Are Foreclosures A Good Opporturnity For Home Purchases?

Finding good foreclosure properties as investments or as primary residences can be a difficult process.

Yes, there are many resources on the internet that offer foreclosure properties, but it is not as easy as contacting these people or banks and making a deal.

In our research we found that the best opportunity in this market may actually be pre-foreclosures. We started our search searching on 'foreclosure homes' in Yahoo. This lead us to foreclosure.com. They seem to be the best resource. Best of all, they offer free searches. It is not necessary to sign up for their full service, which is actually free for the first week.

Searching the areas we were familiar with, fig3 personnel drove by some of these foreclosure homes. The majority were not in an area that we would ever consider a good investment. For the most part they were in bad condition in bad neighborhoods.

Foreclosure.com then offerred something we were not as familiar with, pre-foreclosures.

Pre-foreclosures are properties before they reach the foreclosure market. Many of these homes were in very nice areas.

The tough part of this whole scenario is that you have to go out and find the homes you may be interested in buying, then contact the homeowner and see if they are willing to make a deal on the homes.

This can be a tough process. Many homeowners are in financial trouble and just do not want to be contacted by you.
foreclosure sign

We recommend that you check out our books section for recommended reading on pre-foreclosures. Go to Real Estate Books.

The authors we recommend are all professional realtors or business people with real world experience. They know much more on these subjects than we can provide to you in thes articles.

In closing I would like to state that I find that there is better opportunity in pre-foreclosures. The smart move to make is to research negotiating tactics, find some pre-foreclosures and give it a shot. What is there to lose?

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