If you're looking to move into this purchase niche, and unless you are independently wealthy and don't mind tying up all your cash, you'll need a mortgage consultant. Someone who knows the in's and out's of this niche.

Obviously this is something you've been thinking about for some time, so ask some of the "tried and true" veterans of this niche whose advice they trust.

Good Luck!

Tue May 6 2008, 13:21

You can search bank sites for REOs. Try this one its free and up dated. Just click on foreclosures

Sun Feb 24 2008, 13:37

Michel gave you expert advice on the subject of foreclosures!!!! I will add, if you really want to pursue foreclosures, most counties list them online free of charge. Check the sherriff's website in your area of interest.

Sun Feb 24 2008, 13:19

I know this is not going to be a popular answer but I should warn you about any site that pretends to be accurate and up-to-date about foreclosures because they all rely on the same data that realtors have access to. Our MLS system just reformatted the information it provides about houses for sales to separate houses that are now in foreclosures. This is why a Realtor comes in very handy. There are many properties that are in foreclosures and that have not been yet made public. This is where contacts with banks might be another smart way to go.

The question you should ask yourself is "why do I want to look at foreclosures"? If it's where you think that all the great deals exist, you are mistaken. Foreclosures can be a huge headache. Ask you attorney about the redemption period? Ask anyone who has dealt with a Bank-owned property about the speed at which they (the banks) answer. Ask anyone in the banking system how they make decision about negotiating offers made on foreclosed properties? You'll be stunned.

Do yourself a favor. Consult an expert. And please don't rely on those fly-by-night operators that will promise the road to riches by investing in foreclosures after having invested a few thousand bucks in their infallible system. If they had such a great system, why would they share it with you? A system runs on its own.

Sat Feb 23 2008, 19:37