Are you interested in finding foreclosed property for sale, but don't know how to go about it? Foreclosed properties include private homes, multifamily properties like condominiums, duplexes, town houses, and business investment properties. There are excellent sources available to help you locate property foreclosures. Some of these sources are outlined in this article, along with some important steps to take before you begin a foreclosure search.
KIND OF FORECLOSED PROPERTY AND LOCATION: First, determine the type of property you are interested in locating. This is critical before starting your search for foreclosures. Next, narrow your search to the location of foreclosures you are interested in.
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TYPES OF FORECLOSURES: There are different types of property foreclosures, depending on the investment you want to make. Some of these types and the best sources to assist you in locating them are outlined below.
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REO (Real Estate Owned) FORECLOSURES: These are residential properties that the bank has repossessed and foreclosed due to nonpayment of mortgage. To locate this type of foreclosure: (1) Contact the bank that holds the mortgage. (2) Read foreclosure advertisements in local newspapers. (3) Do a Google search using the keywords "REO Foreclosures"; or (4) Contact a professional residential real estate person in the selected area.
FEDERAL AGENCY OR GOVERNMENT FORECLOSURES: Single family and multifamily residential property foreclosures are available from many government sources including: HUD (Housing and Urban Development), VA (Veteran's Affairs), IRS, Unpaid Taxes, Fannie Mae & Freddie Mac, FDIC, GSA, and SBA. All of these entities have vast foreclosed property databases that can be searched via an internet search engine; most have free listings. OR, you can pay a small fee to access other reliable databases.
Tips & Warnings
Do a Google search for free property foreclosure listings.
Do a Google search for real estate foreclosures.
Do a Google search for government foreclosure properties.
Do a Google search for foreclosures in (your state).
Retain the services of real estate professional.
Consult attorney prior to purchasing any foreclosed property!
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Foreclosed Home for Sale
