In this real estate market, some would say to simply open the door, throw a rock and you will probably find a home that is foreclosed or in foreclosure. While this may be a little overstated, there are some tricks to finding foreclosed properties. Here are just a few:
- Search the internet for a real estate site that gives you access to the Multiple Listing Service (or MN MLS where I come from). While most MLS system will not have a special field marked as foreclosure, it is pretty easy to find them. Looks for words in the description like “lender owned”, “bank owned”, “corporate owned” or anything about HUD. You can also find foreclosures or short sales in a particular area by looking at the least expensive homes listed. They will often, but not always be foreclosed homes.
- Craigslist has become a valuable (and free) place to find good prices on homes. While most banks do not advertise foreclosed homes here, many listing agents will put their properties on Craigslist as another way to market their properties.
- Contact a real estate agent. Ask them to set you up with a MLS search that will automatically send emails to you. Most MLS systems have many more fields, data, and tools than a typical public site will have. Let that agent work for you and benefit from their tools and experience.
- While national banks have tens of thousands of foreclosed properties to liquidate and do not want to talk to any one person about their inventory, most local smaller banks are interested in talking with a home buyer or investor. They want you to get rid of that home off their inventory. Go into your local back and ask to see the president of the bank.
These are just a few tricks that you can use to find that perfect foreclosed home.
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