One area I particularly like to focus on is foreclosures. In my area there seems to be a growing amount of foreclosures covering a wide range of prices. These houses are generally for sale at a low market value. You can search by city, county or zip code. You can read my experience with HUD here.
There is no special financing with HUD homes. Freddie Mac has a first look initiative that allows homebuyers a chance to purchase property before investors are allowed to make offers for the first twenty days the home is listed. You can learn more about their special financing here. I learned about Fannie Mae HomePath through a reader thank you! I was looking for a good investment for some of that money. Very little on the Internet was free back then.
The Best Free Websites to Find Foreclosed Houses
Back then, I gave up my search and instead chose to put my money into a retirement fund. Thankfully, there are now a number of excellent free websites for foreclosed homes.
The Department of Housing and Urban Development. This site is overflowing with information on where to find foreclosed homes. From the main page, all you have to do is search for your city and state, price range and property type or just click on the map of the U.
This is one of the few websites where you get access to contact information for absolutely free — making this site one of the best out there. Another great website that offers foreclosure listings that are truly free is WatchForeclosure. This website offers a very simple free foreclosure search where you click on any state on a map of the U. For Maine alone, the search returned properties throughout the entire state. Most listings are very current, and when you click on the property link you typically get a great picture, property details and the contact information for an agent to contact.
Another great website for finding foreclosed properties is REOSource.
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You could sift through the lists of national banks one at a time, or you can use the REOSource search engine. First of all, keep in mind that most lenders list with Realtors for a specific reason cost-effectiveness, driven by several different factors , so we should respect that business decision and not try to work directly with the bank on REO properties until the Realtor becomes more of a hindrance than a help happens more often than not, unfortunately.
Other Things to Note
But try these steps, not in any particular order:. Most lenders these days have web sites. They may have a list of their REOs posted along with contact info for the Realtor listing the property for them. Call lenders and ask to speak to someone who handles their foreclosures. Ask that person for the names of the Realtors they use to list foreclosed properties.
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Again, ask for the name and phone number of the person at Corporate who handles foreclosures.