Missouri foreclosure listings can be a challenge to find, but they are worth the time and effort. On average, homes in foreclosure in Missouri and the rest of the nation sell for 22% less than other homes.
Finding foreclosure homes in Missouri can be an easier task than it is in some other states. Missouri has a higher foreclosure rate than average, which means there are more homes out there to find. For investors, there are three main times to find foreclosure listings. Missouri law allows homes to be purchased when:
1. The home is in the pre-foreclosure period allowed by the state. At this time homeowners who are behind on their mortgages may be looking to sell quickly.
2. The home is being auctioned. After the pre-foreclosure period, foreclosure homes in Missouri head to the auction block. This is often the best time to get a deal, but watch out because the homes are sold as-is and may have several problems.
3. The home is being sold by the lender. If the lender is the highest bidder or if no one bids at the auction, the home is put back on the market. In general, Missouri bank foreclosures sell for more on the market than at auction, but there is less risk involved in the purchase.
Action Steps
The best contacts and resources to help you get it done
Know the in's and out's of foreclosure in MO
Foreclosure laws vary from state to state. In order to find the best deals and know when to act, it's best to be well-informed about Missouri foreclosure law.
I recommend: Foreclosure University and
RealtyTrac both list the basic laws of foreclosure in Missouri. Also,
Foreclosure.com has several webinars to teach potential buyers about the ins-and-outs of buying foreclosed properties.
Discover homes in foreclosure in MO before anyone else
You can find a better deal on a MO foreclosure if you discover it before it lands back on the market. In general there are better deals if you buy a home during pre-foreclosure or at an auction.
I recommend: FindMeDistressedHomes.com and
Preforeclosure.com are services that specialize in findings homes in pre-foreclosure. Automatic email notifications about upcoming auctions are available from
Real Estate Disposition Corporation (REDC).
Seek out homes foreclosed in Missouri
Even if you weren't able to find a home before it went back on the market, there are still plenty of opportunities to find foreclosure listings. Missouri has plenty of ways to find these properties.
I recommend: Find a local
Missouri realtor. They will know the market better than anyone else. Get daily listings on foreclosures including bank owned homes and government foreclosures at
ForeclosureDeals.com.
RealtyTrac will also help you find a Missouri foreclosure listing.
Tips & Tactics
Helpful advice for making the most of this Guide
- Whenever possible, have a home inspector check out homes foreclosed in Missouri you are considering. Foreclosure homes tend to be neglected and may have problems that will be costly to fix.
- Don't expect to make a profit on the home in a down market. When the market is saturated with foreclosures, you will probably have to sit on the home or rent it out until the market rebounds.
The official source of Missouri Foreclosure Listings is
the Missouri Foreclosure Listings page at Business.com
Related Resources from Business.com
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