HOW TO FIND FORECLOSURES

 There are basically two types of foreclosures:

  Short Sales, which are properties valued at less than what the homeowners now owe on their mortgage. The bank has given the homeowner permission to sell the home at a price that is lower than what they owe, but at a price that is acceptable by the lender. The lender generally pays all outstanding liens on property as well as real estate commissions. Since the present homeowner is usually occupying the premises, these are also known as pre-foreclosures.

  Bank REO's are properties that have already been foreclosed and are now owned by the bank or lender. These properties, normally may only be purchased through licensed real estate brokers.

Two things all banks want to avoid are having to own the homes and handling the real estate transaction themselves. Many homebuyers attempt unsuccessfully to contact the banks directly. Unless you buy a home at a courthouse auction which is a last resort for the bank and strictly a cash transaction, you must contact a good realtor to guide you through the process.

There are several sources for finding foreclosures. If you would like to view a list of government owned properties, including HUD, IRS, Fannie Mae and Freddie Mac properties, click here . If you would like a detailed property search in a specific area using your own custom criteria, please complete the form below and we'll provide serach results that match your criteria within 24 hours.