Websites specializing in foreclosures do want your money, but you can usually find away around the site by doing the basic search; it's usually when you ask for the lender, bank name, or owner name that they want your money. If you don't want to pay for a subscription, get as much information as you can from that site, and then do your own detective work. If you have the address, go to any number of reverse directory sites, find the tab for a reverse address search, and type it in - that usually gets you the owner's name, though sometimes it's a tenant. The Town or Municipality in which a home is located will ALWAYS have the owner information, so you can start there. Find out where the foreclosures are filed officially - usually it's in your Town's tax office, or your County's legal office - all of this is public record. The "lis pendins" will show you the lender's contact information as well as the amount owed. Work with a realtor experienced in foreclosures and shortsales; ask them to do a driveby and give you a price opinion of the home - if it's worth less than is owed, you or your realtor can contact them and explain you are aware of their pending foreclosure, and think you can get them out of it by purchasing the home AND putting money in their pocket. If the homeowner isn't willing to pay your realtor a commission, you will have to, but it will be well worth it with the right realtor. If they owe MORE than the home is worth, I would again suggest you seek out a LOCAL realtor experienced with short sales; they are complicated and time consuming, but there has never been a better climate to accomplish one. Ultimately, you will need to homeowner's cooperation, and that's not as easy to get as it sounds; foreclosure is a difficult and emotional process that often makes one hide from their difficulties, which of course only makes the situation worse. At all times, treat the homeowner with respect and sensitivity and patience.

Fri Jun 6 2008, 19:16

Deb London - that doesn't really answer the question, does it?

Sam - information on foreclosures is tricky business. The problem is, it's a lengthy process, and there's a lot that can happen during that process that can hang things up a bit when viewed from the perspective of a potential buyer.
When dealing with sites like RealtyTrac - or other aggregators that spew foreclosure info, because of the lengthy process, and all that can happen between the lender and owner - thier information is sketchy at best. Foreclosures require a bit of public disclosure to get the ball rolling, but really nobody wants to give out a lot of private info beyond the basic public filings. That makes getting any solid actionable information even more difficult.
Best bet - don't rely on websites too much. Sites like RealtyTrac will give you updates about public notices of default and stuff like that - and if you want to use that to augment research that you're doing, that's great - but most of the aggregators out there simply aren't up to speed yet.
Once a property is foreclosed and is owned by the bank, getting the info is considerably easier to come across. It will typically end up being listed for sale, and if you can find an agent who has developed contacts with various lenders and institutions - you can get an inside track through them.

Be prepared to put in a lot of work and face a good amount of rejection here and there if you're looking at bank owned property though. It's a bit of a different process then dealing with your average resale, or even short sale.

Fri Jun 6 2008, 16:10

It depends on your motivation and ability. I agree that checking the courthouse is a great way. Keeping your eye on the Legals in the local paper, researching the proprty and attending the sale at the courthouse steps is another way, but I recommend you work with somebody skilled in this area before attempting to go this route, as there are many factors to consider, including the fact that you are bidding against the pros (usually) and that you are buying a property that you know very little about, including it's actual current value as opposed to it's repaired value. If you work with a Realtor that knows foreclosures and short sales they will be able to help you determine an asking price that might be considered by the bank and will also keep you posted as to the latest foreclosure listings and price reductions. This may be a better way to go, as you will be able to do inspections and possibly have the bank correct some issues before you get in over your head.

Fri Jun 6 2008, 15:52

The absolute best place to find foreclosures is at the County Courthouse, this is where a lot of the "aggregators" get thir information. You can view the actual postings there, it does require some footwork, but welcome to the world of foreclosures, you will HAVE to do a little work to get the great deal you want. If you need any help with the process, feel free to contact me!

Sat May 24 2008, 15:18

Try Short Sale Sheep.com....you can search bank owned homes by lender....then by city/state. PLus Realtors can list their short sale properties on the site for free.

Mon May 12 2008, 21:54

Hello Sam
Buying a foreclosure is not an easy deal. It would be wise to develope a relatioship with an area Realtor. My daughter and I are a Realtor Team in Ulster County. We would be happy to guide you through the process. You can check out our website and email us if you like- UlsterHomes@yahoo.com

Mon May 12 2008, 18:40

Your best bet to find a foreclosure to purchase is to establish a good relationship with a REALTOR. In our state, the sellers pay the REALTOR fee so there is no fee for our services to you, the Buyer. If you email me I'd be happy to connect you with a local agent in your area. Me email address is dlondon@remax.net or you can go to my website listed below!

Mon May 12 2008, 18:29