Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Finding a good property foreclosure deal requires some knowledge of the real estate market and housing prices. A foreclosure provides a good buy for a prospective homeowner who is looking for a house. There are many sources available to assist in your search for a property foreclosure deal including a local newspaper, the Internet or a property foreclosure seminar.
The local newspaper publishes information daily concerning available property foreclosures. These listings provide details about the types of homes available, the area in which they are located and the price of the foreclosure. A prospective buyer can use the newspaper as a way to search for various property foreclosures of interest and determine whether these foreclosures represent a good deal or not. A way to determine the quality of the property foreclosure deal is to visit the home and see if the paper’s description matches the physical appearance of the property.
A prospective buyer will also want to compare the price of the foreclosure with the price of other homes selling in the area. If the price of the foreclosure is higher than the price of comparable homes, the buyer may consider searching for a different property foreclosure deal.
Using the Internet and MLS
The Internet provides a way for a purchaser to broaden their search area and find a good property foreclosure deal. A prospective buyer can also use the Internet to search the public multiple listing service (MLS) to see foreclosures available by zip code or region. This gives the buyer a broad search area in which to see what property foreclosure deals are available and at what price. A purchaser can print selected properties and make inquiries for additional information to determine which foreclosure meets their purchasing requirements.
Property Foreclosure Seminars
Some areas offer both private and public sponsored property foreclosure seminars to residents. Banks, real estate companies and other entities put on private seminars interested in selling their foreclosed properties. The seminars are generally free and offer tips and advice on how to find good foreclosed property in your area and the arrangements that you need to make to secure the property and make a good deal.
There are cities and other localities that also sponsor seminars for residents about foreclosed properties owned by the city. These seminars are similar to those put on by private companies, although without the same level of sales hype. There purpose is the same however, to interest prospective buyers in purchasing foreclosed property.
- Alternatives to Getting a 2nd Mortgage
- Low Down Payment Loan Qualification
- Should You Refinance? Make Sure the Timing is Right
- Appraisal Basics
- Short Selling a Rental Property
- Second Mortgages: Advantages and Disadvantages
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Warning Signs of Loan Modification Scams