discounted price.

You can follow these 8 steps:


Locate distressed properties through state, local and government agencies (HUD, Fannie Mae, Freddie Mac and the Veterans Administration). You can also find properties through Internet subscription services such as, banks, credit unions and real estate agents who specialize in distressed properties (see Resources below). Most have designated representatives or departments that handle foreclosures.


Contact the real estate agent or lender regarding the foreclosure you are interested in purchasing. He will have valuable information about the property, including the terms for pricing, down payments and possible interest rates.


Inspect the property with a professional. Although this opportunity is not always available, when it is, have an inspector check for all defects that can affect the value of the investment.


Attend foreclosure auctions, which are constantly being held at sites all around the country. Before you go, you should have already viewed the list of homes that will be auctioned that day and visited the ones that interest you. You will also need to pay a deposit (usually 5 percent) by cash or cashier's check at the time of the sale. Locate nearby auctions at a site like (see Resources below).


Evaluate the total cost associated with the property before you buy. In addition to the price of the property, you must also consider repairs, insurance, property taxes, liens and the amount you will be able to recoup either through the future sale or rental of the property.


Make an offer to the lender based on your analysis of all costs associated with the ownership of the property. You must also consider that other investors will likely be presenting offers. You should take care not to overpay for the desired property, while still making a competitive offer.


Decide on how you will finance the property. In some cases, there will be on-site financing available and you will deal with designated lenders, or you will need to go to a bank, credit union or mortgage company for you loan. However, if you want to become a regular investor, it's a good idea to establish a business or personal line of credit that you can access immediately, as foreclosures are often "cash-only" deals, and time is of the essence.


Make certain that property you want to buy has a clear chain of title. Many properties may have had liens placed on them for which you may be responsible. You can check the chain of title yourself by visiting the local county clerk's office and requesting the appropriate documents (fees may apply). However, in most cases, you should utilize the services of a title company, such as Nationwide, to investigate the possibility of liens.

The following resources were found in the

--------------FIND IT--------------------


* AuctionZip

* Alti Source Homes

* Go Homing

* Hudson and Marshall

* RealtyBid

* Real Estate Disposition Corporation - REDC

* Williams and Williams

* National Auctioneers Association - Real Estate Auction

* Loopnet - (Search for distressed or Property Auctions)


* Home Steps by Freddie Mac

* Home Path by Fannie Mae (Search by State)

* U.S. Department of Housing and Urban Development

* U.S. Department of Veteran Affairs

* U.S. Department of Veteran Affairs (VA) - (Listed Homes by State)

* FDIC Real Estate for Sale

* IRS - Department of Treasury

* Customs

* U.S. Marshall Service

* U.S. Department of Agriculture (USDA)

* U.S. General Services Administration (GSA)


* Bank of America (Search by State)

* Bank Home Hub

* Branch Bankign & Trust (BB&T)

* CitiMortgage

* Compass Bank

* GMAC Mortgage

* Home Loan Investment Bank


* JP Morgan Chase

* M&T Bank


* One West Bank

* PeopleĀ“s United Bank

* PNC Bank

* Regions Bank

* Sun Trust Mortgage

* US Bank

* Virtual Bank

* Wachovia Bank

* Wells Fargo

* 21st Mortgage (Manufactured/Mobile Homes)


* 411 Service

* Anywho by At&T

* Yellow Pages switchboard

* Zaba Search


* Free Foreclosure Database

* NRT REO Experts LLC

* REO Source

* Taylor Bean


* Finding a Lender by Zip Code - Source: The Wall Street Journal

* Other directories to locate local banks and credit unions:




* National Association of Realtors

* Others:



















* Dean Graziosi

* Facebook

* Linked In

* Real Estate Investing Clubs by State

* Twitter

--------------LOCK IT UP-------------


* The American Institute of Certified Public Accountants

* Directory of Accountants

* State CPA Society Directory

Credit Reporting Bureaus

* Equifax

* Experian

* Trans Union

Hard Money Lenders

* 1st Bridge

* 1st California Hard Money

* 1st California Loans

* 1st Quick Funding

* Access Financial Group

* Advance America Property and Finance

* Apollo Financial

* Avatar Financial Group

* Better Loans and Realty Group

* Black Mountain Capital

* Blue Water Funding

* Brookview Financial

* California Hard Money

* Capstone Funding

* Coastal LaJolla Funding

* Crown Valley

* DHLC Mortgage

* Equity Development Funding

* Fairfield Financial Services

* Fix Funding

* Funding Partners

* Gelt Financial Corp

* Helvetica Group

* Investors Commercial Capital

* Kennedy Funding

* Lending Associates

* Mager Capital

* Managed Mortgage Investment Fund

* Medici Financial

* Mercury Capital

* Met Capital Group

* Met Mortgage

* Metro Mortgage Investments

* Onward Financial

* Peachstone Capital

* Red Brick Financial

* Rehab Funding

* San Jose Investments

* Sovereign Capital

* Wallace Capital

* Wooden Nickel Funding

* Zinc Financial

Mortgage Information and Finding banks in your area


* Ditech

* E-loan

* Quicken Loans

* VA - U.S. Department of Veteran Affairs

Legal Links

* American Bar Association

* Attorney Finder

* Real Estate Lawyers

* Foreclosure Laws by State

* Tax Professionals

Resources for finding Banks in your area

* Finding a Lender by Zip Code - Source: The Wall Street Journal

* Other directories to locate local banks and credit unions:



----------SELL IT---------------

Classified listings

* Craigslist

* eBay Classifieds (free listings)

* Find Newspapers by State

* Newspapers of the world

* Newspapers by State

For Sale By Owner













Email Marketing

* AWeber Communications

* Constant Contact

* iContact

Resources for creating ads

* Postlets

* VFlyer

Social Networks

* Dean Graziosi

* Facebook

* Linked In

* Real Estate Investing Clubs by State

* Twitter

I sincerely hope the aforementioned information helps you out.Like I said, I've researched this and compiled all this info from other sites and listed them here for easy access for the group.

This really is some

richlacelle1004's picture

This really is some fantastic information. All on one forum! Thank you for the information. It is a lot, but I will use all of it within this next year. Good luck to you.

Bothell, WA


mjstephens's picture

I'm so glad that you found it helpful! Please let me know if I can help you "Find a Path" !
Best of Luck, Richard!

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