Foreclosure Report ImageForeclosure reports are a great tool for tracking down real estate deals before they expire. Rather than wait until a house has been purchased by some out-of-state investor, you can be on the cutting edge of things. This kind of insider information makes all the difference between owning a great property and just missing it by one or two days.

Real Estate Agents and Foreclosures

Rather than simply wish you had a great house—use these tools to find that home and make the most of every dollar. The real trick is knowing where to find these reports and how to receive them on a regular basis. One of the best resources for this kind of data is your local realtor’s office. However, there are plenty of print and online newsletters that share these numbers regularly.

Real Estate Newsletter Subscriptions

You can sign up for these by using online sites or paying for magazine subscriptions. This will show you what the current foreclosure trends are and help you decide where the best investment communities are. These numbers will change annually so always make sure you’re looking at current statistics. It will also be helpful to find out how quickly foreclosures are sold in a particular neighborhood, at least on an average basis. That should tell you what kind of interest future home buyers will have in that same area.

Financing for Foreclosures

By talking to your real estate agent, you can get the most recent numbers for your community. Bank loan officers have a list of foreclosures to show real estate investors and you can request access to this. Once they know what your price range is, they will show you properties that fit within that range. If you plan on purchasing more than one house, they can work with you on financing options. By establishing your credit worthiness with the bank, it gives you a consistent source of financing and will shorten the loan approval process in the future.

If you’re planning on purchasing a foreclosed home, then these reports are the perfect place to start. Rather than rely on the recommendations of friends and family members, you’ll have your finger on the pulse of the real estate market. The price of the newsletters, if any, will be offset by the great deal you get on any home. This is how many people get started in real estate investing and purchase a great first house. In fact, if you decide to expand that a little bit, you can make money renting out other foreclosures you’ve purchased.

In short, foreclosure reports are not just for real estate professionals. They can answer many questions for you in a short time and should be obtained by anyone planning to purchase a home.

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This is filed under Foreclosures.

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