How to Find Foreclosed Homes in Your Area

A foreclosure is undoubtedly a devastating experience for a homeowner. However, if you are a first-time homebuyer or investor, foreclosures present a major opportunity for you to strike a good deal. But the challenge often lies in locating foreclosures. You should know where to look for foreclosure listings, and which is the right place to be in, at the right time. So if you are trying to locate foreclosures in your area, it is important that you take advantage of different information sources. It may be difficult to gauge when foreclosure listings will surface, but most often these listings are available in print or in searchable databases online. While a direct online search may only bring up generic results (which may not show you specific details of foreclosures in your area), you could look to websites that offer a broad range of area home listings, like Trulia, Zillow, realestate.yahoo.com and Realtor.com. By searching these sites and registering with some of them, you can receive periodic updates on foreclosure listings in your neighborhood. Another reliable source of real-estate information is the website of the department of Housing and Urban Development (HUD), which provides state-by-state listing of properties including foreclosures. There are also other government agencies like the Federal Housing Authority (FHA) or Veterans’ Authority (VA) which offer real-estate information. Your bank may be a good source of information for foreclosure listings. Since banks are usually keen on finding buyers for foreclosed properties, you not only can locate foreclosures in your area easily, but you may also be able to strike a great home bargain. Most banks these days also are making foreclosure information accessible online through their websites. Yet another great way to find foreclosed homes is driving down your neighborhood to see if there are any properties with For Sale signs that include ‘foreclosed’, ‘bank-owned’ or ‘bank repo.’ If you find one, all you need to do is call the agent whose name is on the sign and inquire about the property. Even if the property has been sold, the agent may have information on other foreclosures in the area. By doing this, you can get to know about area foreclosures, and get a jump on other buyers. And last but not the least, as you try your luck with these various sources, do not forget to keep your eyes open for listings in traditional sources like newspapers, and other real-estate magazines or newsletters. Sometimes flipping through the pages of your local newsletter is all it takes to find a good foreclosed property!