Finding Bank Foreclosures

Written by Linda Alexander
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Finding bank foreclosures is easy if you know where to look. Today, it's simpler than ever with the internet. There are numerous lists you can get on where they will send you thousands of foreclosure listings weekly.

You can find foreclosures in the legal notices of the paper. You will also see signs on the lawn of a house going through foreclosure. By law, any trustee sale of a house must also be announced, so if you keep reading those legal notices you will find plenty of sales where you can bid on houses. Most of the time these sales require cash upfront, in the form of a cashier's check or money order.

Finding bank foreclosures before they are foreclosed is another way to invest in foreclosure homes. This is called a pre foreclosure, and to find them, you need to look at the county recorder's office, on the internet, or in the legal notices of your local paper. The first announcement of a foreclosure is called a "notice of default" or a "lis pendens" depending on which state you live in.

Finding Bank Foreclosures Early Saves Trouble for Everyone

After finding bank foreclosures, if you move quickly enough, you can buy the home directly from the owner and avoid buying at auction. This saves headaches for everyone. It relieves stress on the homeowner, who can save money and not be evicted. It makes it easier on you as you have less competition at this stage and more profit potential. Finally, it's easy on the lender, which just wants its money back and not to have to go through the hassle of selling at auction.


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