Free Foreclosure Listings

Viewing free foreclosure listings is a great way to get yourself acquainted with the foreclosure market.

In most of the US and Canada, the current real estate market is definitely a buyer’s market. With an enormous supply of homes for sale and interest rates at their lowest in forty-five years, this is an opportune time to be buying investment properties.

For those who have the money to invest this can be a good time to purchase an investment or rental property. As long as you can afford to hold the property for a bit, you may find that in 3-5 years you’ve made a good investment.

Keep in mind that foreclosure properties are sold 'as is'. Unlike other real estate sales, there are no warranties.

At minimum, you should have a professional house inspection performed, even if you are a knowledgeable real estate investor.

These foreclosure properties will not be free of every tiny defect, but you'll want to know about the condition of major items such as: the roof, the plumbing,the electricals, foundation, or flooding potential, etc. If any of those are in poor or damaged condition, they can be acceptable if you're looking for a 'fixer-upper' and have the time and money for the upgrades. Adjust and discount your offer accordingly.

Some Types of Foreclosures:

Short sale - When a lender is willing to accept less money for a property than is outstanding on the mortgage or loan. The short sale allows the homeowner/mortgagee to rescue their credit rating and avoid the expenses involved in a foreclosure.

REO — real estate owned (by the lender)- These foreclosure properties are usually auctioned for sale. It's possible to get some very good deals, but exercise extreme caution.

Remember to do your due diligence or research. Get a thorough property inspection and perform an adequate title research. Any major defects or encumbrances in the form of tax or other liens have to play a large factor in your plans. You can view free foreclosure listings online right here.

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