Foreclosed property may be the gateway for you to get into that first home or to start investing in real estate. The first step is to find potential properties to purchase. You can pay for a subscription to a commercial listing service, but most of this information is available for free if you know find it, either using online listings or the resources in your own community. You'll want to employ as many methods as possible to get maximum coverage---even keeping your eyes open for yard signs when driving through neighborhoods you are interested in.
Online Resources
Federal agency listings online are excellent sources of information on foreclosed homes and multi-unit properties. The Department of Housing and Urban Development (HUD) maintains state-by-state listings of both conventional and foreclosure real estate offerings. You can also check similar listings by the Federal Housing Authority (FHA) and Veterans Administration (links to these agencies are below). Some commercial listings don't charge a fee to view foreclosed property. For example, you can try Bidselect.com and Hotpads.com, both of which provide user-friendly search tools (links below).
In Your Community
Some local tax assessor's offices make foreclosure listings available to the public at no charge, either at their office locations or online. Check your local newspaper, real estate magazines, and realtor newsletters as well. One of the best sources of local information is the realty professional who specializes in foreclosed property. If you don't know someone, contact your local Board of Realtors for a referral.
Don't neglect to talk to your banker. Banks, credit unions, and other mortgage providers are the ones holding title to foreclosed property and they want to get it off their books, the sooner the better, so many will tell you about available properties if you ask. A hint: file an application with your chosen mortgage lender and get pre-qualified for financing before you talk to real estate agents or mortgage lenders. This lets them know you are serious and you can go into the property search knowing how much money you have available.
Tags: real estate, foreclosed property, your local