New real estate investors often want to know how to get foreclosure listings without spending lots of time and money.
There are many places to get inexpensive or free foreclosure listings. Here’s a quick list below.
Government Websites
Government websites are great places to get foreclosure listings. Although these sites provide the information for free, buyers or investors will need to get the services of a broker, real estate agent or a servicing representative when they want to submit a bid. Government sites like HUD, County Records, and other public records online provide this information.
Find Foreclosed Properties In Your Area
Banks
Banks also provide lists of foreclosed houses to the public at no cost. Bank websites will have listed information of houses in certain areas. This is a good route to take since bank owned houses are often cheaper compared to other foreclosures. This includes local banks and large ones such as CHASE, Wells Fargo, and Bank of America.
Foreclosure Websites
There are many websites that offer free foreclosure listings but most of them offer a trial period of about five to seven days after which they will charge for a subscription. Buyers need to be careful where they put your credit card in a website that make claims such as “Free Foreclosure Listings”. The fact is, some of those sites that claim to have free listings may actually just be trying to entice people to sign up for a trial, without providing any useful information.
Realtors Specializing In REOs, Foreclosures and Distressed Sales
Another great way to find foreclosure listings is to ask a realtor who specializes in distressed properties. Remember, foreclosures often require major renovations and a good amount of capital to fix them. Also, the buyer may need to pay for the home with cash because most lenders will refuse to finance a foreclosure if it needs major work. Realtors specializing in distressed sales will know where the good properties are and how to navigate these complexities.
The County Clerk’s Office
A savvy move is to call the County Clerk’s office and ask where homes with liens are posted that have not been acquired by the banks yet. You may be able to find a property you can buy and avoid the foreclosure auction altogether.
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