This is Rick from RealtyTrac. Assuming that you're from Bonham, Texas, and actually looking to buy something in the same area (or at least the same state), you have some options. Some are even free.
Texas is an unusual state in that it only has two stages of foreclosures. The first stage is the notice of sale, which 21 days later results in the house being auctioned off on the courthouse steps. You can find those listings posted for free in the county courthouse, but will need to be ready to move very, very quickly in order to either negotiate a deal and execute a purchase within 21 days, or arrange to have cash financing to purchase the house at the auction.
Because most homebuyers don't want to rush into that kind of lightning fast purchase (and there are some risks involved at the auction stage), many Texas foreclosure purchases are at the second stage (REO), when the bank takes the home back. These files are also in the county courthouse, but are harder to find. Some banks will post the properties they've repossessed on their websites, generally for free.
If you're new to the foreclosure game, and looking for a home to live in, your best bet might really be to work with an agent or broker who specializes in REOs. If you need help finding one in your area, let me know, and I'll see if there's someone in our network that I can recommend. For what it's worth, there are very few foreclosure or REO properties in Bonham right now...but that can change at any moment in a market like this.
RealtyTrac isn't a free search engine like Google or Yahoo!. It, like most other companies who collect and distribute this data, is a subscription-based service (although you can use the site free for up to 7 days). This data is extremely hard to come by and expensive to compile, as much of it is hand-gathered from over 2,200 counties every month. What services like ours provide beyond just the list is some of the information you'd need in order to research the property (loan amounts, delinquency amounts, comp sales, photos, etc.), and convenience. There are also local companies in Texas who provide regional listings of foreclosures and REOs; the only one I'm personally familiar with is the Roddy Report, which costs between $125 -$325 a month, which is much more expensive than RealtyTrac.
Good luck with your search!
I find no fault with RealtyTrac except it is not complete and it it much too difficult for you the buyer to use unless you want to make a full time job of it.
There is another site but mostly HUD homes http://www.BidSelect.com and there are some auction sites, but still a lot of work for the indvidual. That is why you pay an agent. Also let the agent pay for RealtyTrac and other sites, they use them for more than one home. Hopefully. Find an agent that does do more that 1 or 2 foreclosures, unless that is too difficult in your area. I will be happy to have my assistant run a search if you want a referral.
We offer this page below as a free service for our clients. Please click on the link below and it'll give you DAILY updates of all the foreclosures in the D/FW area. Please let us know if you find one that interests you.
Or e-mail me and I will get you going.
I don't thing it's a fair business model, if it's truly 'supposed' to be a search engine tool! Besides the fact that most of the information if not up to date - as previously mentioned. This one REALLY bothers me! Especially, since I've become a BIG fan of Trulia! and and TruliaVoices!
Keep me in mind for Las Vegas!
Keep in mind not all foreclosures are below market value, there are other ways to obtain properties with equity. Many tips and tricks on locating commercial or residential real estate for sale
Naturally, my suggestion to you is to find a Realtor that you trust. They can provide the information and help you with contracts and negotiations. That's what they do. Find one who is good at it and let them explain what they can do for you. I mean, why not have a professional on your side while dealing with the banks.
there are many
that are free
you just have to find them
i posted a site that lists many free sites
by the way realtytrac makes everything really convenient
i used it years back
its not that expensive
if you are really thinking of buying a foreclosure