Distressed properties – such as foreclosures, short sales, and properties owned by motivated sellers – can be a great opportunity for real estate investors. These properties are often sold at a discount, providing the potential for a higher return on investment. But how do you find distressed properties in your market? Here are some tips to get started:
Search online databases: Many county assessor websites have a list of foreclosed properties available for sale. You can also search online databases such as RealtyTrac, which lists foreclosed and distressed properties for sale across the country. These databases can be a good starting point for your search, but be aware that the properties listed may be highly competitive and may require a cash offer.
Look for public auction notices: Foreclosed properties are often sold at public auctions, which are advertised in the newspaper or online. Attend a few auctions to get a sense of the process and to see what types of properties are being sold. Be aware that purchasing a property at auction carries risks, as you may not have the opportunity to inspect the property beforehand and there may be outstanding liens or other issues that will need to be addressed.
