Foreclosure Lists - What they don't tell you!

We all have heard the commercials on the radio and maybe have seen them on television. They always say that this is your opportunity to cash in on the booming foreclosure market and that you should get this list to find out what properties are available in your area for pennies on the dollar.... Funny!

This is funny to me because there are a few things that they don't tell you on those commercials, of course. So what are they not telling you??

1. This information is available to you through your county's public records. In Hamilton County, Ohio the information is available in the Court Index. Foreclosure filings are a matter of public record in your county for FREE...and without being put on someone's mailing list.


2. Many times the information on the list they give you is outdated! Because they get the information from public records, which simply shows that a foreclosure has been filed, there is no indication of Equitable Right of Redemption periods, Short Sales, Auctions, etc... Not to mention if the property has already gone to the Sheriff's Sale or not.

3. The properties have a huge potential for liens and encumbrances! There is a lot of homework that will need to be done on those properties. Homework that will cost you money, unless you have the access and skill to locate the proper information yourself. Just think about it, if the homeowner was unable to pay their mortgage, what other debts have they not paid that may be attached to this property??  Remember, liens and encumbrances stay with the property, even after it is transferred to you!!

4. You probably won't be able to access the property to view it or assess the condition. Many of these properties are still occupied by the owners or tenants and if they are not, then they are locked and have not been assigned to anyone to obtain access to the property.

These are some critical points that many do not understand when it comes to acquiring "Foreclosure Lists". Some the concerns listed above are also concerns for anyone trying to purchase a property that has not gone through the Foreclosure or Short Sale process yet. I would suggest that you consult a professional, licensed agent for help with understanding the dangers and pitfalls of buying foreclosure properties.