Foreclosure in Delray Beach>Question Details

Karina Leal, Real Estate Pro in Delray Beach, FL

How do you search for Foreclosures, Bank Owned Properties and Pre-Foreclosures?

Asked by Karina Leal, Delray Beach, FL Mon Jan 21, 2008

In Palm Beach County and Broward County for potential clients/customers?

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Well,I have to agree w/ the responses here that say most of the websites have dated and inaccurate information .I specialize in foreclosures so I've spent lot of time(wasted a lot too) trying to find this information.I have used Realtytrac for some time and still do however I agree the dates ARE inaccurate.Just as I was about to cancel my subscription I asked my rep to hook me up with an agent who was successfully using the site and it was the best thing I could have done. She showed me how work from what the client was looking for and fill the bill rather than chase properties they saw on line .(email me and I'll explain) I have many avenues now for properties but find my best leads still come from Realty trac. Without giving too lengthy of an answer, email me I'd be happy to share what works for me. Good Luck.
1 vote Thank Flag Link Thu Jan 24, 2008
Karina,

There is no easy or simple way to locate foreclosure properties. Unfortunately, most of the foreclosure websites contain incomplete, inaccurate, or dated information. The reason for this is they pull their records electronically, and often the information is not reviewed by an actual person. This means that even if a small lien is placed on a property then it may show up on their sites.

There are several other ways you can locate these properties. The first is networking with banks and getting to know the officers that handle REO sales. This is often a time consuming process and will take a commitment to work this kind of business in the long term. You can also check public records via your county assessors office. Depending on where you live and how foreclosure is handled in your area, often times the assessor can give you a list of all properties that have a "Notice of Default" filed on them. This is the first step in the foreclosure process and will point you in the right direction. Lastly, I would advise you to communicate to your client that foreclosures are not always the best properties. Depending on your market you may be able to locate properties that are either in pre-foreclosure, or simply have high days on market and very motivated sellers. If you have a buyer who is just looking for a strong equity position you may want to look into these options as well.
2 votes Thank Flag Link Mon Jan 21, 2008
There are many great deals out there on bank owned properties. Go to my site - foreclosuresintampabay.com - if you are looking for current inventory on foreclosures in the Tampa Bay area. The list is updated daily so it is unlikely you will find outdated information on the website. As the name implies, I specialize in the Tampa Bay foreclosure market and am a Certified Foreclosure Specialist. The list is free. You can also contact me with your criteria and the area you are interested in and I can provide a list of all foreclosures that meet your desires. I can even email you an new foreclosures as soon as they hit the MLS system.
1 vote Thank Flag Link Thu Jan 28, 2010
There are many great deals out there now and many are bank owned foreclosures. If you work with a Realtor, we can not only send you the good deal, but we can walk you through the whole process from selecting the right property and making an offer all the way to sitting at the closing table, and everything in between. My team and I would love to help you! Call us at 561-807-5478 if we can be of any service. Good luck with your home hunt!
1 vote Thank Flag Link Mon May 12, 2008
When banks own properties they have foreclosed on they list them in the locale MLS with an agents that does many of them for the bank. The most uptodate info is in the MLS. The properties show REO (real estate owned). When you work for a customer/client be sure you have all the proper addendums required to make the deal fly. Non-MLS properties are not really worth the trouble to hunt them down since all terms like REO, Foreclosures and Pre-Forclosures need to be taken with a grain of salt. My experience has been that these Non-MLS listings are Non-Listings and often you will be stumbling onto an unlicensed activity. If you do be sure to let FREC know

JD "Dan" Weisenburger, GRI
Broker-Associate, REALTOR(r)
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
1 vote Thank Flag Link Fri Apr 18, 2008
Go to my site, we have a very high inventory of bank-owned listings, short sales, very great deals. We specialize in this market, if you want to access bank-owned listings for free this is what you have been looking for, we are also in the works of pulling info on all bank-owned listings advertised in MLS. You can go to our links page and go to each bank to view their foreclosure page. http://www.TampaBayREO.com
Web Reference: http://www.TampaBayREO.com
1 vote Thank Flag Link Fri Apr 18, 2008
The bank starts the foreclosure process by filing a Lis Pendens on the property. These can be found in your local county clerk’s office and it’s much easier if they're online by now. You approach the Seller to help them to sell their property. If they owe more than what it’s worth get your short sale package together submit with many times to bank and call them every day to get your deal through the grid work. Lots of work but very rewarding in that you helped someone avoid a damaging foreclosure. Hope this helps
1 vote Thank Flag Link Thu Jan 24, 2008
Karina,

First, I would say that most (haven't gotten through all of them yet) web sites around foreclosures are not accurate. I have tried many, RealtyTrac, ForeclosureRadar,... and I simply find most of their data to be outdated. The one foreclosure site that seems to be fairly accurate it the HUD.gov site that handles government foreclosures.

In talking with other Realtors working foreclosures, most have established relationships with as many bank REO departments as possible in order to hear first about what is coming up. I tried getting into this net work and as you could probably guess, there are a lot of agents waiting in line for the lunch date. My experience has been that if you didn't have the relationship before 2006, it is a long road. At least that is my experience.

My success so far has been on the buyer's side working with agents who have the connections with the bank folks. I stay close to them to keep up with what may be coming down the road on a foreclosure and fit it to my buyer's needs. This has been working pretty well and is more dependable information.

Hope that helps.
CJ
1 vote Thank Flag Link Mon Jan 21, 2008
There are two ways: First, you can search MLS and enter under Broker or Public remarks, 'foreclosure', 'bank owned', and 'short sale'. Second is networking. You need to let every person in your office, mailing list, sphere of influence, etc., etc., know that you are looking for these properties. The will come to you from every direction once people know you have interested clients to buy them.

Good luck!

Scott Miller
Realty Associates
561-716-4060
Web Reference: http://www.LoveBoca.com
1 vote Thank Flag Link Mon Jan 21, 2008
Hi Karina,

An easy way is to include those "keywords" REO, short sale, pre-foreclosure in the Realtor remarks column when doing an MLS Search.
Web Reference: http://www.PhilFowler.com
1 vote Thank Flag Link Mon Jan 21, 2008
These are the ONLY two accurate sites that allow you to browse all the upcoming COUNTY foreclosure auction data.

PBCHomeAuctions.com

BrowardHomeAuctions.com


They are $24 per month, other services cost $150 a month and are less accurate!
0 votes Thank Flag Link Sat Mar 9, 2013
Thank you for the helpful answers.

I've received a lead of a potential buyer that is looking for properties that are listed for around 50% of their appraised or assessed value. As that information is not listed on the MLS I was wondering about alternative searches as the foreclosure ones.
0 votes Thank Flag Link Mon Jan 21, 2008
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