How do you find homes in foreclosure?


Quick Answer

Homes in foreclosure can be found in bank and government listings, states Kimberly Palmer in US News Money. You should also ask real estate agents for possible foreclosure homes, adds Holden Lewis of BankRate.

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Full Answer

Most banks and some government departments that seize foreclosure homes in lieu of repayments list the foreclosed properties on their websites, says Palmer. Some county offices also publish lists of homes that have gone into foreclosure along with weekly lists of the homes that have been sold. Another resource that can help you find foreclosed homes is a paid-for subscription to lists of foreclosed homes.

Foreclosed homes are sold as-is, and good deals are often wrapped up quickly. This means that those looking for foreclosed homes should have a pre-negotiated loan from a lender, a clear idea of the price of homes in the locality and be willing to arrive at a decision quickly, recommends Lewis. Working with a real estate agent who represents a bank or banks with foreclosed properties to sell will help a buyer quickly locate the right home for their needs. Foreclosed properties are already empty, allowing buyers to move in quickly after the sale, even though they may have to spend more on repairs.

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