A friend asked me last night how to get updated information on foreclosure properties. In our area, most properties are being sold before they reach that point, but he lives near Sacramento, where the market is much slower.
Foreclosures have skyrocketed in some areas of California over the last year, almost quadrupling in the last six months, due to a combination of a slowing market and risky subprime mortgages.
A little research on my part discovered several web sites with foreclosure data. Since a large number of auctions are postponed or canceled, it is worth a monthly fee to track these changes, even though the data itself is public. Postponed auctions can be potential bargains later, when the bank and homeowner run out of other options and finally agree that the property must be sold.
Sites that track national foreclosure data are: www.foreclosure.com, www.foreclosures.com, and www.realtytrac.com. For a site specializing in California only, try: www.foreclosureradar.com. They all charge about $50 a month for their service.
...and just remember, this is always a risky business, not advisable for any but the seasoned investor. Minimum bids are high, and the winning bidder must be able to pay the full amount in cash on the spot. Properties are sold "as-is" with no chance to inspect them, and there is no guarantee of clear title.
No comments:
Post a Comment