If you’re a real estate investor looking for the next great deal, you may be interested in finding a distressed property. But other than driving around town looking for the perfect place (you know – one that’s got peeling paint, a stack of newspapers on the porch and multiple notices stuck to the front door), there are three super-simple ways to find distressed properties. This guide explains.
3 Simple Ways to Find Distressed Properties
Looking for a distressed property is easy if you:
- Check tax records
- Search public records for delinquent mortgages
- Network through probate court
Here’s a closer look at each.
Tip #1 for Finding Distressed Properties: Check Tax Records
Counties make delinquent tax records public – and that means you may be able to find people willing to sell their homes rather than make tax payments. In fact, delinquent taxes are often owners’ biggest motivation to sell.
Tip #2 for Finding Distressed Properties: Search Public Records for Delinquent Mortgages
People who can’t make their mortgage payments never want to go into foreclosure – most are looking for ways to get out from under a property without creating long-term damage to their credit scores. If you can search public records at your local courthouse, you’re likely to find delinquent mortgages. You can then approach the homeowners you find with an offer.
Related: What is a tax sale property?
Tip #3 for Finding Distressed Properties: Network Through Probate Court
Probate court is a great place to find distressed properties. Often, the homes going through probate have been left behind and nobody wants them. You can approach people with homes in going through probate and offer to take them off their hands.
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