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Finding Foreclosures, How Do I Start the Process

Lets start with where not to start. The on line foreclosure websites are a joke. They charge a fee for useless information. The information you pay for is partially true. These are homes that could go to foreclosure. Most of the homes on the so called foreclosure list do not go to foreclosure. The ones that do go to foreclosure end up in paperwork limbo. They can sit in limbo for as much as a year. During this time the only information you can get is that it is not ready to be on the market. It is very frustrating to see a house that you like and feel you could want to purchase and see it sit empty. Only God knows why it takes so long to get the house ready to market.

Where do you start. You start with a Real Estate Agent that knows the foreclosure market. Work with someone who knows the many websites to check for foreclosures in your area. There are different kinds of foreclosure. There are HUD foreclosures and there are bank foreclosures. Hud uses Bid Select to market their homes. You can see them at bidselect.com. Hud homes call for you to put in an electronic bid. If your bid is accepted then your Realtor has to hustle and get the paperwork into the HUD Title Company. If it is a bank foreclosure, go to the banks website. Most have links to where they have their foreclosures listed.

You will need an experienced Foreclosure Realtor to help you. It can literally save you time and money

If you are into finding foreclosures in the Dallas Fort Worth area, email me at pat@patohomes.com.

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