With today's high foreclosure rate, there is plenty of money to be made buying and selling foreclosures. But if you are new to the foreclosure game, you may not know how to find bank foreclosed homes for sale. Finding foreclosures is not difficult if you know where to look. Here are four methods to help you find bank foreclosed homes for sale.
The first way to locate bank foreclosed homes is to talk to a local real estate agent. You may have to try several agents until you find one who is familiar with foreclosures. It is best to work with an agent who understands what real estate investors look for in a foreclosure property. It is also a good idea to try to locate the agent who actually lists the properties. Most banks choose one agent in a given area to list all of their foreclosed properties. This agent will know about the listing before anyone else does, giving you a chance to be one of the first buyers to learn about new listings.
The second way to find bank foreclosed homes is to check the bank's website. Many banks put listings of their foreclosed properties on their website. These properties may be referred to as "REO" or "real estate owned" rather than foreclosures. That is bank terminology for property that was foreclosed and is now owned by the bank. Depending on how the bank's website is set up, you may be able to search for properties by zip code or browse by state or city. This is one way to find properties that are outside your local area without needing to have real estate contacts in other areas.
The third way to find bank foreclosed homes is to visit a website that specializes in foreclosure listings. Many of these sites will give you a free trial period to evaluate their service before you subscribe. The subscription fees vary from one site to another, so you'll want to shop around. However, don't decide which site to subscribe to based solely on price. Remember that sometimes you get what you pay for. Narrow your selections down to three or four top choices and do a free trial at each site. That way you can compare the number and quality of listings on each site before making your decision.
The fourth way to find bank foreclosed homes for sale is to look in your local newspaper. In most areas, lenders must advertise the foreclosure sale in the legal section of the paper prior to the sale. This is a good place to find foreclosures if you have the cash to buy the property and do not need any financing.
These four methods will help you find bank foreclosed homes for sale. Now that you know how to find bank foreclosed homes, all you need to do is decide which bank foreclosed home to purchase as your first foreclosure real estate investment.