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Daily Real Estate News | March 10, 2004
Foreclosures: Look for Investment Success
Interested in buying foreclosed properties? Do your homework, otherwise you won;t find the market much to your liking.
The research process can be difficult, because thre's no central database of foreclosed real estate. That means you have to weed through scores of Web sites with varying subscription prices and services to find what you want.
You might start with the foreclosure lists kept by Fannie Mae, Freddie Mac, and local banks and credit unions. Other good sources include Absolute Foreclosure's site for Fannie Mae, Freddie Mac, U.S. Department of Housing and Urban Development, and Veterans Administration foreclosures.
Amateur investors are urged to contact HUD for educational materials and property searches, while more experienced investors can team with brokers or agents to participate in the agency's online foreclosure auctions. Other useful Web sites include GovernmentAuctions.org, ForeclosureFreeSearch.com, Bargain Network, and Foreclosure.com; but investors should avoid sites with hefty subscription fees and/or no free trials. Despite the availability of material on the Web, investors must still obtain ownership, mortgage, and property-tax records from the appropriate city or local government office.
Source: Barron's (03/08/04); Yakal, Kathy
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