Finding Bargain Foreclosed Properties in Your Area
6 Resources for Finding Foreclosed Properties Near You
Buying the right foreclosed property can be a sound investment for those with money to burn, or an affordable home for those looking to buy their next home on the cheap. But, it is important to realize that not all foreclosed properties are great bargains, despite the low selling price. Some foreclosed properties are veritable nightmares and the dream doesn’t come crashing down until it’s too late.
For this reason, having a reliable resource for the foreclosed properties in your area is important, especially if you’re new to the game. To help get you started, here are six resources that can help you find bargain priced foreclosed properties in your area.
Real Estate Signs
If you’re driving through a community, you may come across a foreclosed property that is indicated as such by the real estate sign in the front yard. Such signs may read “Bank Owned,” “Bank Repo,” or more to-the-point, “Foreclosure.” There will usually be a real estate agent’s name and number on the sign, so if you’re interested in the property, reach out to them to inquire about the property’s status.
Real Estate Agents
If you have a real estate agent you trust, then you can contact them to ask about any local foreclosures. Real estate agents can access the Multiple Listing Service (MLS), which they can use to search specifically for foreclosed properties. Some real estate agents even specialize in foreclosed properties, so if you can find one in your area, you may be able to build a relationship with him or her so you can get first dibs on any upcoming foreclosure listings.
There are several government agencies that offer resources for buyers interested in finding foreclosed properties. These include the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, the Small Business Administration, and the Department of the Treasury (which keeps a record of homes seized by the IRS). Depending on which agency you choose to use, you may or may not be required to submit your offer via a real estate broker.
Online Foreclosure Searches
Some real estate sites have pages dedicated to foreclosure listings. For instance, you can find an extensive list of foreclosed properties in your area using the foreclosure search page on Homes.com. This is one of the easiest ways to start researching properties in your local area.
If you have an auction house in your local area, then you can attend one of their upcoming auctions to learn about their inventory of homes. While auction houses can sometimes sell as many as 100 homes in a single day, the prices they fetch do tend to be slightly higher than other buying options simply because bidding wars can break out on high-potential properties. Still, there are bargains that can be found this way.
Many of the country’s larger banks keep online records of foreclosed properties on their websites. These banks tend to be those with a national presence, like Bank of America, Chase Bank, Wells Fargo, and U.S. Bank, just to name a few. So, if you have one of the “big banks” in your town, you can check out their website or pay a visit to the bank to speak with one of its banking officers.
Remember, when you’re shopping for a foreclosed home, a low price doesn’t always mean a good deal. Make sure you have the home professionally inspected and perform your due diligence. The last thing you want is for your bargain-priced home to turn into a money pit!
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