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How to Buy a Foreclosed Property - 9 Steps

If you're looking for real estate bargains, consider buying foreclosed property. A foreclosure takes place when a homeowner or property owner cannot pay the mortgage fees on the property and is forced to give up the land to pay back what is owed.

Here's an overview of what you'll need to do if you want to buy a foreclosed property:

Step 1: Locate properties scheduled for foreclosure sales by checking classified newspaper ads for listings under Foreclosure Notices, Auction Sales or Sheriff's Sales.

Step 2: Notify local real estate agents and attorneys that you're interested in purchasing foreclosed properties.

Step 3: Check with local lending institutions and government agencies - such as the Federal Housing Administration, Veterans Administration or Department of Housing and Urban Development - about foreclosed properties in your area.

Step 4: Investigate foreclosure proceedings in your state.

Step 5: Inspect the foreclosed property to determine its condition and market value; obtain sales prices of comparable properties in the area from a local real estate agent.

Step 6: Read more...

*Be prepared and know what to watch out for. Read the Warnings.

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