5 Ways To Find GREAT DEALS On Real Estate Foreclosures

Hey everybody welcome back to whiteboard Finance my name is Marco and I'm here to Help you master your money and build Your wealth in today's video I'm going To show you five different ways to find Foreclosed homes some of these ways you May be familiar with other ones I'm sure You don't know but for the most part This could be a great way to find a Great deal on a piece of real estate uh Before we get into it thanks to policy Genius for sponsoring this video let's Get to example number one So number one you may be already aware Of this if you've been watching my Channel for any extended period of time These are your share of sales these are Literally auctions that either take Place on Courthouse steps in downtown Whatever City you're in or now these are Starting to go online which is I'll show You an example of this very quickly so This for Cuyahoga County this is Basically Northeast Ohio AKA Cleveland And surrounding suburbs so if you scroll Down and if you want to know how to find Yours what I would recommend doing is Just typing your county name with Sheriff's sale after that that should be Enough for you to find your auctions or Your share of sales so uh as I mentioned Most stuff is going online these days so I'm going to click on online sale look At this dude this dude is serious

There's this guy is all business he Reminds me of one of those like Principles from 90s sitcoms I don't know why or no the dean from uh How high if you guys remember how high Was Method Man and Redman he looks Exactly like the dean so what you want To do is click on properties and dates Uh we are on January 16th at the time of This recording so I'm going to click on The 17th right here and then you can see All the different properties that are Going up for foreclosure sale so let me Just break this down very quickly and This is all public information I'm not You know doxing these people anyone can Find this online so you can see when the Auction starts it's going to be tomorrow The 17th at 9 00 a.m you can see the Current case status which is active Sometimes these get taken down either But through bankruptcy either through Their lawyer or they can you know pay Off their debts or whatever the case may Be sometimes these actually get taken Down you can see the property address Right here uh sorry got fat fingers and Then well actually no I don't I don't Know why I said that you can see the Address right here and you can see the Appraised value right here you can see The opening bid right below that and you Can see the deposit requirement right Below that so some of these properties

Are going to be in the suburbs they're Going to go for three four five hundred Thousand dollars uh some of them may be In you know less desirable areas like Cleveland proper for example this is Only appraised at seventy five thousand Dollars uh the one thing I will say About uh Sheriff's sales is that they Are typically cash purchases okay you Have to come up with the entire amount That you bid uh whether it's through OPM Other people's money whether it's Through friends family or fools whether It's through using a HELOC on your own Home uh whatever the case may be it Could be cash Um I don't recommend doing those things Unless you actually know what you're Doing but you do have to come up with The entire properties amount after you Bid on it so if I scroll down all the Way to the bottom you can see auctions Closed or cancels and you can see the Different reasons why like this one on York Road and Parma is canceled because Of chapter 13 bankruptcy uh you have Another one chapter 13 bankruptcy it can Be postponed by the attorney it could be Withdrawn a million different reasons Let's get into number two so number two Is actually going to the bank itself so You don't have to necessarily do this Online most banks have their own REO Department so REO stands for Real Estate

Owned that means the bank owns that Property on its balance sheets banks are In the business of lending money they're Not in the business of owning real Estate or holding real estate okay They're not landlords they don't want to Be so uh basically if you go to any bank Or lending institution it doesn't Necessarily have to be Bank of America I'm just using them for this example I'm sure they have REO agents that they Work with which we'll talk about later Or they have their own REO list which You can find online or at the bank Itself so let's use this one for example This one is three hundred fifty thousand Dollars it's in Grass Valley California I'm not familiar with that area maybe Some of my viewers are but at least what Bank of America does is they put up Pictures of the property so you know What you're getting into when you go to Like a Sheriff's sale for example you're Not allowed to get into those properties Okay it's illegal unless you you know Pay someone off or whatever I'm not Saying to do that I'm just saying some People do do that but you can't see if There's structural damage you can't see If there's mold you can't see if there's Water damage at least with this you have An idea of what you're getting into so You can see here it tells you all the Different information this is for Bank

Of America at least it'll tell you all The information on the property and then You can actually talk to the agent here This is just a regular real estate agent To get started in this case it's Mr Bautista with Landmark properties I Obviously don't know him so Um that's number two before we get into Number three let's get into today's Sponsor policy genius you already have Plenty of things to worry about whether You're caring for young children aging Parents or both at the same time a good Life insurance policy can give you peace Of mind we can hope we never need life Insurance but mortgage payments debt Payments child care and other expenses They don't disappear when you are gone My wife and I personally use policy Genius to find the right term life in Insurance for ourselves and our family After our daughter was born policy Genius was built to modernize the life Insurance industry their technology Makes it easy to compare life insurance Quotes from top companies like AIG and Prudential in just a few clicks to find Your lowest price with policy genius you Can find life insurance policies that Start at just 17 per month for five Hundred thousand dollars of coverage Policy genius has licensed agents who Can help you find the options that offer Coverage and as little as a week and

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Hundred thirteen hundred fourteen Hundred dollars a month or more okay so Uh he made a killing on those to say the Least so with this just like the REO Websites you can click on where you're Located in this case let's click on Texas just to see what's going on in Texas and you can see all the different Properties that are coming up if you're Familiar with the area that you're Looking in I typically like to click Click on view map that way I don't know Why it's being weird like this but that Way you can actually zoom in let's say We're looking at Houston suburbs so Actually this isn't really Houston Suburbs but let's look at Sweeney you Click on this it'll take you to 808 Brockman Street you can see what's going On in Sweeney Texas uh okay not too bad Not too terrible but then basically you Just start the process using this Website okay it's pretty simple So moving on to the next one this is Very similar this is auction.com this This website actually has a sister Website where it does commercial real Estate you can get into really big uh Defunct like retail plazas Office Buildings industrial multi-family even This one lists those as well but these Typically focus on single-family homes So auction.com is actually a really good Website it shows you stuff that'll show

Up you know it could be on Zillow could Be on Um you know foreclosure sites could be On County sites I don't know if there Are necessarily an aggregator but they Do seem to overlap like some of these Properties could be on Zillow for Example so if we click on this guy over Here in Herndon Virginia uh you can see That you know decent looking house Two-car garage brick front you know it's A little bit of aluminum siding or vinyl Siding I'm not sure but basically you Can see that you the estimated resale Value is 1.5 million and then basically You can see all the information here so You can see see when the auction Actually starts that's on January 24th You can see the time that it starts you Can see the location you can get Prepared for the auction you can buy the Title report to see if there's anything With the title sometimes there's liens On these properties like mechanics liens For example so if someone works with a Contract or they did some work for them They never paid them that that Contractor could put a mechanics lien on The property itself it'll tell you if It's occupied or not and it'll tell you All the type of liens right here so These are also cash only sometimes People go through mortgage brokers to Get like a bridge loan it's a very short

Uh short-term Loan in order to purchase The property and then once they Stabilize the property Um you can then you know get long-term Financing so that's auction.com so You're probably wondering hey Marco What's the fifth one okay well I briefly Alluded to it with the REO sales the Real estate owned sales you can work With a broker there's a ton of REO Brokers out there that work directly With the banks that list their Properties again the banks are not in The business of holding the properties On their balance sheet or wanting to own Real estate or wanting to be a landlord They want to get these things off their Books they're in the business of loaning Money so what I would do is I would Google REO agents near me there's always You know one or two people in the market Depending on how big or small your Market is that typically work with these Lenders and they get all their listings And then you can typically get a better Deal like that sometimes some of these These processes such as like home HUD Site like hud.gov Or REO they make you jump through a Couple extra Hoops just to make sure You're not some you know slumlord or you Actually have the funds or you know Whatever the case may be but you know if It gets you a really good deal or if it

Gets you you know a significant discount Rather than just going off the MLS you Know why wouldn't you do that so in a Nutshell uh let's recap here very Quickly we have your County sales you Have bank owned properties you have Hud.gov and then you also have Auction.com and then finally you have The REO agents so if you got value out Of this video please share it with a Friend I think that the market is going To tick up here with foreclosures Especially if people continue to get Laid off we're seeing a ton of layoffs In the tech space we're seeing a ton of Layoffs Um upticking more and more and if the Market crashes these are even going to Be a better deal that's the only thing I Want to say about foreclosures typically When the market is hot you're still Going to be paying a decent amount Um more than you would if the market Wasn't even if they are foreclosure it Just really depends on the property type So hopefully you got value out of this Video please share with a friend thank You so much and have a prosperous day Hey Tony it's Marco how you doing Good good yeah I was looking at a couple Of properties on the County website the Ones that are on the Sheriff's sale yeah They're going next week I was just Wondering

Um you know how last time you Accidentally dropped the keys right in Front of the door yeah if you can do That on uh one two three Mapleside Lane That'd be great okay thank you Foreign