What is the best way to find home foreclosings?

Question

Are any of the websites that offers these services free? Is it true that banks will give you a list of homes that are, or soon to be foreclosed on?

Answer 1

You can go to the county courthouse (where the property is located), and request to view current forclosures (this is public record, and viewable upon request).

Several things that you will also need to look at before buying a forclosure is:

1. Are there other liens?
a. just because a property is being foreclosed on "DOES NOT" mean that buying it gives you a clear title. For example, Bob the builder renovates the kitchen, for $10,000. The owners have only paid $5000. After 30 days of a demand letter Bob the Builder files a notice of lien (mechanics lien in some jurisdictions). 21 days after notice (30 days in some jurisdictions) a hearing is held to test if the lien claim is valid (unpaid bills, breach of contract will suffice). 90 days later foreclosure can commence... This process takes another 90 days... At the end of this time, Bob the builder can move to force sale. The property will be listed as forclosure sale for $5000.00. What a deal..... WAIT!!!! You now have purchased this property for $5000.00. After you take claim to the property you recieve a "Notice of lien" with an offer to assume the origional $180,000 mortgage, with the same terms as the origional owner.... You can accept, the offer or refinance with another lender. So this $5000.00 purchase is acutally an $185,000.00 purchase.. So PLEASE use "Due Diligence" your fisrt question should be ARE their other liens?

b. Almost every jurisdiction has a restament clause, allowing the previous owner 90-180 days (depending upon jurisdiction) to come up with the money owed plus court and reasonable administrative fees. So, if you move in, sell your old home, and the previous owner succeeds in repaying his/her debt, you are out of luck (your purchase price plus any costs related to the transaction will be returned, as your purchase was held in escrow).

2. As for these pay sites, don't bother, foreclosures are public records, and you can view them yourself for free at the courthouse.

3. Good luck and be careful!, There are good deals out there such as the little old lady whose husband died and she can't keep up with the taxes. The house is clear, it only has a $2000.00 tax bill over its head... It sounds ruthless, but if you don't buy it someone else will.

Answer 2

Some banks put their real estate owned on their websites but I know of none that will give you information on pre-foreclosures. Realtytrac will give you information on pre-foreclosures and they have a 7 day free trial. Also, you should check your local county website. You can look to the county recorder of deeds for a Notice of Lis Pendens. This is the legal document that is filed immediately after the foreclosure is instituted.

Answer 3

Go to the county sheriffs website in the county where you want to find a foreclosure property in. There you will find a free list on foreclosure sales.

Answer 4

The best place to go is the county or parish court house/ register of deeds. All companies filing for foreclosure have to send the intent to the register so they have the list.

Answer 5

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