I Am Looking To Buy A Primary Residence Or Commercial R

Q: I am looking to buy a primary residence or commercial real estate. I do not own a home now. What is the best way to go about looking for foreclosures. Where should I start? All comments are appreciated.

A: Well just for fun let's compare the advice I got here for free from ehcorp1 and my notes from the class I paid $75 for. I hope ehcorp1 will forgive for borrowing this: #1 Go to your county recorder's office and search for notice of defaults. Learn to abstract titles, learn your state's real property law, become well versed in what property valuations. #2 Checkout your local "legal notice" newspaper. #3 Go to a few trustee sales to check out the vultures in action (note: trustee's deeds often recite the consideration paid so you can check what vultures are paying for property). #4 Some foreclosure attorneys post their sale schedult on the web but a search engine is unlikley to find URL. Call the attorney's office to ask or attend actual sale and ask. #5 Pitfalls ... severe & many ... like every other business there is a learning curve but unlike every other business there are financial risks that can bring you to your knees ~ title issues ~ evaluation issues ~ property defects ~ yadda yadda yadda and there are absolutely no warranties offered at a trustee's sale. "This sale is made without warranty as to title, encumbrance, or possession" is a typical disclaimer given by the party crying the sale. #6 If your

interest is just casual, there is no way that you'll succeed, this is serious business and requires serious effort plus attention to detail. #7 Playing with the vultures is an all cash affair (just so you know up front). Every so often some newbie asks about financing at a sale and the vultures roar with laughter! #8 In the beginning years when you're bidding on a mistake (sale is on junior but you assume senior trd ~ there was a dead body inside and the place reeks but you didn't get in and you don't know ~ or a thousand other reasons not to buy this particular property but you don't know) the rabble crowd will let you take the fall hoping it puts you out of the game. .