Where do you find out about forclosures without signing up for one of these websites that charges to see them?

Asked by Robert Blackwell, Watsonville, CA Wed Nov 7, 2007

I've searched about foreclosures on the web but have only found sites that try to sign up you for a monthly fee before they'll show you listings. How come these people have the info and charge for it, seems like it should be publically available info no?

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10
RealEstateGu…, Agent, azirona, AZ
Wed Nov 7, 2007
Robert, The first 2 answers cover the foreclosure market. However, there are equally some excellent deals out there with out the hassle or complexities of going through forclosures, dealing with REOs or even short sales and, likely dealing with tenant/eviction tainted properties.

There is a good selection on the open market. Talk to a good realtor who will help you make those choices. I would suggest a Certified Residential Specialist. (CRS) which is a sign of dedication to the industry in both investment in training and experience. Only 4% of Realtors are have the CRS.
3 votes
Bridgette Ko…, , Florida
Wed Nov 7, 2007
Robert,
The information is publicly available, and usually printed in the official newspaper of record in any given town/city. The web sites charging fees do so because they collect/sort the information and make it easily accessible and convenient for the end consumer. http://www.realtytrac.com/ will let you try their service free for 7 days. I must admit, their site is useful.

But please understand that foreclosures are not usually the bargain the general public believes they are! Do some more research to be sure this is the right approach for you. And keep in mind the comments made by Guy and Dag... Buyer beware!
2 votes
Jim Walker, Agent, Carmichael, CA
Sun Nov 18, 2007
ROBERT,

It is publicly available. The monthly fee sites, are asking you to pay for the "convenience" of searching for mostly publicly available information on their site. That is because they know that people who think that they can buy foreclosures for pennies on the dollars are easy marks to earn profits on.

Here is the truth about foreclosures: Most foreclosures are in WORSE condition and have HIGHER list prices than equivalent motivated owner homes. This is why you should want to compare regular listings with Bank REO's. If you look only at Bank homes, you are likely to overpay.
1 vote
Dag Nabbitz, Both Buyer And Seller, New York, NY
Wed Nov 7, 2007
forclosed properties goto the auction block generaly as "sight-unseen" for the the buyer. .this means that what you are bidding on 2-4bedrooms, etc, could have many leins on it and be a piece of crapz to begin with. and that equals monies you should consider in the bottom line when bidding on a stranger.
1 vote
Ginger R., Home Seller, Massachusetts
Wed Nov 7, 2007
Not a complete list, but here are some links:
Fannie Mae: http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSe…
VA & REO: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm
HUD: http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
I also google to find auction companies by location. Not sure of your location so no specific suggestions. I'm with you - I think those listing agencies ar a rip off.
1 vote
Rachel Pajac…, , Seattle, WA
Wed Nov 7, 2007
Talk to title companies and ask the city.
1 vote
J R, , New York, NY
Mon Nov 19, 2007
I can always tell when the infomercials run because the ups consist of "do you get foreclosures?" one after the other.
0 votes
J R, , New York, NY
Wed Nov 7, 2007
Because they know where to find it. You can read public notices in your local paper that prints them. Other than that, I don't know where you get that info.
0 votes
Christopher…, Agent, Hemet, CA
Wed Nov 7, 2007
Contact a local Realtor with experience in REO properties. There are many con-artists out there that would love to sell you a magic list. A Realtor can provide you a list of properties that will be auctioned (Court House steps) in your area of interest...without cost. Speak with a knowlegeable Realtor about alternative to sitting on the court house steps.
0 votes
Todd Lands, Agent, Saline, MI
Wed Nov 7, 2007
Starting with a local Realtor is a good way to keep an eye on them. Most houses that get foreclosed on these days are making it to the local MLS syatems.
Do you know any good Realtors?
0 votes
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