You have already received correct answers, but, for you and others who may read these responses, it is felt the most important response can somtimes be: "DO NOT subscribe to any service, or pay any fee to any company that is promising you some kind of insider info not otherwise available." Unfourtunately, many companies are out there that take advantage of those looking to acquire property at a bargain by charging for informaiton that is available thru your realtor.
In additoin to the great answers below, you can also speak with a Lender that works with REO homes. I know of one that is getting lists of REO homes in the Grand Junction area. In addition some Realtors work with these Lenders on listing REO properties. Hope that helps. If you want any further information let me know, I'm happy to help.
Paying websites usually have outdated info. vs. MLS is governed by professional code of ethics over looked by State. MLS is FREE
MORE Important is the fact that what do you do when you find them??? That is what you need a Realtor for.
Bank Contracts are one sided and you do need a Realtor to help you through the process to make sure you are taken care of and do not loose earnest Money.
The easiest way to locate REO property is to leave it to the professional. Once a target location has been identified, contact a local real estate professional for their support.
They will be able to identify homes that match your criteria and lead you step by step through the process.
I recommend that you do not work directly with the listing agent, but rather work with a realtor who will be your Buyer's agent. You want someone who will be 100% on your side.
You'll find sites like these.....http://www.countrywide.com/purchase/f_reo.asp
http://www.homesales.gov/homesales/mainAction.do ............. and many more
This is all FREE, provided by the Banks and Goverment for the public......
Hope this helps, Dunes