Prospective home buyers can find free lists of foreclosed properties on the websites of government agencies, major banks and auction houses, reports About.com. Sheriffs' offices post foreclosure auction listings on their websites and in local community newspapers.Continue Reading
Among government agencies, Fanny Mae has a website with listings of foreclosed homes, and a Department of the Treasury website lists homes that the Internal Revenue Service seizes. The U.S. Department of Housing and Urban Development website has listings and locations of homes that it possesses due to defaults on federally insured mortgages, according to HUD. However, once buyers find homes, they must hire a HUD-approved real estate broker to submit bids. The HUD website also has links to listings of foreclosed homes by the U.S. Department of Veterans Affairs, the U.S. Marshals Service, the Federal Deposit Insurance Corporation and other government agencies.
Major banks such as Chase Mortgage, U.S. Bank and Bank of America have online lists of bank-owned foreclosed properties, explains About.com. Often if buyers contact banks directly, they can negotiate cheaper prices than they would get in an auction. Although many people see foreclosed homes as potential bargains, banks usually sell them for market value comparable to the homes around them. The properties also retain encumbrances such as superior loans, homeowners association dues and taxes, which the new owner must pay. Additionally, foreclosed homes generally sell in as-is condition, and the sellers are not responsible for repairs and other problems, notes U.S. News & World Report.Learn more about Finding a Home