First time homebuyers who are on a tight budget can benefit a lot from foreclosed properties. Foreclosed properties usually sell at 65% to 85% of its original price. Most of these foreclosed properties are still in good conditions although they may look dismal at first glance. Usually, the problem with these foreclosed properties are just on the paint job, the overgrown garden and the accumulate dust and dirt. Other than that, you can be rest assured that the roof will not fall on you while you sleep.

No, where should one start looking for foreclosed properties? The best place to start looking is at the county recorder’s office. The county recorder normally records all documents regarding real estate transactions, including foreclosures. The records of the country recorder are public documents so it is open to all so can just request for the file and browse through them. Now, you might ask how you could identify foreclosed properties in the record. Actually, its fairly easy, all you have to do is look for those, which are recorded with a Notice of Default or a Lis Pendens. Now, a Notice of Default is usually served in cases of non-judicial foreclosure. Note that foreclosed properties are those used a security of a loan. The moment that the debtor defaults in payment, a notice of default will be served to him or her. The country recorder will also record the Notice of Default. However, properties with Lis Pendens could be a little more complicated since a Lis Pendens simply means there is a pending Court action on the property. You will need to verify wit the Court regarding the Lis Pendens to ascertain the real status of the property.