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How can I find homes that are forclosed by the Banks

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December 16 2011 - The North End
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Depends if the home is already auctioned at the court house or not.

If the foreclosure date is set but not auctioned you should contact the your local clerk of court who will have a list of pre-foreclosures.

If the home is already foreclosure by the lender, you may want to stay in touch with your Realtor it may soon be listed on your local MLS.

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January 10 2012
A local agent can do a custom search or you can search the local registry of deeds and find the foreclosing attorney's office if it has not yet been listed.
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January 08 2012
You have several options to track foreclosures.  In CA and NV (can't speak for other states) you can check the County Recorder's office for NOD (notices of default) which signal that a person is not paying their mortgage and MAY be foreclosed on in the future (that can be many months or years down the road).  You can also find the notice of foreclosure sales in the same place. The sales, when they do occur are usually held 'on the courthouse steps' (literally)- again speaking for NV and CA.  You can go bid on a property there yourself (you usually will need cash to purchase however)

A great source to use from home is a site like foreclosure.com on which you can search for distressed properties in all stages (1st nod, foreclosed, listed, etc)

You can also check auction sites.  Most homes on those sites were listed as REO's already but didn't sell so are now being auctioned.

Yes, most banks use agents to list and sell their properties. I haven't seen one yet that will sell directly to the public without an agent. The main reasons are that they want to be sure to get wide market exposure for their assets and want to be sure to follow all the local laws regarding real estate sales.

However, most banks do have links to their existing or upcoming properties on their sites.

Another option  is to contact a local REO listing broker/agent.  REO brokers/agents often have many bank listing that are not on the market.

All agents who are members of the local MLS will, however, have a list of listed REO properties they can provide you.
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December 27 2011
Profile picture for KatherinetheGreat
Many foreclosures can be found using the foreclosing bank's website, or a local real estate company that represents the bank.  Using a realtor can take a lot of the work out of searching for homes, but there is also the 3.5% of the purchase price that goes to the realtor you hire.  If you're looking to take advantage of this great market for buyers, I suggest keeping an eye out for a good deal.  When the right one pops up, plan on keeping a good portion of your savings as a cushion for the unexpected.  I speak from experience, as I'm not an agent, just a Mom who bought a foreclosed home once.  Foreclosed homes a lot of times fall into disrepair, but that doesn't make them unsellable!  Best wishes to you, and all your house hunting!
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December 23 2011
Work with a qualified realtor and they will set you up on a list to receive foreclosure properties.  I would be happy to assist you if you would like.Just shoot me an email and I'll get it set up today

Susan Lehmkuhl 
Associate Broker
The KUHL Team
[contact information removed by Zillow moderator]
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December 23 2011
Profile picture for Dunes ..
                                  

May you have the Most Excellent of Happy Holidays Jim...I wish you all a Happy Holidays

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December 23 2011
Tug of War   ^5

you are so correct there!

Happy Holidays, Jim
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December 23 2011
Contact a Realtor and be careful of websites that offer to "sale" you list of foreclosed properties or require sometype of payment up front. 
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December 22 2011
Profile picture for freezecj
All the other answers are definitely true.  If you're looking to get a jump start on properties before they hit the 'market', I would also suggest contacting your local banks directly (especially rural or regional banks).  Many of the local banks will place you on a contact/email list. 

I would also advise actually walking into the banks (with a loan preapproval letter) and speaking to someone in person about their foreclosures or pending foreclosures.  They take you much more seriously and you can potentially land a great deal before anyone else has an opportunity to know the property is for sale.  If you're a cash buyer, the bank will be eager to please!  If you're wanting to mortgage a home, you may be able to negotiate good loan terms directly through that specific bank.  

Best of luck!
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December 22 2011
Alot of these properties are already listed by realtors.  When a lis pendens iis filed against a property because a mortgage is in default (pre-foreclosure) this is public record that you can find on your local clerk of court website.
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December 22 2011
Work with a good local Realtor who can get you the details on undervalued properties that may be of interest to you.
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December 19 2011
Profile picture for Dunes ..
I think most know you can call a Realtor..don't they?

The "BEST" way would depend on exactly why, where and what they are looking for..would it not?




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December 19 2011
The best way is to stay in contact with a local Realtor, who has access to the recent foreclosures.

If you want to search on your own, you can subscribe to websites like,
realtytrac.com which will list foreclosures & preforeclosures in your area.
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December 19 2011
The BEST way is via MLS and local Realtors.
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December 19 2011
Your local clerk of court will have a list of pre-foreclosures that will eventually go to auction on the court house steps.  If the property doesn't sell at auction, the bank will list the house with a realtor and it will appear as a normal listing on your local MLS which all realtors have access to. 
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December 19 2011
Contact an agent. They will be able to provide you with them depending on what you are looking for.
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December 16 2011
Most real estate agents have access to REO/Bank owned. Depending on what market you are in, it is likely that most of the homes that you come across are REO or Short Sales which = Good Deals typically.
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December 16 2011
Once the foreclosure is complete, the banks are listing them through approved brokers and agents.

Previous to listing this way, the properties are typically offered at auction on the courthouse steps. These auctions are advertised through the newspaper(s) typically. A quick visit to your county courthouse can get you started. Remember, many courthouse records are now offered online.

Good luck! Jim
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December 16 2011
Profile picture for Dunes ..
REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale
Sites Like    Chase...Bank of America...Wells Fargo

You can find links to Bank sites here...Link...Link

The Fed Gov has Sites for its Properties for sale
HUD Homes...Fannie Mae...Freddie Mac

You can find the links to all the Gov sites here...Link

Also if interested...
Public Records..Including Foreclosure/Tax Lien/Tax Sale Info
All Free & all the Info direct from your State/County/local gov.
Check Out Public Records Directory

And every Consumer should read through the Information on the Department Of Justice Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Good Luck
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December 16 2011
Profile picture for B Mike West
Contact a local Realtor and hae them send you a list. They will tell you about all bank owned homes available in today's market. It is a waste of time looking at any that are not yet available.
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December 16 2011
 
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How can I find homes that are forclosed by the Banks
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