House buying hunt

[Anonymous]

Can someone tell me where would I go to look for houses that are on the market that are in  foreclosure or short sale? Im fairly new to the real estate/ house business.  Also what are the pros and cons, advantages and disadvantages to buying these types of homes?   

[AtmyOffice]

Each bank has their own listings. You can search things like: Freddie Mac REO on Google and you'll find the sites with listings. For houses that are going to be auctioned off on foreclosures, the counties usually have the listings and the auction dates. Depending your state it could be a sheriff auction or a public trustee auction. If you've never bought a house, get someone to recommend you a realtor. The buying process can be complicated, especially with distressed properties, so make sure the realtor you pick has experience in these kinds of transactions.

Foreclosures and short sales will mostly be sold as is. Short sales can take a long time to resolve themselves, so if you are under a timecrunch or a deadline - say you are a renter and you need to give your landlord notice - they might not work for you.

Good luck.

[mauve]

www.homepath.com (Fannie Mae foreclosure listings)

www.homesteps.com (Freddie Mac foreclosure listings)

realtor.com also has foreclosures listed.  As does zillow.com.