Great Sources for Foreclosure Homes
Foreclosure homes are at an all-time high. Many real estate investors are cashing in on the current influx of foreclosure homes in America. However, many people don’t know where they can find information about foreclosure homes. The following are some great sources where you can find foreclosed homes.
1. Banks
Banks are usually flooded with repossessed homes which they would like to sell quickly. If you visit the local banks and larger banks in your area, it is very likely that you will find repossessed homes. You could also visit their websites and have a look at what is being offered.
2. REO (Real Estate Owned) Brokers
When you visit a few bank sites, you will notice that repossessed homes being offered are listed by realtors (REO brokers) in your local market. Such brokers specialize in foreclosure listings, as well as selling foreclosed properties for the banks. Contact these realtors to get the available foreclosure listings. These realtors can be a great source of inventory.
3. Buyer’s agent
REO brokers are usually more interested in selling off foreclosed homes which are listed in their own inventories. Another realtor source that you could tap into is the buyer’s agent. Such realtors specialize in assisting you to find a home. Identify one that you can trust and request them to search the MLS (Multiple Listing Services) in your local market for foreclosed properties. A good realtor would know which keywords to use in their search to obtain focused listings sent to you daily via email.
4. Foreclosure services
Foreclosure services offer listings of foreclosed properties. The two main services in America are Foreclosures.com and RealtyTrac. Though these foreclosure listings are obtained at a fee, they are a great source for finding foreclosed homes. Besides just providing the listings, they also offer a wide range of tools which can be useful for analyzing deals and selecting the homes which will be financially viable for you. Regardless of the fee, what really matters is how you make use of the information. A monthly fee of $40 is a reasonable investment if you can consistently identify and buy foreclosure homes which will make you money.
5. Pre-foreclosures
The first four sources of foreclosed homes are focused on homes which have already been repossessed by the bank. However, there is usually a period when a home is in a state of pre-foreclosure before the bank repossesses the home. If you monitor pre-foreclosures in your local market, you will have an advantage over your competition since you will have information about which properties will soon be listed in the foreclosed homes inventory.
If you tap into any of these sources to find foreclosure homes, you will realize that there your local market has an almost endless supply of foreclosures. The key to benefiting from these sources is to search on a persistent and consistent basis. New foreclosed homes are listed on a daily basis, and you will need to act fast to get the really good deals.
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Stephan is a freelance writer, who often writes about home foreclosure and Stop Foreclosure.
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