Cindy, Now that everyone has given you a consensus I would like to add one more possibility if you are just looking to view properties at your leisure to get a feel for the market. You might wish to use these sites.
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html

The banks and goverment maintain databases of there properties for sale and who they list those properties with. Many banks make their databases (REO) available to the Public for FREE, and the databases contain, property address, asking price, property description, many times photos, contact info for who property is listed with and information on the purchasing ot bidding process. Sites like these....
http://www.wamuproperties.com/
http://www.countrywide.com/purchase/f_reo.asp
http://www.pasreo.com/pasreo/public/propertySearch.do

The site will also provide you with links to the Gov. properties for sale site provided for the public..like these..
http://www.hud.gov/homes/index.cfm
http://www.homesteps.com/hm01_1featuresearch.htm

Hope this helps a bit, Dunes

A Realtor can give you updated listed of properties that are pre-foreclosed and bank owned and you dont have to pay for the list when you get it from a Realtor.

I had a client that signed up for a web based foreclosed property site, ever property he sent me had been a forclosed ONCE upon a time. Many of the properties on the paid site were old (over 2 years) had already been resold and were no longer on the market.
Call a Realtor!

You should always find a Realtor. When looking for a property it is in your best intrests to have your own personal buyers agent. A sellers agent has the responsibility to the seller to get the most for their property, where a buyers agent has the resposibility to the buyer to get a property at the lowest price for the buyer. On-line forclosure ads are not usually generated buy listing agents and these companies may have old lists of properties that have already been sold. In South Jersy we list properties as Bank Owned, needs third party approval or Short Sale. A Realtor will service you without charging a fee. Our commission is paid by the seller.

NO!

Go to my profile and see my blog about one of these sites in particular. I am not saying they are all of these siutese are bogus, but most that I know of just post information that is already available to the public and they make it very very hard to to cancel.

John Sacktig
Broker / Manager
Orange key Realty
Office: 732-863-6969
Cell: 732-213-1409

I can help.

JSacktig@orangekeyrealty.com

I am a neutral person here even I am a realtor, but I am from CA.

The same as you have to find an attorney when you have legal issue, I suggest you to contact more than one realtor from the local area where the property located. You should choose the best one not the cheapest one. If you would like to know how to choose a agent, let me know.

Remember, even some of realtors, are qualified to answer you particular short sale and loan modification scenario but those are the professional areas for attorney only

A qualified realtor may not know all the answers but he/she should know how to find the answers.

Good job of providing information Dunes, thumbs up all the way down.

Remember the same banks paying the commission refered to are the same Banks paying to maintain these databases so the public can view properties for sale........http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Good luck Cindy, Dunes

Using a Realtor is a personal choice....we do have access for our clients to the legitimate foreclosures and short sales through our mls systems, which are updated by the listing agents continually. Sites that you have to pay for as a Buyer, are not always current, as some of you may already know. Another important aspect to keep in mind is that Realtors work on your behalf in making sure the process is smooth, we navigate through all of the paperwork and inspections that need to be completed in order to close on the property. We do all of this as per a commission, which I would like to empathsize is paid for by the Bank...not you the Buyer.

Let's remember that these sites also explain to those serious about buying the properties the importance or many times the requirement of having an agent.....Anyone who has been involved in a foreclosure purchase knows the importance of good representation and professional attention to the paperwork process . If I as a buyer get that, plus a property at the price I feel is a good transaction for me, then what do I care about the agents 3%? It's all a package and if the price of the package is a great one, then what do I care what % the shipping was as long as I get the package? I only know that without the shipping, no package.........

Gregory, I don't have an upside list, much information is available to the public such as the Bank/Gov. sites so I suggest how they can see it. What I don't do is try to judge if the information might be to "overwhelming" for the public.
People can check out the databases and if it helps fine and if it doesn't fine.
I'm not deep enough for all the other ramifications...... : )

P.S As far as making more work for you, don't make me provide links to all the " You can't do to much or work to hard" for a client comments.......... : )

Armchairquarterback, Dunes

Dunes, I hope you can tell that my answer, in part, was tongue and cheek. I strongly beleive that a consumer should be educated in all aspects of home buying before getting locked into a contract. However, I do see a downside to all this "free" information a potential client may be exposed to when they are thinking of buying a home.

First and foremost, is the information in the raw form is overwhelming to even the most seasoned agents. For example, a house falls into a lis pendens - it has not been foreclosed upon and may never be available for sale at the current mortgage amount.

Secondly, the information is often incorrect or misunderstood which leads to a false impression. That is, many of the late night TV commericals would have the buyer thinking they can easily own a home for a few hundred dollars due to back taxes.

Third, the information is "free" and should be available to them at no charge. That leads them to beleive that agents get the information for free and do not in anyway earn the commission charged (which is a topic that has many facets and one I am not going to engage) and creates a relationship without any loyalty.

Finally, it creates more work for me when trying to correct the "misinformation" and leaves a shadow of doubt with the person that I am not telling them the truth.

That's it - that's my take on the "downside". I am sure you will be able to provide a list of ten upsides that may outweigh my minor grievances with the "system".

Best Wishes to you.

Don't see the downside of potential buyers being told they need to use an agent by the Bank or Gov sites.

Don't see the downside of curious viewer becoming potential buyer.

Dunes, those are great web sites - but in the end they (the bank web sites) are going to tell her to contact an agent. They don't accept individual offers on foreclosed properties. And, all of those foreclosed homes she finds posted will be found on the MLS for all agents to find and sell to buyers. That's just how the system works. Banks foreclose and call an agent to give a BPO and then list it with another agent to sell. Now we both know that BANKS would love to cut out the realtor just like the For Sale By Owner wants to have their home listed on the Realtor web site but not pay us for the services. The system may be changing in that direction - we will see.
Anyway, in the meantime, let's encourage everyone to pay for the services of third parties like RealtyTrac to find foreclosed properties. All those "free" sites will just confuse the average bear. Then I will feel better about all those dues and fees I pay out to belong to the Realtor Association and the many different MLS organizations that the State of New Jersey allows me to join once I buy a license from the Department of Banking and Insurance.
It is a great system, Dunes. Please don't rock the boat. ;-)

Cindy, If you would like a list of the "Transaction Management Companies" you might find a few here to start. You might like to wander around these sites for links to more sources of foreclosure info for FREE ,
Like these....
http://www.biggerpockets.com/foreclosed_property_management.html
http://www.thedirectoriescompany.com/reos.htm
or maybe this will be interesting.
http://www.naarealestateauctions.com/consumer/index/mls

Online services are a great way to see what's out there, but I've found that they're often not updated frequently enough, and therefore unreliable. If there's a home out there, that's truly a great deal, it will get snatched up before you even know about it. (I've seen it happen numerous times, and it's very frustrating for a buyer who believes they have been doing their due diligence on keeping up on the latest foreclosures) Furthermore, most foreclosed homes are handed off to a "transaction management compay", to be marketed and sold. Each individual company uses their discretion to market those properties in different ways, and you may not have access to information regarding "ALL" the bank-owned listings. The process of buying a foreclosed property can be much different than a traditional sale. It can be frustrating, time-consuming, and risky if you aren't familiar. In my opinion, working with a realtor who is experienced in the REO market is invaluable.

Cindy, Now that everyone has given you a consensus I would like to add one more possibility if you are just looking to view properties at your leisure to get a feel for the market. You might wish to use this site.
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

The banks and goverment maintain databases of there properties for sale and who they list those properties with. Many banks make their databases (REO) available to the Public for FREE, and the databases contain, property address, asking price, property description, many times photos, contact info for who property is listed with and information on the purchasing ot bidding process. Sites like these....
http://www.wamuproperties.com/
http://www.countrywide.com/purchase/f_reo.asp
http://www.pasreo.com/pasreo/public/propertySearch.do

The site will also provide you with links to the Gov. properties for sale site provided for the public..like these..
http://www.hud.gov/homes/index.cfm
http://www.homesteps.com/hm01_1featuresearch.htm

Hope this helps a bit, Dunes

If I can be of assistance please call me direct at 800-815-1790
Mike Rayno
Prudential Fox & Roach

Hi Cindy, I see everyone is in consensus that you will need a real estate agent to help you with your search. I just wanted to also add that just because a home is in forclosure, it does not necessarily mean that you are getting a good deal on it. There are many forclosure websites out there that you need to pay for, however, most (if not all) of the properties on there are also traditionally listed with a real estate agent. So it's in your best interest to contact someone in the area that can give you access to the listings in the MLS. Additionally, if you still want to move forward with a forclosure, make sure you do your homework. A lot of properties are sold in "as is" condition. In NJ you have the right to do a home inspection, but with many forclosures even if you find defects in the property, you may not get any concessions from the bank (going back to that "as is" sale). Your best bet is to find an agent you feel comfortable with and have them guide you through the process.

Good luck with your search!
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell

I say, if you are not going to be loyal to one agent, then spend your money on different web sites that promise to publish the foreclosure homes. No one likes to be "used", and that includes realtors.

Use a Realtor. It's free! and the information will be accurate. If you are considering paying a fee to a site like RealtyTrac, you should know that not all their listings are actually homes on the market. They post homes in all stages of foreclosure. Many that are in the initial stage, lis pendens, never get foreclosed on because the homeowners buy out of that state. That's why you will see people asking on Trulia for information about their listings. You won't find many of them on the market.
A Realtor can run a search for you of active foreclosure listings, giving you up to the minute accurate information.
You might also want to search through the archives of Trulia questions to check out some of the problems associated with not only buying but closing on foreclosures. It can really be a nightmare!
Good luck with whatever you decide to do.

I was reading in a recent issue of consumer reports that you are best served by a local realtor experienced in these. (avoid the fees)

Cindy,

You will be better served if you find a local REALTOR who can help you find the best property for you. There are some great foreclosure properties in the market, but there are also some homes that are not yet foreclosures that may be great options for you. If you have a REALTOR represent you, you will be able to find all the options. In addition, all the home foreclosures that are listed by HUD require a licensed REALTOR to represent you. There is no use paying for a list of homes that a REALTOR can provide you for free!

Finding the right REALTOR is something that we can help you with. I have a company that pre-screens REALTORS anywhere in the US/Can. We have been prescreening agents since 1993 and will find someone who works with integrity and honesty and who provides excellent customer service. We not only personally interview the agents, and ask them to complete an application for us, but we also contact past customers and clients to make sure that the agent provides excellent service. Our service is completely free of charge, so give us a call at 1-800-395-8556.

One more thing about your original question, choosing a REALTOR to represent you as a buyer agent is almost always free since the fees are almost always paid by the seller. So, not only will you have the benefits of finding the best property, but you will also have the benefit of an agent who can do a market analaysis on the properties to make sure you are getting a great deal, who can be an expert negotiator on your behalf and an agent who can handle all the details for you. It is becoming quite challenging to close some of the short sale transactions so having a REALTOR working through that process will make it possible.

We would love to connect you to an excellent agent to help you purchase a home in this market. Give us a call at 1-800-395-8556 and we will prescreen an agent for you.

The EXODUS Network http://www.ExodusNetwork.com
1-800-395-8556

NO!

Go to my profile and see my blog about one of these sites in particular. I am not saying they are all of these siutese are bogus, but most that I know of just post information that is already available to the public and they make it very very hard to to cancel.

John Sacktig
Broker / Manager
Orange key Realty
Office: 732-863-6969
Cell: 732-213-1409

I can help.

JSacktig@orangekeyrealty.com

Hi Cindy,

Save your money and find a Realtor. I am a full time agent in the Atlantic City area and am happy to help you identify, negotiate and purchase foreclosed properties. Please contact me at 609-484-9890 ext. 132.

Best wishes,

Matt

Cindy,

Definitely, find a real estate professional.They will be able to identify "foreclosures" for you in your chosen location as well as additional services to support your interests.

The best part is that is comes at no expense to you since professional service fees are paid for buy the seller.

Begin the process of finding an agent today.

Good luck

REALTOR should br your best BET ! Look for agent that knows the area you want . Some one that is full time . They can email you daily updates . GOOD LUCK