Gary Yi, President of Secure Mortgage Corporation is a very busy man these days. Lower interest rates have caused a boom in purchases and refinancing. His company closes 50 loans per month through offices in Framingham, Taunton, Haverhill and Quincy.

According to Yi, there are some tricks to buying foreclosed property that could make the process easier if you are looking for financing.

“The key is to try to get to the property before the auction stage,” says Yi, “which is one of the advantages offered by ForeclosuresMass.com. “At this point, you are basically doing a standard purchase and sale. The fact that someone is still living in the property makes our inspections easier, and the process quicker in general.

Says Yi, “Once a property is at the auction stage a few difficulties arise. First, you need the cash up front and need to bring a check to the auction. The entire transaction must be done within thirty days. Usually the utilities have been turned off, so they would need to be turned on before inspection. And since the purchase must be made within a specific time limit, it can get pretty tight to get this all done plus get your mortgage approved.

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The fact that all of the lien holders attend the auction doesn't make it any easier. My suggestion would be to try and deal with them before the auction process if you are buying the property.”

Yi feels the best way to secure financing in this case would be through private investors, personal funds, etc. “But if you can get to these properties before the auction, more bankers would will be willing to make the deal. You would also have a lot more financing options. Companies like Secure Mortgage, for example, would also feel more comfortable giving you a better rate.”

“The fact that ForeclosureMass.com allows you to find the properties before they go to auction through their constant information updates, is 100 times better,” Yi adds.