Are you looking to invest in real estate but don't know where to begin? Foreclosures can be a great way to get a good deal on a property, but it's important to understand the foreclosure process and how to uncover local foreclosure rates in your area. One way to find out about local foreclosure rates is to check the legal notices in your local newspaper. These notices will list any auction houses operating in your area, as well as any upcoming auctions. You can also visit the websites of the auction houses you've identified for announcements and upcoming auctions.
Another way to uncover foreclosures is to search online. Websites like Zillow provide data on unpaid balances and auction dates for foreclosure listings in your area. You can also use websites like ATTOM, which collects data from more than 3,000 counties that represent more than 99% of the US. This data includes notices of default, scheduled auctions, or bank garnishments.
You can also contact real estate agents in your area who specialize in foreclosures. They will have access to listings of foreclosed properties in the Multiple Listing Service (MLS), a database that consumers don't have direct access to. Additionally, they may be able to provide you with information on upcoming foreclosures that are not yet listed. Finally, you can look for real estate signs in neighborhoods where you'd like to buy.
Signs marked “Foreclosure” or “Bank Repo” will indicate properties that are currently in foreclosure or have been recently repossessed by the bank. By following these steps, you can get a better understanding of local foreclosure rates and find out about potential properties that may be available for purchase. It's important to do your research and contact an experienced real estate agent who can help guide you through the process.