Foreclosure in 12477>Question Details

Samantha Fri…, Real Estate Pro in Saugerties, NY

What is the best source to find Foreclosures to buy? Every website I see out there just wants your monthly

Asked by Samantha Friedman, broker/owner, Saugerties, NY Mon May 12, 2008

fee but doesn't give much instruction as far as the foreclosure buying process or a lot of info on the properties. Help!

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Answers

15
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.
3 votes Thank Flag Link Mon May 12, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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Hey Samantha

Most of the websites are aggregators and pull together all available listings to make it easier for you. Others before have pointed out good sources for finding listings for free like county courthouses and clerks. However, one thing that hasn't been mentioned that you may consider is simply how valuable your time is. If using a website will save you 2 or 3 hours of making initial phone calls to county and city offices and or driving down there and looking through their listings, are those 2 or 3 hours worth the 19.95 membership? Maybe yes, maybe no. You're the only one who can answer that.

Regardless if you find a listing on a website or at a courthouse, you still need to pick up the phone once something sparks your interest. Websites will never tell you enough info on the property, but can be a good step 1 in a multi step process.
1 vote Thank Flag Link Mon Aug 24, 2009
Best is a pretty general term, but I imagine your referring to quantity so I'll take it from there.

If one is looking from the aspect of sheer volume of listings, http://www.hud.gov will take you to a decent number of foreclosure listings that are offered by HUD and the VA. Many banks have their own foreclosure listings and the larger banks may have as many homes offered as HUD at a given time. A convenient choice for some is to utilize the services of say realtytrac.com or foreclosures.com, but you're right those types of sites charge monthly service fees and often show expired listings, which if you have a buyer with the fever to by a house to flip can cause major disappointment not to mention the fees these types of sites typically charge can run between $19 & $39 a month.
Many people pay this because they don't have a good handle on where to look for foreclosure properties, but if all foreclosure listings were centrally located for free than those sites would have no purpose.

The vast majority of these listings is out there for free, one just needs to know where to find them. If a bank is sitting on a property it is in their best interest to unload the property and get it off the books. There is a site out there that will provide a list of the top 50 websites. They charge something like $5 or $6 for the list, but I found the list well worth the money because it could have taken me hours to find all those sites and quite frankly my time is worth a lot more than $5.

Web Reference: http://www.homeforeclosuresfound.com/
1 vote Thank Flag Link Thu Aug 13, 2009
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.
1 vote Thank Flag Link Fri Jun 6, 2008
Samantha,

Without a doubt, the absolute best way to identify, track, and purchase distressed sales is via the support of an experienced reaql estate professional. As a buyer, there is no expense and one greatly increases their chances for success.

Bill
0 votes Thank Flag Link Sat Dec 15, 2012
If you want to search large bank inventory go to http://www.repofinder.com/reofinder .

If you want to search small bank inventory go to http://repofinder.com .
0 votes Thank Flag Link Sat Dec 15, 2012
Hi Samantha - there are many sites out there selling subscriptions to foreclosures and most are the same passed around properties that may or may not be still available.
The fact is there are many sources where you can find current and up to date foreclosure listings and some are in fact free. Take a look at a site like re4close.com that is legitimate and doesn't bombard you with sales come-ons for good sources of foreclosure listings.
Web Reference: http://www.re4close.com
0 votes Thank Flag Link Fri Sep 17, 2010
The Banks and the Gov. have created sites to provide the public with access to their properties for sale listings..(REO/Foreclosures) and information on the Bid/
Purchase process.



Sites like.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ... http://www.homepath.com/

The links to these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If it's Tax sales you're interested in then you may find this search engine useful...
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…
0 votes Thank Flag Link Thu Aug 13, 2009
SPAM
Flag Wed Feb 25, 2015
Buying instructions purchase a foreclosure easy submit a sales offer via your buyers agent.

Contact a local Trulia agent provide your specifications, and lender approval amount . Realtor can do an automatic search via MLS of all foreclosures forward to you moment it hits MLS. IT IS FREE. Will have correct information potential up 10 photos description .

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Aug 13, 2009
Samantha: Looks like most of the answers were geared towards a buyer. One easy way to see if a listing is a foreclosure is look for corporate as the owner. Now the UCBR, which I believe you may be a member, is requiring when known to the listing agent to post that info in the member remarks. One of the best ways to get advance warning is to do BPOs'. Most valuation services request at least three so you can keep watching your emails from them to find out where the property is located. It's not always the case that the valuation service is requesting the BPO for pre-foreclosure but I believe it's a high percentage.You need to sign on to these services individually. Google them. After establishing a relationship with these services, and some may request that you do one or two for free, you may be able to get a listing.Now for more information on foreclosures you will need to attend several seminars. Look for one at the UCBR early in 2009. They give you information on how to fill out HUD forms and what not to do when attempting to contact a bank.Most classes are 8 hrs and some are good for CE credit.If you have any more questions please feel free to contact the education committee at your board.
0 votes Thank Flag Link Fri Oct 24, 2008
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.
0 votes Thank Flag Link Fri Jun 6, 2008
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.
0 votes Thank Flag Link Fri Jun 6, 2008
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!
Web Reference: http://www.shoookie.com
0 votes Thank Flag Link Sat May 24, 2008
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
Web Reference: http://UlsterNYHomes.com
0 votes Thank Flag Link Mon May 12, 2008
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!
Web Reference: http://deborahlondon.com
0 votes Thank Flag Link Mon May 12, 2008
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