Foreclosed homes or properties are liabilities to the banks or real estate companies that own them. This can make them an affordable option for the right home buyer. With a positive credit rating, you might be able to purchase a foreclosed home below the market rate and with a low-interest loan. Numerous organizations sell lists of foreclosed properties. If you know where to look, however, you can obtain the information for free.
Call or visit local banks and credit unions. Most major banks and credit unions have specific departments that work with real estate owned (REO) and bank owned properties. Banks are usually anxious to sell the properties and will likely provide you with a free list.
Search online for free foreclosure information. Many banks provide this information. Bank of America’s website, for example, lists some of its foreclosed properties in its home loans section.
Contact a real estate agent who works with foreclosed properties. Not all realtors work with such properties and you might have to call numerous agencies in your area to find those that do. The real estate agents who work with REOs can help you locate foreclosed properties in your area.
Double check that the free foreclosure lists you receive are up to date and accurate. RealtyTrac warns that some lists found online for free can be outdated. Peruse the list as soon as you receive it and make sure the properties listed are current.
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