There’s a ton of information on finding foreclosures in , and lots of services that will charge you for access to their data. In fact, we have our own foreclosure property listings in North Carolina right here. Join our Foreclosure Property Alert List here >>
But…
How do you tell the difference between credible information and useless marketing gimmicks with local foreclosure properties?
When it comes to foreclosure property listings, it’s essential to be cautious and discerning, as there can be both legitimate and potentially deceptive listings.
Here are some tips to help you determine what’s real and what’s not:
Utilize Reputable Sources
Start your search on trusted websites and platforms. Many legitimate foreclosure listings can be found on real estate websites, government websites, or through a local real estate agent who specializes in foreclosures.
Verify the Source
Make sure the source of the listing is credible. Be cautious of listings on random websites, social media, or classified ads, especially if they seem too good to be true.
Understand the Terminology
Learn the terminology associated with foreclosures. There are different stages of foreclosure, including pre-foreclosure, auction, and bank-owned properties. Understand the difference between these stages to avoid confusion.
Consult a Real Estate Professional
It’s often a good idea to work with a real estate agent or broker who has experience with foreclosure properties. They can help you navigate the process and find legitimate listings.
Be Wary of Scams
Foreclosure scams are unfortunately common. Be skeptical of anyone who asks for money upfront to access foreclosure listings. Legitimate sources typically provide this information for free.
Visit the Property
If possible, visit the property to assess its condition and verify its status. Some listings may not be up-to-date, and the property’s condition can vary widely.
Check Public Records
You can verify the foreclosure status of a property by checking public records at your local county clerk’s office or online through government websites.
Be Prepared for Competition
If you find a legitimate foreclosure listing, be aware that there may be a lot of competition, as these properties often attract investors and homebuyers looking for a good deal.
Consider the Risks
Understand that purchasing a foreclosure property can come with risks, including the potential need for significant repairs or the existence of liens and back taxes. It’s important to do your due diligence before making an offer.
Get a Home Inspection
Always consider getting a professional home inspection before finalizing any purchase. This will help you identify any hidden issues with the property.
Foreclosure property listings in
Some services – like foreclosure.com – are doing a great job consolidating information from many sources. Investors like us use them all the time because it’s cheaper and faster to use their information rather than combing through the classifieds ourselves. But the major drawback with online services like that is the information in them can be a tad old.
You may be looking at foreclosures that other investors who got their info directly from the courthouse got weeks or months ago.
We also use other sources too.
Lots of real estate agents who “specialize in foreclosures” publish their own lists, but these are often just marketing gimmicks to trade your contact info for stale goods.
There’s no harm in signing up for free lists – if the info is no good, just unsubscribe.
You’ll probably spend a lot of time getting excited about properties that are already sold or no longer available, but that’s part of the learning curve when you’re just starting out in the foreclosure market.
When you’re evaluating a new list to see if it’s worthwhile, compare the properties on the list to what’s published in other lists.
If you consistently don’t see any new or exclusive information on the list that you can’t get elsewhere, don’t use it.
When we lock up a great deal on a cheap foreclosure (or non-foreclosure – distressed house), we put it out on our list and sell it fast.
If you’re ready to buy and looking for affordable property, sign up – you’ll only hear from us with exclusive deals in you won’t find anywhere else.