How to find foreclosure deals-No money down

How to find foreclosure deals

How to find foreclosure deals takes a few calculated steps. With the nearly 3 million possible foreclosures in the US in 2010 there will be many opportunities to get a great home for a great price. Many investors and home buyers are searching the market for a good deal. With the increased competition, there are a few things you need to do in order to find the best deal.

It is crucial that you act fast. You want to be the first to locate a promising property. Finding a property in pre-foreclosure would be one way before the home gets to stage of foreclosure where it must be sold via public auction or trustee sale.

By monitoring the latest notices of default listed with the relevant county recorder office one can get a jump on the competition. There are several places where you can get pre-foreclosure listings and this can help speed up the process. A great place to find pre-foreclosures is: www.prefoeclosuredatabase.com

The first step is to contact the property owner. You should expect other investors to have contacted them as well. Property owners have likely received phone calls and letters from potential buyers and are stressed out over circumstances. Be friendly and trustworthy and remember you are there to solve their problem and not buy their home.

The next step is to estimate the value of the home using comparables in the surrounding neighborhood. You can use a professional but after a while this is something you will need to do. Understanding the market value of the property is crucial in getting a good deal.

Lastly, you need to estimate the after repair value as best you can in order to bring the homes value in line with the market and at the same time realize a profit. Re-check your investment goals and determine if you will flip or rent out the property. A great place to learn more about the foreclosure market is www.findforeclosuredeals.com

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