Deals with Foreclosed Property

For all the active investors, and home buyers looking to get a great deal on your next property purchase, you may want to consider looking at foreclosure properties.
There are different types of foreclosed homes, but the most common types are: Pre-Foreclosure, Auction Sales, and the Post-Foreclosed homes. Other types that are harder to find are Tax Liens, and Sheriff Sales.
Pre-Foreclosure sales are just that, home owners in a property that are facing foreclosure and need to sale before the house is taken from them. Best sources to find these are in the local newspaper or by subscribing to a list online. Typically with these sales, you will need to have enough money to purchase the property in full from the home owners or have financing set up to where you can close fast depending on when the home goes into auction.
Auction sales are where the house has been seized by the attorneys and are trying to get the highest bidder for the property. The lenders will typically always bid what is due on the prior loan unless they are willing to take a loss. Just keep in mind that you must do your due diligence before hand on the property to know what your bidding on. Don't let emotions get the best of you when bidding, it is exciting, but don't bid too much!
Post-Foreclosed properties are property that the lender has retaken control of due to not getting a highest bidder at the auction. They are typically referred to as HUD, VA, or REO property. These are the most readily accessible properties and are listed on the MLS. They are usually priced pretty competitively due to the bank wanting a quick sale, but the bank is usually not too negotiable on price and terms. Nevertheless, if your looking for a great deal and are pretty handy or know some contractors, you could save thousands.
To get a first hand look at foreclosures across the country, please visit my site at JoshSellsVirginia.com. I have the insiders list to all foreclosed property and your next great deal!