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Where To Find a List of Foreclosed Homes?
June 9th, 2009 by Dirtguy | Filed under Renting & Real Estate.
me8md asked:
Hello, I am a real estate agent in Long Beach, California. Where can I find leads on homes that are foreclosed or are about to be foreclosed?
beach property real estate
Hello, I am a real estate agent in Long Beach, California. Where can I find leads on homes that are foreclosed or are about to be foreclosed?
beach property real estate
Tags: Foreclosed Homes, Foreclosed Property, Hello, Leads, Long Beach California, Property Real Estate, Real Estate Agent
Trac Realty, google it, best answer please
I think the last guy meant RealtyTrac. That is good, but after 1 week its $50 per month – which is a waste of time. You can go into the individual bank sites to find properties that are already bank owned (they have gone through the auction process) just type REO or Properties in the search part of each website.
With buying foreclosures at auction try and they will have a listing of sale dates upcoming. The thing with buying a property at an auction is that you may not get clear title – there may be outstanding tax, hoa liens that you will be responsible for – so doing your research prior to the sale is key. You also need to be able to give a down payment and be able to have funds to pay for the home.
Because many people being foreclosed on purchased their homes with 100% financing in most cases you will be bidding against the bank – and usually they win.
You can also get in touch with any local Realtor in your area who specializes in Foreclosures and they should be able to help you – you don’t pay their commissions – the banks do.
Thanks,
Tamara
As you probably know…… foreclosed homes usually end up costing more in the end. So a good client will not even touch it.
I have a couple friends that do REOs, this is a tough gig. When you get dialed in with a lender, they will give you the crappiest foreclosures. But if you are friendly and efficient, you’ll get more.
Be cautious of some services that feed you REOs, they will take 30 – 35% referral fee.