How to Find Foreclosure Listings

In order to make a dent in the real estate foreclosure market, you must first locate the properties in which you want to invest. There are a number of ways to find these listings, and it is the wise business person who uses as many options as possible.

Difficulty: Moderate

Instructions

Things You'll Need:

• Flyers

1. Locate paid subscription services online that provide updated listings on a daily or weekly basis, such as RealtyTrac, ForeclosureListings.com and FreeForeclosureDatabase.com (see Resources below). You can locate records across the United States, which is particularly convenient if you plan to invest in more than one state.

2. Review public notices, which are usually found at country courthouses around the country, on a regular basis. Not only will you find foreclosure listings, but you'll also get information on defaulted properties (the step before foreclosure). If your area has a fairly large newspaper, public auctions and information on defaulted properties are listed in the Classifieds or Real Estate sections.

3. Hand out and post flyers that let readers know that you are interested in distressed properties. They should be posted in high-traffic areas such as busy supermarkets, coffee shops and gyms where your message can be seen by a large number of individuals.

4. Seek out the foreclosure lists of banks, mortgage companies and other lenders. Many lenders have online sites with this information, while others have in-house departments that you will have to contact by telephone or in person. As these are the contacts that will have the information before anyone else, you should establish relationships with several of these people so that you'll have a leg up on the competition.

5. Network with qualified real estate agents who are knowledgeable about the foreclosure market. Some of these agents have relationships with various lenders and have information on foreclosure listings before they are made public. You may have to pay commissions, but it is well worth it.

6. Join professional organizations and let your fellow members know that you are in the business of purchasing foreclosures. Once you make your associates aware, you may find that they will direct business your way. You can reward them for their tips by offering them a finder's fee.

7. Place advertisements in local newspapers in the real estate section. Let readers know what you are interested in purchasing foreclosures or pre-foreclosures, and give them your contact information.

Tips & Warnings

• It's a good idea to have a business phone line and email address so that you can separate your business and personal communications.

Resources

• RealtyTrac for foreclosure listings
• FreeForeclosureDatabase for foreclosure listings
• ForeclosureListings.com for foreclosure listings

[Sondrac]

on 4/15/2009 Great article about foreclosuresand very well written. 5* and rec

[anixon84]

on 11/13/2008 Great article, thanks!

[tkls]

on 5/11/2008 I found a great list online with links straight to the banks reo sites. http://www.freehudlist.net I have actually found some great homes in my area and working on purchasing them right now..