Forclosure

[Dale Howard]

After hours of research I have decided that my first deal will consist of a forclosure not being sold at auction. I am looking for one in my market area that is being sold straight up by a bank. I am extremely novice and I am looking for all the pointers I can get. I don't believe in unicorns but I know if I can get a profitable deal under my belt the domino effect of success will come. How and  where do I find these mythical creatures of profit?

[Fred Heller]

Don't waste your time on those foreclosure websites like RealtyTrac.com. They'll tell you which properties are bank owned, but they don't tell you if they are listed for sale. You'll spend hours chasing down a property only to find that it's not on the market yet.

Better to go straight to the horse's mouth. Chase REO properties can be found at Chase.com/properties. Most of the other banks have a site that lists their REO properties. What I do is google something like "Wells Fargo owned properties" to find their foreclosures that are active on the market.

Good luck!