Introduction
Finding homes foreclosed is a relatively easy thing to do, in a depressed market due to the huge number of foreclosures. However, with the right information, it is also possible to find foreclosed homes in a strong real estate market. Below are some avenues which may prove fruitful, in your search for foreclosed homes.
Check Public Records
During a foreclosure process, notices are recorded with the county clerk at a county recorder’s office. This information on homes foreclosed is a public record and is open to anyone. To access it, all you need to do is to request for a Notice of Default (NOD), Notice of Sale or Lis Pendens at a county office. This information is totally free.
Check Online Resources
Performing an online search for homes foreclosed is quite a lot easier than taking a trip to a county office. The most typical online resources for finding foreclosures are online listing services. Access to information is provided either through a trial or paid membership. A free trial offers you the opportunity to test out the services offered by a provider. There are both regional and national listing services, which provide Notice of Sale, Notice of Default (NOD) and Lis Pendens in the foreclosure process. The information provided by these companies can be extensive, including the name, loan amount owed, address, and even contact phone numbers.
Real Estate Signs
You can take a ride through a desired neighborhood, looking for a sign posts signaling homes foreclosed. These signs might say bank-owned, foreclosure and bank repo. Use the agent number displayed on the sign to inquire about the house or any other foreclosure listings they may have in their records. Real estate agents, who specialize in foreclosed homes, typically wait for weeks to put up a sign, while a bank approves a listing price. Asking in advance will provide you with a jump on other buyers, on properties that are yet to be listed.
Check Bank Websites
Most major Banks provide online lists of homes foreclosed. Some of the major banks which maintain websites of bank-owned properties include Bank of America, Countrywide and Chase Mortgage.
Check with Asset Management Companies
Some lenders prefer to use asset management companies to handle homes foreclosed on their behalf. Companies such as Premier Asset Services, HomeEq Servicing and Keystone Asset Management are some of the major asset managements companies that deal with foreclosures.
Check with Government Agencies
The government also provides information on homes foreclosed, through its agencies. Government agencies which provide this information include Housing Urban Development foreclosure homes (HUD), Fannie Mae and Small Business Association (SBA).
Check with Auction Houses
Auction companies are a good resource for finding homes foreclosed, with some companies selling as much as 100 houses per day. Some pundits argue that the prices offered by auction houses tend to be high, due to the auction frenzy created by bidders, but you can still find a worthwhile buy in their inventory.
Some foreclosed homes are “diamonds in the rough” waiting to be polished. Inexperienced buyers are always advised to use the services of a real estate agent, for assistance and guidance.
