What Will My
Payment Be?

    If you're looking for real estate bargains, consider buying foreclosed property. Here's
    what you'll need to do.

      
    Steps:
      
    1.   Locate properties scheduled for foreclosure sales by checking classified newspaper
    ads for listings under Foreclosure Notices, Auction Sales or Sheriff's Sales.  
      
    2.   Notify local real estate agents and attorneys that you're interested in purchasing
    foreclosed properties.  
      
    3.   Check with local lending institutions and government agencies - such as the Federal
    Housing Administration, Veterans Administration or Department of Housing and Urban
    Development - about foreclosed properties in your area.  
      
    4.   Investigate foreclosure proceedings in your state.  
      
    5.   Inspect the foreclosed property to determine its condition and market value; obtain
    sales prices of comparable properties in the area from a local real estate agent.  
      
    6.   Determine ownership, identify potential problems and research any existing liens by
    conducting a title search on the foreclosed property.  
      
    7.   Contact the trustee of the foreclosure sale to inquire about the minimum bid the
    lender will accept.  
      
    8.   Determine how you'll finance the foreclosed property or find out if the current loan is
    assumable.  
      
    9.   Make an offer on the foreclosed property by bidding at the foreclosure auction or
    submitting a sealed bid to a lender after the foreclosure sale.  
      
      
      Tips:  
     Foreclosure proceedings can be complicated, so be aware of your state's legal
    procedures for acquiring foreclosed properties.  
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