How to Find Foreclosed Homes

Video Transcript

"Finding foreclosure homes is not a difficult task. I'm Richard Blake in Clearwater, Florida. I'm here to explain how you can find foreclosed homes. Many websites are available that will give you lists of foreclosed homes in your area. Generally they're going to cost a, a small fee. The easiest way to find them actually is just to contact your local real estate agent, and ask them for a list of the properties. A lot of people don't realize actually, that, that real estate agents do have these properties, simply because they're a little bit unaware of the process. Most people are referring to REO's or, or bank owned properties, when they're discussing foreclosures. Which a bank intern actually hires a real estate agent to put that property on the market. So, the bank owned properties, the best place to actually find that list is from the local real estate agent, and they'll be able to assist you further. Once, you have that list, and have decided on which areas that is, that you're most interest in, ask the real estate agent to run a, a comparative market analysis on those neighborhoods for you. So, you know what the current values are in the neighborhood, and then you can compare that with what the bank is offering. Generally, the bank's are going to be asking substantially lower prices, than what the current market value is. Simply because they want to get rid of these properties immediately. The longer they hold onto them, the more it costs them in the long run. So, that's why these deals represent such a great value. I'm Richard Blake, I hope that helps you on, on where to find your foreclosed homes. You guys have a great day."