It’s sad that a lot of people in the US today are facing home foreclosures. Instead of losing everything, some sectors say that it’s better to sell your house before it is actually foreclosed. The problem is that sometimes the owners’ equity in the house is smaller than what they owe the bank. The house is then foreclosed and put up for auction. Houses that do not receive acceptable bids are returned to the mortgage company and are then called real estate owned foreclosures.
They say this is the best time to invest in foreclosed property. Prices are supposed to be down and are expected to rise in the future, ensuring profitability. You can do a free REO foreclosures search online to find auctions in your area. Do all the necessary research before you bid, though, because if you win you get everything “as is.” That includes any problems connected with the property.
Remember, all these information can be found for free online so never pay to search for foreclosures. Some free foreclosures search sites also allow sellers to post their properties for sale for free.