You can buy a property before the title is officially transferred to the lending bank and before it becomes an REO property. Trustee attorneys are required to advertise these properties and generally list them on their websites and in your local newspaper for a certain amount of time before they are auctioned at the courthouse steps.
We have bought the majority of our properties at the courthouse steps and we think it’s the best way to get a deal.
Here are some attorney websites to review:
You MUST check with your attorney before purchasing any of the houses seen here. Sometimes there are liens (first and second mortgages or judgement) that a good attorney will find.
You can do an initial check by either going down to your local Register of Deeds office and doing a search, or performing this search on-line through your local government website.
These sites are updated regularly and will show the starting price of the house and when it will be auctioned. Typically the price is shown a couple of days before the auction so you will want to do your homework well in advance of the sale.
See our post on how to buy a property at the courthouse steps for further information.