How to Find Local Bank-Foreclosed Homes
- 1). Check dedicated websites. There are a number of websites that specialize in foreclosed homes (see Resources). You can narrow your search by Zip code, price and home size, among other criteria, and get regular alerts when new properties enter the market. Keep in mind that the website with the largest national database may not have the most comprehensive listing in your area, so check a number of sites to find the ones that best cover your area.
- 2). Talk to local banks. Depending on where you live, your local banks may be willing to establish a relationship with potential buyers of local foreclosed properties. Try to get an appointment with the mortgage department and explain that you would like to be informed when new foreclosed properties become available. Especially in smaller communities, where banks are more open to working with local residents, this strategy may prove highly fruitful.
- 3). Build a relationship with real estate lawyers. Find out which local lawyers handle foreclosed properties and gently ask them if they could let you know when they receive new foreclosures. Since it is in their best interest to finish a transaction as quickly as possible, they will likely work with you. While you can refer to the online databases of lawyers who specialize in foreclosures (see Resources), you can also call your local bar association for a list.
- 4). Attend auctions. Depending on where you live, mortgage holders may hold foreclosure-only auctions. In smaller communities, auctions usually feature both foreclosed and non-foreclosed properties. Such auctions can be checked online, and certain websites, such as RealtyTrac, will provide periodic updates via email.
