How Do You Work Short-Sales & Foreclosures?
Working short sale listings and foreclosures to find bargains on properties is a fairly simple process. However, there are a few elements of the trade you should familiarize yourself with. The following article can help you spot good deals and correctly proceed with property owners, lenders and real estate agents. Search for listed properties. Foreclosed homes are usually owned by banks and government agencies such as the Department of Housing and Urban Development (HUD). These are the properties that are available for public bids or listed by a real estate agent. Although buying these properties often results in bargains, you must work through realtors and bid against other buyers. Contact a real estate agent and tell her you are interested in foreclosure listings. The office will print you out a list of all the foreclosures in your area. To bid on HUD houses, visit the organization’s website for list of available properties (see Resources). With the help of your realtor, do some rese
