How To Find Foreclosed Homes
Your guide to the foreclosure market
Buying a foreclosed home is an amazing way to make your way into the world of real estate. Regardless if you plan on purchasing a property for yourself or are looking to flip homes, you are sure to find a great deal on the foreclosure market. But first things first, you’re going to have to find a property to buy! Because foreclosure sales operate a little differently than traditional real estate sales, you might find yourself wondering how to find foreclosed homes for sale. There are a few different ways that you can go about finding your dream foreclosed property:
Find A Real Estate Agent:
Your real estate agent will be your best friend throughout your foreclosure process. Traditional real estate sales can be overwhelming, so think about what the foreclosure buying process would look like without an agent! It’s best for you to find an agent the specializes specifically in foreclosures, as they will have a wealth of knowledge to share with you during your buying process. They know the market and the general rules and regulations that surround foreclosed properties. They will help you find the homes with the most potential and guide you away from those that would end up costing you more than they are worth. An agent will search out properties that fit your qualifications and will have the inside scoop from their coworkers and other leads to find the house of your dreams. While it isn’t 100% necessary to have an agent, they are extremely helpful throughout the foreclosure process!
Depending on the property, foreclosures can sell fast. If you want to be the first to know when a foreclosure hits the market, try checking out pre-foreclosures. A pre-foreclosure sale occurs when the owner of the property knows that their home is in the early stages of a foreclosure. During this time, they have the opportunity to find a way to catch up on their missed payments or sell the house themselves. If you are interested in the property you can choose to buy it directly, or you can wait and see if it ends up being foreclosed. Pre-foreclosures are a fantastic way to be aware of what will soon be on the foreclosure market.
Banks & Asset Management Companies:
Go straight to the source! In a foreclosure sale, the bank or asset
management service is the seller of the property. Major banks will have listings on their website that you can search through to find a property in your area. For example, check out the foreclosures page for Bank of American here.
Find online real estate auction sites (like us!) that sell foreclosed properties. From undeveloped land to commercial and residential properties, you are sure to find a plethora of properties available. We are constantly updating our upcoming auction page, so make sure to check in regularly to see what properties are listed. Auctions are a lot less hassle than a traditional sale as well, as all you have to do is place your bid online and wait for the auction to end! Check out some of our upcoming foreclosure auctions here.
Online Real Estate Websites
Check real estate sites that list properties available for rent, sale, pre-foreclosure and foreclosure. This is another quick and easy way for you to find homes available in your area. Available properties will be continually updated, and these sites typically cover the whole country, allowing you to research properties in any state you want!
Take A Drive
Want to get off the internet? Drive through the area you are interested in and look for foreclosure signs! While this might be a slightly tedious process, it’s a great way to get a close look at a property and a feel for the neighborhood. Take a few detours on your way to or from work each day and you might just find the foreclosure of your dreams!