Recently, the rate of foreclosed homes has been increasing rapidly. Due to this increase, foreclosure investing has become an increasingly popular and effective real estate investment strategy. As an investor, when you obtain a foreclosed home, you have the option of either renting it out or flipping it. Sometimes, you might get confused about where and how to find foreclosed properties for sale. This article will highlight some of the sure sources you can find foreclosed homes for sale.
- Real estate agents.
Consulting experienced local real estate agents is one of the best and ascertained ways of finding foreclosed homes for sale. Real estate agents have access to the MLS, where all foreclosed homes are listed. Additionally, real estate agents are likely to be more aware of nearby homes undergoing foreclosure at the moment. Therefore, consulting a qualified real estate agent is the best way to find foreclosed properties in any area
2. Online auction events.
Continuous technological advancements have now made it possible for investors to attend real estate auction events from wherever you are virtually. Online auction events give investors a chance to easily invest in out-of-state property through virtual presence only.
You can attend virtual auctioneering events at popular websites such as Auction.com, RealtyBid.com, Foreclosure.com, Hubzu, Hudson and Marshall, Williams and Williams, etc.
When the auction process is over, the seller takes about 15 days or more to approve the winning bid. In case the winning bid is approved, the property is re-auctioned in an attempt to get a higher bidder.
3. Government agency websites.
If you want to buy government-seized foreclosures, you can easily find them at respective websites of government agencies that offer financial services for real estate activities. Some of the agencies/websites where you can find the include;
U.S Department of Treasury- the Treasury Department is the best place where you can find listings of properties repossessed by the IRS for failure to pay internal revenue taxes. The properties here are also sold via auctions.
HomeSteps.com- the HomeSteps website features listings of foreclosed properties owned by Freddie Mac. The properties mostly include multi-family houses, condos, and single-family homes. Besides finding listed foreclosed homes, HomeSteps also offers loans with special benefits such as excluding mortgage insurance. However, HomeSteps is currently only available in select states, including Kentucky, Georgia, Illinois, Alabama, and Florida.
HomePath.com- the HomePath website belongs to the GSE, Fannie Mae. Here, you will find listings of foreclosure homes for sale in any U.S housing market.
4. Manual hunting.
Alternatively, you can also choose to drive or walk around the preferred area or neighborhood hunting for houses market as for sale. As you walk or drive around, you might stumble on signs indicating, ‘For Sale’ ‘Bank Repo’ ‘Bank Owned’ or ‘Foreclosure,’ signaling that the property is up for sale.
5. Real estate investment software.
You can also consider utilizing the available real estate investment software such as Mashvisor, to analyze and easily find foreclosed homes for sale. Real estate investment software catalyzes the process of finding a foreclosed home for sale by constantly updating you with real-time data on what is happening on the housing market of your preferred region.
If you’re looking for a niche to invest in the real estate market, foreclosed houses are a good shot. However, ensure you carry out your due diligence before offering your commitment to a foreclosure deal.
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Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.email@example.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media, Inc.