How to Find Bank Foreclosures
The rising number of foreclosures makes it an ideal time for investors or first-time home buyers to purchase a house. Bank foreclosures are usually priced below market value. The houses are referred to as REO properties or Real Estate Owned. Despite what the name indicates, REO listings are bank foreclosures. Many websites charge for information or listings of bank foreclosures. There is no need to waste your money on a list. With a little research, you can easily find bank foreclosures in your area.
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Instructions
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Contact a real estate agent. A real estate agent will have access to properties that you are unable to see. Even though it is not necessary to work with a real estate agent, you may want to consider consulting an agent for a larger list of bank-owned properties. Some real estate companies even provide free foreclosure lists.
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Drive through local neighborhoods. Search for sale signs or vacant properties. Jot down information you see such as a phone number and the address.
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Search the MLS system. MLS stands for Multiple Listing Service. Real estate agents use the MLS system to access homes listed by all local real estate companies. Most MLS systems allow public access for you to browse local homes for sale. MLS systems are all different and may use different terms to distinguish properties. Most MLS systems will either have a separate section for REO properties or short sales. Some may refer to the property as REO in the description.
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Visit the U.S. Department of Housing and Urban Development website. HUD.com offers useful information on buying HUD homes and listings of homes in your area. FannieMae.com is another government-sponsored site with free foreclosure listings and home buying assistance.
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Search bank websites. Many banks maintain online lists of foreclosed properties they own. For example, Countrywide, Bank of America and Chase Mortgage are national lenders who maintain bank foreclosed homes on their websites.
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Comments
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This a good site with lots of good and useful infomation. But, whatever you do be ware of the company you see on TV called CRN (Consumer Resource Network). Not worth time, or money or headache they can put you through.
