Here in AZ approximately 1 out of 150 homes is facing foreclosure. Realtytrac has over 9,500 homes listed in Maricopa County as bank owned. That’s allot of properties!

Im sure most of us have heard the golden rule for investing, buy low, sell high. It would seem like know is the time to apply that rule to real estate too!

Before we get into the benefits of buying a foreclosure lets look at a few of the drawbacks

You may have to evict the current residents.

• If the property is occupied, the successful bidder is typically responsible for removing the occupants, who may not be the previous owners. They could be relatives or friends of the owners, renters or squatters.

The property might be in bad shape

• Owners may have stripped the home of all appliances, cabinets and flooring
• Home may have been vandalized while it was vacant
• Home may require major repairs to roofing, AC and walls
• Homes almost always needs new paint and flooring

Now that the caveats our out of the way lets look at where to find foreclosures

Major banks

• Countrywide bank owned homes
  
• Bank of America
• Chase Bank

Government agencies

• HUD
• Fannie Mae
• Department of Treasury
• SBA

Auction Houses

• Real Estate Disposition Corporation
• J.P King
• United Country Auction Services
• Williams and Williams
• Bid4Assets

There also a number of programs online that help you with the foreclosure process

• GovernmentAuctions.org
• REO Kit
• Foreclosure Profits Now