How to Find Foreclosed Houses in Your Area
Foreclosed houses are a viable way for potential home owners to buy property at a discounted cost. These homes, which have been repossessed by the banks, can potentially be purchased at up to 50 percent below the appraised value. To find foreclosed houses in your area, visit your county clerk’s office, search your local newspaper, contact the banks directly and check Internet listings.
- Search your local newspaper. It’s an excellent source for locating foreclosures. It will have a listing of homes scheduled for auction. Look for a Notice of Sale, which will have all requisite information such as the auction date, the location of the home and the starting bid.
- Go to your County Clerk at the County Recorder’s Office and search the public records. Look for a Notice of Default (NOD) or a Notice of Sale. There is no fee to access this public information and it is a primary source of foreclosure listings and auctions.
- Drive around your target neighborhood and look for any foreclosure signs. Contact the listing agent directly and ask them about the property and any other relevant information regarding the neighborhood.
- Track government foreclosure listings. Go online and view the Federal Housing Authority (FHA) website and the Department of Housing and Urban Development (HUD) website, which has individual state listings of foreclosed homes for sale.
- Call the Board of Realtors in your area and get a list of the brokers who specialize in foreclosures. The agents who work for these brokers have the expertise to help you during this process, from access to home listings to aiding you with any necessary paperwork.
- Contact the banks directly and inquire about their foreclosure list. They have an inventory of homes that were not sold at auction. Called REO (Real Estate Owned) properties, these homes are an excellent option to consider during your search.