- Although banks foreclose on properties, they are not in the business of selling them so do not contact a bank directly expecting to get a list of their foreclosed properties. Instead, try going to their website, where many of the larger institutions like Bank of America and Wells Fargo have a link that will list their foreclosed properties as well as contact info for the real estate agents handling the listing.
- Both Fannie Mae and Freddie Mac, two of the largest government-sponsored organizations that hold or guarantee mortgages, have websites listing foreclosed properties. Fannie's website is http://www.homepath.com and Freddie's is http://www.homesteps.com.
- Many government departments and organizations like the VA, Housing and Urban Development, FDIC, IRS, U.S. Marshals Service and Customs have houses that they either foreclose or seize for other purposes, so check out their websites for any information on available properties.
- There are many pay services to which you can subscribe to get the most up-to-date foreclosure information, the most prominent of which is Realty Trac, found at http://www.realtytrac.com.
- Banks tend to work with a limited number of real estate agents in a market, so while every real estate agent may be able to give you a list of real-estate owned (REO), or bank-owned, properties from the multiple listing service, to get notified about the best deals first, you should find the REO agents whom the banks work with directly and get on their notification list.
- Foreclosures can be a great bargain if you know what you're doing, but most, if not all, properties are sold "as-is," which basically means that if something needs fixing, don't expect the seller to do the repairs. So before buying a foreclosed property, be sure you do your due diligence and research and inspect the property thoroughly before making a purchase.
