Here's what the nation is facing regarding foreclosures:
A data firm says the number of U-S homes facing foreclosure surged 58 percent in the first six months of the year.
And here's how it's hitting home for me and the rest of my fellow Michigan residents:
Michigan had the nation's 5th highest rate of foreclosure filings with 40,000. California, Florida, Texas and Ohio had the highest number of homes receiving foreclosure-related notices.
Ahhhh. But yet another reason to love living in Michigan. ;-)
Actually, this is a great opportunity -- if you're a buyer (which I am.) But I need a way (preferably free) to find out what foreclosures are available in my market. Anyone know of a site that offers foreclosure info free?
You can find FREE preliminary foreclosure info on any city in the USA. Go to my resource page at www.byoh.com and scroll down to bottom. Read the warning carefully. I am in the lending business. Things can, & do go wrong when buying foreclosures. Good luck!
Carl Heldmann
Posted by: Carl Heldmann | August 11, 2007 at 07:07 AM
Just a couple:
1. Call your bank - find out who handles deliquent mortgage accounts. Speak with this person-regularly. This will help you be in the running for properties, before they are listed. Sometimes, your bank will even let you take over the initial loan (if it is good for you take it).
2. Call all other local banks and do the same. Some larger branches have their properties and contact info listed on their web pages.
3. Local papers - list them every week.
4. Go to the county and most times the folks there are very helpful. They will teach you how to find the properties and find the public records associated with the property. This is very helpful.
Good luck. All should be free to you. Although, the county charges if you want to print anything out.
Posted by: Dedicated | August 11, 2007 at 08:27 AM
Around here, most foreclosures are done through the Sherrif's Office by auction. That's a good (and free!) place to start, though it's just listings and just for that county.
Posted by: Leia | August 11, 2007 at 03:36 PM
I've heard the same about getting friendly with the bankers who handle the delinquent mortgage accounts. Some realtors also have inside knowledge because of how much they deal with the banks, etc. Good luck! Hopefully you can find a great deal!
Posted by: Patrick | August 11, 2007 at 07:15 PM
where in MI are you? I am in Detroit and people are practically giving away properties. I have looked a number of foreclosed historic homes in the Indian Village area.
Posted by: tony | August 11, 2007 at 08:46 PM
Here's some sites that I watch:
http://www.thedirectoriescompany.com/REOs.htm
http://www.williamsauction.com/
http://www.homesales.gov/homesales/mainAction.do
http://www.treasury.gov/auctions/treasury/rp/
Mike
Posted by: Mike Guzzo | August 12, 2007 at 02:14 AM