How to Locate Foreclosures in Your Neighborhood

Finding a foreclosure can lead to a good bargain

Locating foreclosures in your neighborhood is easier than you might think. If you drive by the homes on your street, you may have noticed a number of properties with overgrown lawns, real estate agent signs and for sale by owner signs, and boards on the windows. Noticing these things can lead to finding foreclosures in your area. However, don't assume that every house in this condition is a prime candidate for foreclosure.

Instructions

1. Get the phone number of your local county courthouse or the place where foreclosures are held. Call and ask how to get a list of foreclosures in your immediate area. Also ask if the courthouse has online access to foreclosures so you can search on the Internet.

2. Perform an online search for foreclosures. There are numerous websites that allow you to find all of the foreclosed properties in your neighborhood. There is no need to pay a fee. Try the websites of agencies such as the U.S. Department of Housing and Urban Development and the Federal Housing Authority (see References).

3. Enlist the assistance of a local real estate agent who specializes in foreclosures. Look in the phone book for ads by agents who specialize in buying and selling foreclosed properties. Ask them to send you a list of all the foreclosures in your area. You can also search for agents online at realtor.com. Look for the agents who have multiple foreclosure listings.

4. Drive through your neighborhood and write down the telephone numbers you see on each real estate sign. Call these agents and let them know you want to locate foreclosures in that specific neighborhood and wish to obtain a list of all property that meets your criteria. Tell these agents you will refer any potential home buyers you know to them.

References

• Find Foreclosure Real Estate Agents
• U.S. Department of Housing and Urban Development: Homeownership Vouchers