by David Ellis
on Monday, December 9th, 2013 at 4:09pm.
Whatever the current state of the housing market, there are always foreclosed and pre-foreclosed homes for sale -- just waiting for buyers. But knowing how to find foreclosures can be a daunting first step. Here are some helpful tips on finding the right home at the right price.
The Banks.Â A foreclosure takes place when an owner is unable to maintain their mortgage payments, and the property reverts to the creditor, which, often times, is a bank. These banks sometimes maintain listings of foreclosed properties on their websites. Check the listings of banks where you already have an account. You may be able to capitalize on the relationship you already have with them.
A Little Legwork.Â If there's a particular neighborhood in which you'd like to live, do a little on-site research. Drive around and look for "for sale" signs, specifically for signs that contain the words "foreclosure", "bank-owned", or "repo." The foreclosure listing process can be a lengthy one, and by contacting the agent listed on the sign, you may be able to get a jump on a property before it becomes available to the public. Â
Your Trusty Agent.Â Real estate agents know best how to find foreclosures and pre-foreclosures, simply because they have professional access to all the most current listings. Establish a good relationship with an agent you trust, who knows what you want and how much you want to spend, and let them do the searching for you.
Home buyers who know how to find foreclosures and pre-foreclosures can save a lot of money on the home of their dreams. With determination, diligence, and just a little bit of patience, you can find the home you want at a price you can afford.