How do I find new construction "foreclosures," i.e., homes that are new that are now banked owned because the builder couldn't sell

Asked by M, Portland, OR Thu Oct 14, 2010

them? I have heard them referred to as "hidden" foreclosure.

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Paolarileyi, Home Buyer, Fremont, CA
Tue Aug 18, 2015
Reputable builders have not been able to absorb the declining values and have lost models and spec homes to foreclosure. Many buyers are recognizing the value of purchasing one of these new construction homes. They are sold "as is" but the components are new and may still have manufacturers warranty's. There is also value in the fact that no one has lived in them or not maintained them as with other existing home foreclosures.
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Patrick Smith, Agent, Portland, OR
Wed Jan 5, 2011
Your best bet is to utilize the services of a licensed realtor as we have the tools available to us to search for properties meeting very specific search criteria. We can make the search process much easier for you.

Patrick Smith, MBA, EcoCertified Broker
Oregon Realty Company
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Heather Wrig…, Agent, The Dalles, OR
Fri Oct 15, 2010

You can check sites that feature foreclosures and you may even want to check out the auction sites. Also, contact a real estate agent. They could conduct a search for foreclosures based on the location that your most interested in. There are so many out there!

Good Luck

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Deborah Madey, Agent, Brick, NJ
Thu Oct 14, 2010
You can search foreclosure sites, and these would be included the same as resale foreclosures. However, many times a builder will give a deed in lieu vs. going through a foreclosure. The best source will be a Realtor in your marketplace.
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Desari Jabbar, Agent, Stone Mountain, GA
Thu Oct 14, 2010
Speak to an agent in the Portland area. She will best be able to assist you with finding new construction foreclosures. An agent will have access the MLS system in your area and can set you up on an automated system. So when a property comes on market that meets your criteria you'll know immediately.

Best of luck to you!
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