May 8th, 2013 By H&H Real Estate Media in Blogs.
A lot of people ask me “do I really have to join one of those sites in order to find foreclosures?” Which is really an interesting question. The answer though is simply “no.”
There are sites that are out there that you can get REO (foreclosure) listings without paying. It basically goes like this: you cannot go to the bank and try to buy a property since the bank does not own the property until it actually has a judgement filed and is foreclosed on. A lot of those “pay sites” tell you properties that have Lis Pendens filed but are not foreclosued upon. Once the bank owns the property they will almost always allow a servicer like Ocwen, SvsLnk, SPS, CMS, etc sell the property for them since they are banks and NOT real estate sales people. Then and only then does the public have access.
When foreclosures are shopped out they will then be listed on the market as a foreclosure and available to the public. You can find them buy doing a search for “distressed, REO, foreclosure, As-is” searches on IDX sites like this one. Just click on the link PROPERTY SEARCH and Distressed. Click on the type REO, Foreclosure or in foreclosure (which is usually a short sale) and seach.
Tune in next week for Pt 2 of finding and buying distressed property. And of course comment if you have questions!