Home Buying in 63011>Question Details

Jason, Other/Just Looking in Saint Louis, MO

where can i find foreclosed homes?

Asked by Jason, Saint Louis, MO Thu Jun 25, 2009

Help the community by answering this question:


Consumers have been fooled into thinking there is some secret list of foreclosures. The truth is that foreclosures are listed in the multi-list just like any other home for sale by a broker. The other myth is that you will get a better deal if you buy a foreclosure. This may or may not be true. Banks are not giving houses away as much as they used to. I work with a lot of investors and home buyers. I often find that you can get a better deal with a private sale, especially from an estate or someone who is very motivated to sell and has been in the house so the mortgage is paid off.
You will find the best deals by working with an agent. A good agent will be able to guide you to the best deal to meet your needs. If you would like help, please let me know. I would be happy to help you out.
Debbie Dutton
Coldwell Banker Gundaker
0 votes Thank Flag Link Sun Nov 23, 2014
A great website to find rentals is http://www.oodle.com.
0 votes Thank Flag Link Thu Mar 11, 2010
A real estate agent is your best resource when it comes to identifying any type of properties for sale. The banks will eventually list all of their foreclosures with a reputable real estate agent/firm. They realize that agents are at the heart of transactions, and that ultimately when a person is looking to purchase real estate - that they go to real estate agents. We also have the benefit of having the single tool where the overwhelming number of properties for sale are stored - the Multiple Listing Service. So, please contact a real estate agent and let them know what you're looking for in a home - price range, space, location, etc. Most agents are able to set up a personalized website for you that reflects your specific search criteria. Good luck, Jason!
0 votes Thank Flag Link Mon Feb 15, 2010
I suggest you contact an Investor such as myself who specialize in Foreclosures and know where the best deals are.
0 votes Thank Flag Link Sat Feb 13, 2010
There are lots of web sites that sell or post foreclosure listings - the main problem with that is they don't keep them up to date - you may call about a home that sold months ago. I agree with Dale that the best place to find foreclosures is through the Realtor's MLS web site, as we are fined if we don't keep things uyp to date. Working with a Realtor is your best bet as we know what words to look for if they don't come right out and say this is a foreclosure. Then you also have the benefit of the Realtor's Buyer's Agent experience in negotiations, and the fact that they are working for you as the seller's agent already has a fidicuary responsibility to the seller and has to protect their interests. All commissions are paid by the seller so the added bonus is that it is FREE. You can also search directly on my web site for foreclosures under special descriptions in the advanced criteria section. I would be happy to run a search for you in the area and price range you are looking for and set up the appointments for you to see what interests you. Just email me the info through my web site.
Web Reference: http://www.TerryWillis.net
0 votes Thank Flag Link Fri Jun 26, 2009
The other answers did a great job of answering where you can locate foreclosures.

I also wanted to let you know there's a program offered through MHDC that allows buyers who purchase a foreclosure a credit of 20% of the sale price, up to $14,999. You can get information on the credit at my website http://letsgetitsold.com/Showcase14.Htm
Web Reference: http://LetsGetItSold.com
0 votes Thank Flag Link Fri Jun 26, 2009

The Banks and the Government have created sites to give the public access to their properties for sale and these sites also contain much other information like the bid/purchase process each of them uses.
Sites like these... https://www.bidselect.com/servlet/RouterServlet?p_build_page…

http://www.countrywide.com/purchase/f_reo.asp ... http://www.homepath.com/


You can find the links to these sites and much more here... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp .... http://www.biggerpockets.com/bank-reo.html

If you feel like browsing give them a look..
Good luck, Dunes
0 votes Thank Flag Link Thu Jun 25, 2009
Once a home is processed by the bank, it is listed with a Realtor and posted on the Multilist Service (MLS) for its local area so it gets the maximum exposure and potential buyers can see it. The banks, VA, HUD, Fannie May, Freddie Mac, etc will typically also have other websites that the homes are posted on, BUT, they will be posted on the local MARIS/MLS service and will be picked up through the IDX exchange service by any realtor or service that has full access to repost the MLS listings, such as Realtor.com, ColdwellBanker.com, CBGundaker.com, and ALL the local Real Estate companies and individual realtors who have their own websites. ALL members of the local Real Estate Boards, for example, who are also members of the local MLS have the right to repost the MLS listings on their website. You can look on my website, or on Pete's or on any number of Realtor websites.

There is no individual website, regardless of what they try to tell you or sell you, that will list all the foreclosures other than the MLS, unless it pulls the data from the MLS. The VA has it's own site, HUD uses First Preston and they have 3 or 4 sites that they list on because the company that they pay to do it, runs the sites. And that company also does some bank foreclosures, but other banks use other websites. Freddie Mac uses a different website than Fannie May, etc., that's why we typically use the MLS, since once the home is listed there, it's really on the market and available. Sometimes when it's listed on the other sites, it's still coming soon and that could be months away and the bank won't talk to you about it until they are ready to release it.

NOW, most people get tired of trying to find them on their own, so they set up with a Realtor to email them the info on homes that match what they are looking for as they come on the market. ,
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Thu Jun 25, 2009
On my website............
Web Reference: http://www.PeteElsner.com
0 votes Thank Flag Link Thu Jun 25, 2009
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