Find foreclosures for free!
Hi again all,
Look, there are many spin-off websites that promise to show foreclosures, only to waste your time and lead to nothing more than frustration! With banks being less and less willing to advertise their homes as foreclosures on the local Multiple Listing Services, it becomes more and more important to do independent research. As a real estate agent, I am telling you NOT to trust most agents to go above and beyond to work to get the lowest and best price for you as a buyer! The more informed you are as a consumer, the better off you’ll be……you will be in the driver’s seat!
These are the sites that I use every day to keep up to date on the foreclosures in my area. Not all agents are created equal, and the same is true for foreclosures. Yes, you might have to weed through some to find one of value, but there are great deals still to be had!!
1.) HUD HOMES: www.hudhomestore.com
HUD foreclosures……there are some “tricks” you should know here:
What is a HUD house?
-It is a property that had previously been financed with a government loan, which had subsequently been foreclosed on and is now owned by the Department of Housing and Urban Development.
How do I make an offer on a HUD house?
- Only HUD registered brokers can submit an offer, which is done online at www.hudhomestore.com
What kind of discount should I expect to get on a HUD house?
-Your starting bid will depend on the bidding period that the property is in. When a HUD home initially goes on the market, HUD gives the priority to owner occupants (meaning, those people who are intending to live in the house after they purchase it…..in other words, no investors) for the first 10 days that the home is on the market. Only owner occupants can make a bid during those 10 days. HUD will consider any bid that is at least 85% of their asking price! If they receive an acceptable offer within those first 10 days, HUD reserves the right to accept the offer and end the bidding period early….so get your bids in!
Is it possible to know if there are any other offers on the house? Can I know what those offer amounts are?
-No. There is not a way to know if there are other offers already on the house. The listing agent won’t know anything until HUD actually accepts an offer.
Does HUD inspect the homes before the house goes on the market?
-Yes! HUD is the only “bank” that will do an inspection on the property before listing it for sale. The property condition report (PCR) is available at www.hudhomestore.com. Most of the systems of the house are tested with a generator, as the utilities are almost always shut off before HUD takes possession.
**HUD purchases are the most involved, because there are additional timeframes to stick to and guidelines (or hoops to jump through) to follow. As long as you know these going into the process, you won’t be taken by surprise.
2.) Fannie Mae Foreclosures: http://www.homepath.com/
-Compared to HUD homes, these are a piece of cake! Fannie Mae is really good about going into the property and making sure it’s in relatively good shape.
3.) Freddie Mac Foreclosures: http://www.homesteps.com/
-Freddie’s homes are usually pretty decent. They and Fannie will usually keep the utilities on, which is nice in the summer time! HUD will NOT pay to keep utilities on, so bring a flashlight.
4.) Bank of America: http: //foreclosures.bankofamerica.com/real_estate_owned/
6.)Deutche Bank: http://www.gohoming.com/
7.) Chase Bank: https://servicing.chase.com/REO/Property/AdvancedSearch
Good luck, and happy searching! If you have any questions, I’m always happy to offer advice free of charge!