You Don’t Have To Be A Real Estate Agent To Find A Foreclosure To Buy
Tom Nelson is an engineer, programmer, network manager, and computer network and systems designer who has written for Other World Computing,and others. Tom is also president of Coyote Moon, Inc., a Macintosh and Windows consulting firm.
Real estate agents are not the only ones that can suss out a great deal on foreclosed or distressed homes. Using this list of free, searchable online databases, you can find homes that are in foreclosure, in preforeclosure, REO , seized, and distressed, too. Most of these services are offered for free or with a small subscription that usually includes a free trial period. Here’s where to point your browser to find the right property for you.
Understanding Home Foreclosure Listings
Finding a foreclosed home for sale has never been easier. There are a lot of websites that specialize in them. Pre-foreclosure, short sale, sheriffs sale, and real estate held are all examples of foreclosures. Hence, the reduced cost of a foreclosed home is a significant benefit.
Moreover, the potential for a home to be in poor condition, the length of the purchase process, and competition from professional flippers are all negatives. Foreclosed properties might take advantage of a number of government-backed financing options.
Multiple-listing service publications and websites, online real estate searches, bank offices and websites, and local newspapers are all good places to look for home foreclosure listings/properties. Property that is being foreclosed on may not be featured in local multiple-listing systems instead, it may simply be noted in the property description.
A more direct approach is to use one of the many websites that specialize in home foreclosure listings and properties, such as Fannie Maes HomePath.com. Some banks, such as Bank of America, provide sections dedicated to assisting you in your search for a foreclosed home.
Lenders are increasingly selling seized assets through real estate agents, so dont be afraid to inquire about chances with a real estate broker or agent. Some real estate agents specialize in the sale of foreclosed homes.
Foreclosurecom Delivers The Best Real Estate Deals First Well Before They Hit The Mass Market
As you know, perfect timing not just “location, location, location” is critical when it comes to purchasing a new home and/or investment property at the right price. That’s because competition drives prices up. At Foreclosure.com, we target low-priced distressed deals bank-owned homes, government foreclosures preforeclosure listings, real estate owned properties and foreclosure auctions, among others and pass them onto smart homebuyers .
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Foreclosure Listings Subscription Sites
RealtyTrac. Theres a free 7-day trial after that, its $49.95 a month, with discounts on multi-month packages. Members get access to RealtyTracs proprietary information, including auctions dates and locations, pre-foreclosure addresses, owner information, bank loan amounts and more.
Foreclosure.com. After the free 7-day trial, its $39.80 per month. Subscribers receive detailed information on the listed properties, tax roll data, files provided by the lender, local school districts and other listing details.
It’s So Simple To Find The Best Real Estate Deals In Your Area With Foreclosurecom: It’s One Easy Search
And that search can be performed at the state, county and city levels even the exact address and/or zip code so that your house hunt hits the ground running. Once you start digging into the incredible foreclosure deals, each listing will be complete with asking price, exact location, number of beds / baths, property type , available photos, tax roll information, helpful neighborhood / school district details and so much more. Indeed, we provide as much information as possible so that you can make the most informed decision possible.
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Prospecting Letters For Preforeclosure Listings
In the digital communication world, there are endless ways to contact investment leads and homeowners in foreclosure. Writing letters can seem like a boring, tedious, or old-fashioned way to make contact, but it can actually be a particularly effective strategy for foreclosures. Since the recipients are not in their situation by choice, they should be approached with sensitivity and compassion, which is very difficult to do through online ads or messages.
Sample preforeclosure letter
Letters, on the other hand, can be personalized and handwritten in order to make the biggest impact. Write your prospecting letter from a template, but include personalized details about their neighborhood, local hot spots, or their interests if you are familiar with them. Keep the focus on communicating how you can benefit the owners as much as possible.
Read more information about how to create and distribute real estate prospecting letters, and download a free preforeclosure template from our article: 9 Real Estate Prospecting Letter Templates for Lead Outreach.
To further simplify the process, consider using a direct mail service like ProspectsPLUS! for the execution of your prospecting letters, like designing, printing, and even mailing. ProspectsPLUS! offers multiple resources and strategies for distributing your letters and direct mail, including EDDM and the Market Dominator direct mail strategy. Start looking through ProspectsPLUS! templates and mailing options for free.
Where Can I Find Pre
To find possible pre-foreclosures in your area, enter your search area on Zillow, then click Listing Type and choose Pre-Foreclosure under the Potential Listings heading. Pre-foreclosure information is free after you register with a free account.
Be aware that a home listed under the pre-foreclosure category is a home that is not necessarily for sale. But, since the homeowner is in default on his loan, he may welcome an opportunity to find a qualified buyer who can help him avoid possible foreclosure. Also, the home could be scheduled for foreclosure auction under this category.
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General Foreclosure Reo And Distressed Property Listings
A few services compile foreclosures, REOs, and other forms of distressed property into searchable databases. Some provide the listings for free others use a subscription model that lets you search their service for a period of time.
In most cases, basic information about a property is available even if you don’t subscribe. Typically, though, subscribers have access to a good deal of additional detailed information about the status of properties, such as conditions, histories, and concerns.
Some services to check out include:
- RealtyTrac REOFree trial, then monthly subscription
- Foreclosure ListingsSeven-day trial, then monthly or annual subscription
- Foreclosure.comFree trial, then weekly subscription
- EquatorFree, with the ability to save searches and properties, access maps, and more
How To Find Home Foreclosures For Free
Many buyers are looking for a deal when purchasing a foreclosure. This means that competition can get intense, especially in high-growth markets. It is a good idea to explore multiple lists of properties and locations.
There are many free resources that can provide lists of foreclosures in a buyer’s preferred area. If a buyer is open to the location, some states have higher foreclosure rates. There are multiple federal resources where a potential buyer can view foreclosures for free:
- HomePath is a federal resource owned and run by Fannie Mae. It provides a listing of properties that are for sale by Fannie Mae.
- HomeSteps is another federal resource with listings run by Freddie Mac. This site provides a list of properties for sale by Freddie Mac.
- HUDHomes provides a listing of properties that are available for sale through the HUD.
- Although it is not technically a foreclosure list, the IRS lists properties for sale, often at a considerable discount, on the Treasury website.
In addition to federally owned or financed properties, banks are another excellent resource in seeking out a foreclosed property. Not all banks make this information public, but many do:
- Bank of America has a dedicated and free website listing its available foreclosed houses.
- Wells Fargo also provides its listing of REO properties available online free of charge.
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Foreclosure Listings For Free
If you want to start a home-selling business, you might want to try buying foreclosed homes. It follows the buy low, sells high principle. So you can purchase a foreclosed home for a low price, make the necessary upgrades, and sell at or above market value.
Are you looking for foreclosed properties in your area? Consult your county, town, or city for more information. They may have local foreclosure listings for free on their websites or through other sources. However, most major banks have a wide range of web options for finding foreclosures:
Government Websites With Foreclosure Listings
#1. HomeSales.govis a government-run website that helps people sell their homes. HomeSales.gov is another federal government website for finding foreclosures. Of course, these are previously owned single-family residences that were acquired by the federal government by public auction or other means. According to the website, buyers must interact with a real estate agent, broker, or servicing representative to submit an offer or bid.
#2. HUD.gov is the official website of the United States Department of Housing and Urban. The Department of Housing and Urban Development bought one-to-four unit residential properties from foreclosure actions on FHA-insured mortgages. Thereby making them available to potential investors and other homebuyers.
#3. USDA-RD/FSA Properties. This webpage lists sites from the US Department of Agricultures Rural Development and the USDAs Farm Service Agency. A modest number of single- and multi-family residences, farms, and ranches can be found here. To place a bid, buyers must deal with a real estate agent or broker. Which means they will have to pay a commission.
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How Can I Be The First To Know When A Property Is Listed
Zillow offers a Property Alert email which will notify you when a propertys status changes . By getting a Property Alert email about a home, you will know very early in the process about a home that you are interested in. To create a Property Alert, go to any home details page, click More and select Get updates on this home.
Find pre-foreclosures, foreclosure auctions, and bank-owned properties in your area.
How To Get Free Foreclosure Lists
Foreclosures can be a great opportunity to purchase a house at a discount. Working from home or entirely changing careers is a current reality for large numbers of Americans. Many people are now deciding to relocate or even flip houses. Foreclosed properties can help a buyer get started as a homeowner or investor.
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What Are The Benefits Of Foreclosure
The benefit of foreclosure for buyers is primarily the chance to buy a house at a reduced cost. It is also a faster process to close the transaction. These are compelling reasons why many buyers are interested in purchasing foreclosed properties.
There are also potential downsides to buying foreclosed properties. A large downside is that foreclosed properties usually do not get inspected, unlike a typical property sale. This means there could be unforeseen expenses that might be immediate or may be required further down the road. It also means there could be issues for VA borrowers.
It is important to consider that a loan might not be an option in purchasing a foreclosed property. This creates the possible drawback that a property might require a cash-only sale. It is not a viable option for many people to purchase a house outright in cash.
If You’re Shopping For Real Estate You Might Be Interested In Foreclosed Homes These Homes Are Often Sold At Auction So Finding Free Foreclosure Listings Will Help You Find Deals
If you’re shopping for real estate, you might be interested in foreclosed homes. Lenders have repossessed these homes because homeowners have defaulted on their mortgages. These homes are often sold at auction, so finding free foreclosure listings will help you get a jump on those who might also take an interest in the property.
Finding free foreclosure listings is as easy as picking up a newspaper or taking a trip to your county courthouse. Foreclosures are legal proceedings that are part of the public record therefore, anyone can access the information. When you’re conducting your search for real estate foreclosures, you’ll find two types of public notices: Notice of default and Notice of Sale .
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Where Can I Find Listings For Foreclosure Auctions
We offer listings for each stage of foreclosure: pre-foreclosure, foreclosure auctions and bank-owned listings. To find listings for foreclosure auctions, enter your search area on Zillow, then click Listing Type and choose Pre-Foreclosure under the Potential Listings heading. Any applicable listings for foreclosure auctions will come up in the search results. Pre-foreclosure information is free after you register with a free account.
Foreclosure Search Engine Streamlines Process For Buying Distressed Properties And Features Over 3000 Homes For Less Than $10k
Boston, MA April 25, 2012
The foreclosure crisis has created an amazing opportunity for homebuyers and real estate investors to pick up homes at a fraction of what they sold for a few years ago. Unfortunately, locating these properties and sourcing the best discounts has been incredibly challenging.
A plethora of new or returning real estate agents with little experience with foreclosures and new websites popping up which demanding ridiculous membership or access fees, have limited numbers of foreclosure listings, out-dated information and provide extremely limited information have made it both expensive and frustrating for interested buyers.
That is now all a thing of the past, thanks to the launch of a dedicated free foreclosure listing search engine. This free foreclosure listings website doesnt tease buyers with trial periods and requires no credit card information to search its rapidly growing database of over 100,000 foreclosure properties.
Two great examples of foreclosure listings found on the site at the time of this release are 4 bedroom bank owned home in southwest Florida listed for just $244,900, which previously sold for $827,000 and now valued at least $311,000 according to Zillow and a Fannie Mae REO boasting 6 bedrooms, over 5,000 square feet and 70 feet of waterfront for just $67,000.
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Timing Is Everything Though
- Zillow always seems to be a bit behind
- When it comes to providing fresh data
- So while its nice to have access to a wealth of foreclosure information
- It needs to be up-to-date to be of any use to a potential home buyer or investor
I hate to break up this party, but Zillow still faces some challenges with its new foreclosure listings.
While they may be winning on the information front, their timing is still a little off.
I browsed a few of their foreclosure listings and noticed that their info was outdated in many cases.
For example, one property listing was chock full of foreclosure information, but didnt contain any new data since July.
Meanwhile, over on Redfin it was listed as a pending sale as of October 19th.
Redfin actually addressed this issue earlier this month, when it claimed to have much better data than its peers.
For example, it noted that it has 100% of agent-listed homes available, versus only 81% for Trulia and 79% for Zillow.
Additionally, the company said nearly two out of every five listings on Zillow and Trulia are no longer for sale, compared to just one out of 1,000 at Redfin.
The median day to publish a new listing was zero days for Redfin, seven days for Zillow, and nine days for Trulia.
Of course, they only looked at 11 metros in the U.S., though they were major ones like Los Angeles and Chicago.
However, I did come across foreclosure listings in Zillow that didnt appear on Redfin.
How To Find Foreclosures And Government
Finding foreclosures is easy in depressed markets, but it’s also possible in strong real estate markets. You’ll find a greater number of foreclosures in falling real estate markets.
Many pre-foreclosure homes that previously were offered as short sales end up as foreclosures, which eventually are deeded to a bank. The reason why purchasers may refuse to buy a short-sale home could be any of the following:
- Sellers stripped the foreclosure home’s assets and/or vandalized the property.
- The bank refused to accept less than its present mortgage balance.
- Buyers passed over the short sale in favor of a hassle-free purchase.
- The location of the home and/or neighborhood was undesirable.
- The listing was overpriced at its mortgaged amount.
- The seller did not qualify for a short sale.
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Preforeclosure Leads: 8 Ways To Find Preforeclosure Listings
REVIEWED BY:Gina Baker
Gina is a licensed real estate salesperson, experienced trainer, and former high school educator of 1,000+ learners. She writes for Fit Small Business with a focus on real estate content.
This article is part of a larger series on Real Estate Lead Generation and Marketing.
When homeowners default on their mortgage payments, their property goes into preforeclosure. At this stage, they have a choice to keep the property, sell it, or conduct a short sale. This makes preforeclosures a valuable opportunity for real estate agents to gain a listing or for buyers and investors to purchase a home below market value. To find preforeclosure listings, you can purchase leads, search through the MLS and local directories, or generate referrals.
One of the most effective and time-saving ways to find preforeclosure leads , and expired leads) is with REDX. For $39.99 per month, REDX provides up-to-date preforeclosure property information in your county. It will include difficult to attain homeowner contact information and organize it in a database to give you a head start on the competition.
To start finding preforeclosure homes, try these eight methods: