Insurance and Credit

In a down real estate market, finding foreclosed homes is easy, but to make your search easier, here is the list of the places where you can find foreclosures.

Auction Houses

Auction companies hold a inventory of properties, sometimes selling as much as 100 homes or more in just a single day. The bidding is relatively quick and houses can be sold in a matter of seconds, prices of real estate can go over the board but you can find really good properties in their inventory.

Some Large Bank Websites

Major banks maintain a good list of foreclosed properties. Visit bank web sites and check out the foreclosed properties listing.

Online foreclosure companies

A few companies online that specialize in selling foreclosed homes.The good thing about signing up on web-based foreclosure companies is that once you are in, you can get a wide selection of foreclosure properties available nationwide.

Real estate agents

These agents are either maintaining personal web sites or deal directly with real estate companies that sell foreclosed properties. You can search them online. Major cities have real estate offices where you can inquire into possibility of acquiring foreclosures.

Real Estate Signs

You don’t need to look anywhere else because you can find foreclosure signs around your neighborhood.These signs contain address and contact information of the agents you can visit or call. The best thing about considering homes with real estate signs is that you can actually check the condition of the house on-site. Nothing is stoping you from walking the property to take a look to see if it is worth looking into. And with one phone call, you can arrange with the agent the date when you want to see the interior of the house.

Government Agencies

VA forclosed homes, Fannie Mae foreclosure homes, Housing Urban Development, Small Business Association, Department of the Treasury and other government agencies have a list of real estate properties for sale. Usually, when buying a house from these agencies, you are required to acquire the services of a real estate broker or personally submit an offer. Go to any of the government agencies web sites for more information.

OK a few ground rules for this article first.

1) Bad markets have happen before…and people still made money.

2) Not every deal will fall into a cookie cutter format keep your eyes open…and your mind even more so.

3) Not every tactic or idea works in EVERY state/province. ALWAYS check local laws pertaining to real estate transactions.

Ok..now that we understand the rules…lets move forward.

Just because a drop in the market has taken place doesn’t mean that you, as a real estate investor/professional, are out of luck. It only means you need to add new tricks and tools to your tool box. (Be warned I use “tool box” a lot.)

Finding and Marketing property

Besides real estate agents and brokers (still the best way to find good investments in my opinion) there is a huge amount or resources at your fingertip with the Internet.

You can join website communities for investors, follow blogs, get in on group discussion etc. All of these things can lead to new and interesting deals.

Several investments have come to me via the web. I also have gotten many tips from other investors on investments and financing issues. Never over look the value of belonging to an “investor community website.”

I truly feel that the future of investing will be web related. Not just in finding investment projects but in doing the research for them as well as finding the funding and the marketing/exit strategy as well.

Finance

Currently we are hearing about how the current market and credit crisis is making getting loans harder This is true. No way around it. The loan process has changed. So what options are left?? The answer is several.

Lease options. Assumable loans. Seller financing.

The above mentioned may well become the big trends in the next couple of years. I am waiting to see how the lenders change the loan guidelines in the next few months to “re introduce” the assumable loan. We are already seeing a HUGE trend in short sales. (This was a practice that was used only in limited capacity in the last 10 years by most lenders now it seems like every other distressed listing is a short sale in some cities.)

Please do not let the current market conditions scare you in to sitting this investment period out. On the contrary use it to inspire you. Take the time to do the research on finance options, look into building a LLC perhaps. Find out about buying real estate with your IRA. Etc, etc.

Read investment the strategies of the big names in investing. Use the time to educate yourself and above all be creative.

Don’t run for the hills when you should be shopping in the valleys.