Banks such as Bank of America, Chase, RealtyTrac and Wells Fargo have search options to allow users to locate foreclosed property, also referred to as real estate owned properties. Banks usually own these properties after borrowers default on their mortgage loans.
There is a special program through Fannie Mae for buyers to have priority when purchasing a foreclosed home. The FirstLook Program allows people to view a home listing within the first 20 days of the property's listing for sale. Eligible buyers include public entities, some non-profit groups and owner-occupants. The search through Fannie Mae includes searching by MLS number, number of bathrooms and bedrooms, city, zip code and price.
Bank of America's funding process for foreclosed homes is different process for funding than tradition mortgage applicants. Everyone must prequalify and work with a real estate agent. RealtyTrac has a number of foreclosed properties listed throughout the United States. The website narrows the search down by state, then county, and by street address in a number of different cities. Chase offers buyers to start the prequalification process directly online. Chase also warns potential buyers that the properties are purchased in an "as is" condition and any necessary repair expenses are the responsibility of the buyer.