September 4, 2012

How to find Foreclosure homes for sale

Finding foreclosures is fairly easy in depressed markets, but it's also simple to find foreclosures in strong real estate markets. The difference between the two markets is you will find a greater number of foreclosures in falling real estate markets.  Many pre-foreclosure homes that were once offered as short sales end up as foreclosures, which are eventually deeded to the bank. 

SO where should you look to find foreclosure homes for sale...

  • Real Estate Agents.  Locate an agent in your area that specializes in foreclosure's.
  • real estate signs.  When you drive through a neighborhood you are interested in, look at the for sale signs for the following: Foreclosure, Bank Owned, Bank Repo.  Call the agents phone number attached to this sign/listing and start the process.  You can also inquire if they have additional listings.
  • Major bank websites.  Most of the larger banks will maintain a database online with listings of foreclosures in their portfolio that you are welcome to purchase.
  • Asset Management Companies.  Some lenders will hire an Asset Management Company to manage their properties on their behalf.
  • Government Agencies.  Some of the governments agencies will require you to have a Realtor in order for you to make an offer.  Contact HUD, Fannie Mae, Department of the Treasury and the SBA.
  • Auction houses. Auction companies hold huge auctions, sometimes selling as many as 100 homes or more in a single day. While many experts agree that auction companies often get higher prices due to the auction frenzy created among its bidders, sometimes you can find a gem in their inventory.
  • Internet foreclosure Companies.  Web-based foreclosure companies charge a fee for providing you with a list of foreclosure properties. They reason that it takes time, trouble and expertise to locate and assemble accurate national foreclosure lists. You may find it is worth it to let these companies search for you:  Foreclosure.com

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