How Do I Find Foreclosed Properties?
One of the types of properties that are frequently scouted in the real estate market are those that become foreclosed. To put it simply, a foreclosure can be defined as a process where a lender puts up a property for auction due to an outstanding reason through which an owner cannot pay off the debt on said property. There are numerous stages that happen within the foreclosure process, but that is a discussion for another time.
What is relevant to the home buyer is how they can find these foreclosed properties for themselves. It almost feels as if they are always too late to the auction! Fortunately, we are here to help you with resources that you can use to get a head-start on finding foreclosed properties.
Local newspaper: If you are a reader of your local newspaper, you already have a great source at hand. Most papers will come with a legal notice section in which courthouse auctions are published. Due to the strict regulations that exist on these auctioneers, they are far more reliable than some scam site you will find online. These notices usually come with a website that you can visit to get more details on auctions that are currently available for bidding.
Real estate websites: Many well-known websites have an option that allows viewers to filter the search options so that foreclosed properties are the only results that appear, and you can usually find some good deals. Try to stay with the big names as they are placed under heavy regulation and scrutiny, thus they are more likely to be legitimate.
Bank websites: If you search hard enough, you will find a few banks that have an inventory of foreclosed properties available for auction. You will probably come up short if you try to search “[bank name] foreclosed properties” due to the fact that banks refer to these properties using different terminology. If you use the term “REO” (Real Estate Owned) in your search query, you will have better results with finding foreclosed properties that are sold by banks.
Certain real estate agents: If you are lucky, you will be able to find an agent that specializes in setting up their clients with foreclosed properties. They have insight and resources that the general public may not be aware of. Although it is great to have this kind of agent on your side, do not put all of your eggs in a single basket.
What resources do you use to find foreclosed properties? Let us know on social!
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