Prospective homebuyers who are looking for a foreclosed property can use many of the same online search services that buyers use to look for standard real estate listings, as reported by Bank of America. Foreclosed properties are often contained within their own section of a website or are otherwise listed separately from other listings; they may be filed as REO (real estate owned) properties, so those who want to purchase a foreclosed property should look out for this acronym during their search. Public auctions are common venues for selling foreclosed properties, so browsing public property auction listings can be a great way to find available foreclosed homes.
Bank websites may also list properties that they have foreclosed on, notes ABC News. Performing an internet search for a specific bank name plus the REO acronym can be one way to find bank-owned foreclosed properties.
Local newspapers typically post legal notices informing the public of property auctions, so in addition to looking through local real estate classified advertisements, searching out these notices can be a good way of finding out where a foreclosed home auction is taking place in a local area. Some real estate agents may specialize in or at least have experience with connecting buyers with foreclosed properties. Using any combination of these techniques is likely to help the buyer find some viable options.