How do I locate homes that are in the foreclosure process so that I may attempt to purchase them?

by oliver on September 30, 2010

Question:

How do I locate homes that are in the foreclosure process so that I may attempt to purchase them?

My husband and I live in Indiana and we are interested in purchasing a home. Foreclosure lists that I see on the internet charge. I am not sure if this is the way to go or if there is a free way to get this information.

Answer:

You can find foreclosure listings right here in Yahoo. You can go to the Real Estate section and click on foreclosures. This list will give you an idea on what homes are currently facing foreclosure. But if you want to be more accurate and safe, try contacting a real estate agent in your community and ask him to provide you of a listing of the homes which are facing foreclosure. This way, you will be more sure of what homes are really facing foreclosure, save yourself from internet scams, and track the process of foreclosure which is taking over a certain home.

If you have chosen a house which you would like to purchase, let your real estate agent track the status of the house and inform you whether or not you can already make offers to the borrower and lender. Usually, you can get the best bargains and prices not during the foreclosure process but at the pre-foreclosure stage. Usually, borrowers make ways in order to prevent the foreclosure such as by selling the property in the open market at a price which is below the fair market value. If you are able to make an offer during this time and the lender agrees to that offer, you will already take the house. However, if the lender does not agree, you have to wait for the auction and bid as high as you can to win the property.

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