Is That Foreclosure A Good Deal?
Hey there. As yo may already know, real estate investors rarely buy any property off of the MLS or use realtors. Buying a Foreclosure or Pre-Foreclosure is one of the targets we aim for.
So one of the sources of these “Real Estate Investing Deals” is found in either the pre-foreclosure or foreclosure property lists. Now, I have access to software that pulls that data in real time through my education.
That software shows all properties going through the foreclosure process in a particular county or zip code that I type in. 
For Those who prefer to figure it all out alone, naturally the information can also be found in a very manual process by scouring through county records.
Before buying a foreclosure property though, there are a few questions you should ask. Below are 20 questions to consider when looking at a foreclosed or pre-foreclosed property.
- Is it a Mortgage or a Deed Contract?
- Are There Outstanding IRS or Other Liens On The Property?
- How Much Money is Needed at Time of Bid?
- When Is The Balance of The Funds Due?
- How Must The Funds Be Paid? Cash, Cashiers Check, or Personal Check?
- What Is The Right Of Redemption Period?
- Are There Any County Tax Or Contractor Liens?
- What Are The Rights Of The People On The Property?
- What Are The Buyer’s Eviction Rights?
- Who Is Responsible For Security Deposit Returns?
- Can You Assign Your Bid Or Obligation?
- What Is The Minimum Bid?
- What Is The Maximum Bid?
- Is The Property Free And Clear (Get A TSG Or Title Update)
- What Type Of Deed Or Title Do You Receive? Can You Get Title Insurance?
- Will You Be Informed Of Any Latent Defect Of The Property?
- How Was The Appraisal Determined And By Whom?
- Who Carries The Fire And Hazard Insurance On The Property?
- What Can You Sell The Property For? (Know Your Equity Or Profit Margin)
- What Will It Cost To Get The Property Rehabbed In Market Condition?
Want to learn more about Buying A Foreclosure Property and all other aspects of investing in real estate? Attend our 4 Pillars Of Building Wealth Live Event this week.