How do I find short sales or foreclosure homes in my area?
Everyone says to buy my first home as a short sale or foreclosure, but I am not sure how to find these properties. Do people really buy them or do they just go on market like regular homes?
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It would help if I knew what state you were in. Or looking in. Please let me know and I can give you more detail.
Get a realtor, they will show them to you. People do buy them. Short sales take a lot longer to sell than a regular house, unless you get lucky, with one that has been on the market a bit longer. The ones in good condition for low prices seem to go pretty fast. It usually takes about 3 months to be approved for a short sale, so be prepared for a wait. Foreclosures can go either way, they can be ready for approval quickly, or take a long time, it depends on how good and strong your offer is, how many other properties the bank is dealing with.
Try the property auctions in your area. Many re-possessed properties are sold by auction.