How to Find Foreclosures Near Me – A Quick Guide in Locating the Best Foreclosed Properties
The question, “how can I find foreclosures near me” is one that has puzzled beginning real estate professionals for a long time. For many, it still seems to be a subject of debate today, even though so many more sources of leads have become available because of the advent of technology and the internet. Foreclosed properties are still somewhat hard to find, of course, and those that are easier to locate are usually the ones you might want to stay away from. Making sure you use only legitimate sources and that your new property doesn’t require too much of an additional investment should be among your primary concerns.
Types of Foreclosed Property Offers to Look for
Before I ever started looking for foreclosures near me, I quickly figured out that it’s important to know as much as possible about the topic. The process of foreclosure is easy enough to understand, but did you know there are three different types of foreclosure? These are pre-foreclosure – where you can purchase the property prior to the foreclosure proceedings – foreclosure auctions and bank-owned properties. The latter two refer to cases when the property is no longer in the possession of the previous buyer. To find the best foreclosures near you faster, look up each type of foreclosure, and start driving through local distressed properties. If you find a sign near a property that you want, give the listing agent a call, and you might avoid the weeks of waiting until the bank approves the listing price and the property is actually listed.
MLS Listings and Foreclosures
“Where can I find foreclosures near me without looking around too much?” MLS listings can present an easy way to achieve your goals, although the specifics of MLS searches regarding foreclosed properties can be somewhat more complicated. The MLS can provide you with the most detail about local properties, their prices and even the foreclosure proceedings. The only drawback is that not all lenders will list their REO properties on the MLS, so you could miss out on certain deals, if you don’t use other sources as well.
Banks and Foreclosure
Where do I find foreclosures near me? Although I definitely don’t count myself as the greatest foreclosure specialist in the world, I have found that banks offer the most accurate information about foreclosed properties. This isn’t always true, of course. Some banks don’t have a policy to advertise their foreclosed homes too much. However, others have entire departments and several websites dedicated to finding buyers. These are the ones to look for if you’re a beginner, since in many cases, they will offer you additional information from the lender’s side, that most sellers can’t offer you.
Websites Showing Foreclosed Properties in Your Area
Aside from the most important bank websites, you can also find auction houses and internet foreclosure companies that market their findings online. Also, the official websites of certain government entities will allow you to search through some of the most comprehensive and current databases to find the house you need. Even though not all government websites and agencies have the same policy, I’ve found some excellent foreclosures near me with the help of HUD, Fannie Mae, the FBA and even the department of treasury.