How to Find Foreclosed Homes for Free
Buying foreclosed property can be a good way to get into that first home or start investing in real estate at below-market prices. You don't need to pay for listings, however. In fact, most commercial foreclosure listing services provide public information you can get yourself if you know how. The key to finding foreclosed homes for free is to learn how to locate the good deals quickly before other investors snap them up. That takes time, and you'll need to employ several strategies to cover your search area.
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Instructions
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Start your hunt for foreclosed homes at your county recorder's or tax assessor's office. Some localities provide listings free of charge, and many have online listings that are accessible at no charge.
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Monitor government listings online. The website for the Department of Housing and Urban Development has links to state-by-state listings of homes for sale, including foreclosed HUD houses (see Resources). The Federal Housing Authority (FHA) and the Department of Veterans Affairs also maintain online listings (see Resources).
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Use free online commercial listings to find more foreclosed homes. Not all commercial listings charge fees (see Resources). They typically provide foreclosure listings as well as conventional home for sale listings.
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Check your local newspaper. In most jurisdictions, the county clerk or other official is required to put a notice of foreclosure in the local newspaper along with notices of upcoming auctions.
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Contact your local Board of Realtors and get the names of reputable agents who specialize in foreclosed property. Another good source of information is your bank's realty officer. Banks, after all, are the party most often trying to unload a foreclosed property.
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Drive around neighborhoods and look for yard signs that say a house is "bank owned" or foreclosed. This tactic has the advantage of giving you a close look at a neighborhood, which can tell you a lot about whether a property that is attractively priced is a good investment.
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Tips & Warnings
Be selective. A low price doesn't guarantee a good investment. Check with local Realtors on the future prospects in a neighborhood and ask about property values and crime rates, local schools and nearby shopping districts.
Go to your banker and arrange to be prequalified for a mortgage. If bank realty officers and real estate agents know you are positioned to buy, they will take you seriously and are more likely to tell you about some of the better properties.
Resources
- Photo Credit house image by Cora Reed from Fotolia.com
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Comments
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I did not want to pay outragous amounts of money per month to find forclosed homes in my area. This is what I did...... I went to websites such as zillow, homepath.com and index post. If it did not give the address but the road name, I just googled the road name and it came up with homes on that road on different sites that gave the address. Many times it did not give pictures but you could drive by the house to see the outside or ask your realitor.
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nofreelunch
Aug 03, 2010
I think Stephan has been overmedicating himself with medical marijuana. Bank owned properties are selling at no more than 1% below market value and it is difficult to even inspect them beforehand. The banks are in the catbird seat because of being backed by gov't bailouts and loan modifications. So the housing market is not a "free market". If it were the banks would be forced to deal these houses. The whole thing is a scam. Beware of foreclosures!
