Buying foreclosure properties is a great way to invest in real estate or to get a good deal on a home you plan to live in. Regardless of your reasons for wanting to find foreclosure properties, it is often difficult to locate them in the sea of other homes for sale in your local market. I have found that there are some sites that are at the top of the list when it comes to locating these properties.
HUBZU: Is an online auction site that deals almost exclusively in foreclosure properties. There are some procedures you must follow to be able to bid, but in the end it is well worth the effort as many of these homes sell at a considerable discount to other similar homes in the area.
HUD HomeStore: Is a website run by the US department of Housing and Urban Development. Here you can find properties all of the US that have been foreclosed on and now owned by HUD. It is is necessary to use an approved licencee that is a Real Estate Broker to submit an offer on any of these properties, and it is vital that you have the paperwork exactly right as any error will result in your contract being kicked out and they will move on to the next offer.
Fannie Mae Home Path: This site is run by the pseudo government entity Fannie Mae and is similar in scope to the HUD HomeStore. This is the place where the properties will be listed first once they are able to be purchased on the open market. The guidelines are similar to the HUD site as everything must be in order before you proceed, otherwise you will have issues.
There are other sites you can search such as national bank sites like Wells Fargo, Bank of America, Citi Bank, and others. They will have a page specifically for Foreclosure properties. Local and regional banks that do not advertise foreclosures online will have a list available if you call into the right department. This is definitely more labor intensive then the sites mentioned above, so I always start my searches with the big 3 sites I have listed.
If you live in Kentucky, I would be happy to assist you with your property search. If you live in another state, still feel free to contact me as I can direct you to a Broker that is equipped to assist you in your location.
Thanks for taking the time to read my post, and your upvote and re-steem is greatly appreciated. Also, Follow Me for more posts like this and other lifestyle and photography related articles.
Nathan Jones - Broker/Owner of McClellan Gray Real Estate - www.McClellanGray.com
Do you have to deal with existing leans/debts on the property when you purchased a foreclosed/power of sale home?
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Saiku, if the property is available on the open market (any of these sites) then you need not worry about existing leans or debts. The lender is the current owner of the property and once it passes through foreclosure all of the debts are eliminated or paid with the proceeds of the sale. If you try and buy a property at a County foreclosure auction on the "courthouse steps" then yes, you need to do your due diligence to ensure what current leans are on the property. These properties have not passed through foreclosure, and in fact the properties that you see on these sites, most of them where purchased back by the lender at these County sales. Then they offer them back for sale with a clean title. Thanks, hope this answers your question.
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It does, thank you. I am now wondering though if it's cheaper to purchase a property at a county sale and take on the leans. Do you know if it is possible to have leans on the property of a value greater than the appraised value of the property?
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It would not be common for there to be leans totaling more than the value. When you purchase at a county sale, the biggest leans will get paid off (1st and 2nd mortgages, and RE taxes) the only thing left would be mechanics or utility leans , or other random debts carried by the previous owner on the property.
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Thank you.
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I appreciate your professional opinion!
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Just don't try opening a bank account in the US! You can't do it unless you're on the ground and they hate overseas based account owners and moving money around is 20yrs behind the rest of the world!! Citibank said NO and Wells Fargo closed our accounts!!
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