In addition to houses being foreclosed by mortgage lenders for nonpayment, other types of wholesale distress bargains are probate sales, IRS tax seizure sales, property tax sales, abandoned properties, condemned properties, and distressed, run-down properties. Some people make a full-time living tracking these distress properties because of the tremendous profits available. These bargains become available in all price ranges, from the very best to the very worst neighborhoods. To find these sources, ask local real estate attorneys, realty brokers and title insurance officers. The county recorder of deeds is another good source.
Most large cities have one or more publications of foreclosure and distress property notices.
But in smaller communities you may have to go to the county recorder's office to do your own research. Incidentally, most of these distress properties are not listed for sale so don't expect much help from real estate agents. Develop a tracking system to keep records of the bargain properties you discover. It often takes many months from the recording of the notice of default or mortgage lawsuit until a property owner decides to sell just before losing the property by foreclosure or other legal process. Unfortunately, many distress property owners bury their heads in the sand and do nothing until they lose their properties.