What are some tips for finding foreclosed homes online?


Quick Answer

Search for foreclosed homes through financial institutions such as Wells Fargo, RealtyTrac, Chase Bank, Bank of America and Fannie Mae, as noted by each institution. Banks take ownership of these properties after the previous owners default on their mortgages.

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Full Answer

RealtyTrac has listings in over 2,200 counties in the United States, states the website. Search the site by state, then by county, and then narrow that choice down by street address. The site requires creation of an account and sends email alerts when new properties become available that meet search criteria.

Fannie Mae has a program called HomePath that helps first time homebuyers. Within that program is a program called FirstLook that allows buyers to view home listings within the first 20 days of listing. Eligible buyers include public entities, some non-profit agencies and owner-occupants. Prospective buyers can search the Fannie Mae data base by MLS number, ZIP code, price, and the number of bathrooms and bedrooms, Fannie Mae explains.

Buyers looking to purchase foreclosed homes must go through a different application process than that of traditional home-buyers. For a Bank of America mortgage on a foreclosed property, all buyers must prequalify and work with a real estate agent, reports the bank. Investment buyers also go through this process after the initial time period set by Fannie Mae expires.

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