Where can I get a free list of homes going into foreclosure? Or FSBO?
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This is the most common question I see in the Renting and Real Estate section of answersroom.coms. Here is my answer, although there may be better answers out there.
Bank websites: Bank of America and IndyMac Bank are two of the largest mortgage companies in the US. They both list their REO property on their websites. Some other banks, such as Washington Mutual (The largest mortgage lender in the US) do not post their REO on their site. If you know of other bank REO links, please let me know.
Government websites. The majority of foreclosed homes are returned to the federal government. The agencies insuring homes include HuD, Fannie Mae, Freddie Mac, VA and USDA. There are links to all of these and more on the HUD website at hud.gov click on buy a hud home and it will take you to a state specific link. VA and Ocwen foreclosures are listed at http://www.ocwen.com/reo/home.cfm... Fannie Mae properties are at http://www.mortgagecontent.net/reosearch...
Traditional sites. Sites such as realtor.com list foreclosures. You can search them yourself by simply limiting the price in the area in which you are looking. Put in a price that is about 20% less than the going rate in your area. Foreclosures will generally say "corporate owned." You may also find some non-foreclosure homes that are a bargain this way.
Public Records: Check your local legal notices at http://www.publicnoticeads.com This is a free search but not all areas are listed. You can check online to see if the county recorder in the area in which you would like to purchase has online access. If they do search for Lis Pendens and you can follow the home through the entire foreclosure process. Search on Deed and put in the name of your local sheriff as grantor and you will get only the houses that have gone to auction.
get on MLS.com this is multiple listing service this is what the realtors use across the nation and it will tell you if it's a repo, also there is realtor.com and that's even bigger than MLS
It takes a little more work, but if you contact the banks in the area you are searching, they themselves usually are able to provide a listing of the properties they themselves are foreclosing on.
Like I said (takes a little more work) it does mean going bank to bank and asking them for a listing, but because you went to them directly, you end up saving money. What they will price the property at for you directly, is not what they will tell a listing service (ie MLS.com) to list at, which means you can save even more money on the purchase.
Hope this helps!!
Look in the news papers for public notices it lists all the houses before they are forclosed on. AZ Republic, East Valley Tribune.
It might cost you a dollar but very reliable public information.
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