|Question: Don’t you usually have to pay a minimal fee to get good foreclosure listings online? Answer: Not anymore… Some sites are free.|
While in the past, fees were usually associated with sites featuring resale-foreclosed properties, nowadays there are many e-sites that give you access to free foreclosure listings – they do not require a fee and instead, are sponsored by ads hosted on their sites.
HUD has one of the most accurate, best-maintained lists of foreclosure properties available nationwide. Click the tab ShortSale/Foreclosure tab above for an article about HUD’s services and site.
Many of advertised foreclosure properties are priced way below market value… but often for a reason. Since they are bank-owned houses that went through the foreclosure process, these properties can be completely stripped – meaning you may have to supply all appliances such as washer, dryer, stove and water heaters. Sometimes even the light fixtures have been taken. With foreclosed homes, disgruntled homeowners have been known to leave the homes in conditions that require work from maintenance up to complete renovations.
On a positive note, in many cases, fixing these homes is well worth the work: one, the deal you get is can be excellent, and, two, many fixed-up homes do sell well on the market. Investors often make good money flipping foreclosed homes.
As always, the key is to do your homework well and find the right homes you want to invest in.