Finding Foreclosure Investments in Reno, Nevada

In today’s economy, the experts say this is a buyer’s market.  Foreclosure properties are in high abundance.  This offers a great opportunity for making foreclosure investments.

Learning how to find foreclosures is one of the first steps.  Finding foreclosures in Reno, Nevada is about the same as in any other state.  There are many ways to find foreclosures.  These include; looking in the classifieds, legal newspapers, talking to real estate attorneys, For sale by Owner, realtors-Short sales, auction companies, IRS auctions, bankruptcies, probate court, the county courthouse/Register of deeds and on the internet.

In this article, we are going to cover just a few.  Classifieds, some foreclosures can be found in the local paper, but most are found in legal newspapers.  These newspapers can be found a few ways.  They are used by professionals, especially by real estate attorneys.  To get the name of your local legal newspaper, you can call a real estate attorney’s office and ask them if they take the legal newspaper and if they would give you the name.  Some local title companies also use this legal newspaper and sometimes will share the information with their clients or potential clients.  If all else fails, try your local library.  They do charge a fee for this newspaper, but it is definitely worth the investment.

Understanding how foreclosure sales work is a must for the serious real estate investor.  You must learn: how records are kept, how records are protected, what laws affect us as investors, how to determine ownership, who owns the property, who financed it, and are there any liens or judgements against the property?

In order to succeed in foreclosure investing, you need to do your research.  You can find out the answer to these questions through due-diligence, do your homework.

There are two offices where you can find this information; County Assessor’s office and County Recorder’s office.

In order to find a foreclosure you need to know: the name of the owner, address, or legal description (parcel number).  To find the owner of a vacant property, you can ask the neighbors around the property or using the address, you can do a name search. 

Using the last name, you can go to the County Assessor’s office and ask the clerk where they are sending the tax notices and that will give you potential contact information.  You can also try the County Recorder’s office and ask them what documents the owner might have signed in the last few years.  If you cannot get the contact information this way, you can try the County Courthouse to check for marriage license information, voter’s registration on file, pending lawsuits, garnished wages, divorces, state probate and landlord evictions.

Use this information to get in contact with the owner to start the process.  Before making any decisions on whether to pursue this property, make sure to find out everything you can about the property.  Ask lots of questions.  You can also use the last name to get more information on the property from the County Assessor and County Recorder offices.

There are many ways to find foreclosure properties.  I have just touched on a few.  Research is the key to finding the best foreclosure investment for you.

Kimberly Ann