How to find foreclosed homes for sale for free.
Buying a foreclosed home comes with both risks and benefits. Depending on how the bank chooses to put the home up for sale, potential homebuyers may not have the opportunity to have the home inspected prior to purchase. However, the benefit of buying a home significantly below market value greatly outweighs such a risk for many. You have several options for finding foreclosed homes for sale for free in any region of the country.
Use a free website to search for foreclosed homes in your area. Websites such as Foreclosure Free Search, Homes.com and FreeForclosureDatabase.com all allow you to search for foreclosed homes by state and zip code.
Real Estate Agent
Contact your local real estate agent. Ask him for a listing off all the foreclosed homes in the area you are looking to buy in.
Also, ask the real estate agent if he has a website that sends regular updates. Sign up to receive regular emails listing homes for sale in your area. If the site does not allow you to get listings of foreclosed homes specifically, then put in all your other criteria such as number of bedrooms and price. When you receive your emails of listings, look for the term “bank owned.” These are the foreclosed homes now owned by the bank.
Foreclosed Homes Auctions
Look for homes set to go up for auction through a website such as ForeclosureDeals.com or by asking your real estate agent. Most homes up for auction are bank owned due to foreclosure.
U.S. Government Foreclosed Home Sales
Visit HomeSales.gov to find homes that are now owned by the U.S. Federal Government, many of which were foreclosures.
When buying foreclosed homes, finding the listings of foreclosed homes for sale or up for auction is just the first step. Take the time to research the process, as this purchase will not be like buying a regular home for sale from the homeowner. Banks can take longer to push the process forward, making the home buying process take months. In the case of home auctions, you may need a lot more cash immediately available the day of the auction in order to qualify to even make a bid. Also, foreclosed homes for tend to need a lot more work to make them ready for someone to move in. Take that into consideration when placing your offer on the home. Finding foreclosed homes for sale is the easy part. To make the process of buying a foreclosed home easier, consult with a real estate agent who can take you through the process.
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