Foreclosure Purchases: Where to Look for the Available Options

Foreclosure and pre-foreclosure investing sounds easy on the surface, but the problem is actually locating good foreclosed properties. Most of these aren’t listed until the home goes to auction.  Admittedly, you’ll find hundreds, if not thousands, of sites on the Internet that promise huge databases of foreclosure listings, but you’ll have to pay a fee.

For information on where you can find either free foreclosure listings or true, quality ones that are actually worth the money, keep reading.

Department of Housing and Urban Development (HUD)

HUD provides prospective buyers with a large, free list of HUD-owned, foreclosed properties listed by state. The HUD purchasing program is aimed at individual home buyers, but investors are eligible to buy properties as well.

You can view their listings on their website at http://www.hud.gov/homes/index.cfm. Typically, the home goes through a bidding period and if it’s not sold to an individual family, then it can be bought by an investor. The website listed above includes a helpful information section including HUD’s foreclosure purchasing policies.

RealtyTrac.com (http://realtytrac.com)

RealtyTrac is a subscription service, meaning you’ll have to pay for access to their foreclosure listings. However, they are considered the leaders in national foreclosure data and are used by most real estate and investment professionals.

Most sites that charge a reduced fee for foreclosure listings or database information are actually just recycling or reposting RealtyTrac data which is either out-of-date or simply copied.

Re/Max Foreclosure Listings

In an attempt to pull in commission business on foreclosure sales, Re/Max Real Estate is offering free foreclosure listings in several states through a partnership with RealtyTrac.

If you’re searching for a foreclosed home in Northern Illinois, New Jersey, Kansas, Missouri, Oklahoma, Arkansas, Alabama, Louisiana, Mississippi, or Michigan, you can access foreclosure data and listings right alongside standard MLS listings.

Your Real Estate Agent

When you’re dealing with a real estate agent who specializes in foreclosure properties, that person will likely have access to all the foreclosure and property data you’ll need.

Think about it, regardless of whether you find a foreclosure investment property on your own, you’ll likely have to pay an agent’s commission.  So, if your agent is already paying for database access to foreclosure information, why not utilize that tool? In addition to data access, your real estate agent will also have a heightened knowledge of your local market as well as an insider track on properties that are coming down the pipeline.

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