Where to look.
Where Do I Find Foreclosure Sales? The Sources.
Foreclosed or distressed properties are available from several sources, including Fannie Mae, Freddie Mac, HUD, VA and FDIC.
What You Will Find What Types of Homes are Available?
It depends on the source. You're not likely to find HUD or VA homes in affluent or expensive areas. But many of them are in nice neighborhoods where the cost of housing isn't as high. Most agencies offer a wide selection of homes, including single-family homes, condominiums, and town houses, located in a variety of neighborhoods.
Many of these homes are relatively new, others are not so new. Some may require repairs.
How Do I Find Them? Is there a listing anywhere?
Some foreclosure sales are not listed on the Multiple Listing Service (MLS). Fannie Mae advertises on the MLS, but HUD does not. So you need to know where to look. You can find out from a local real estate broker but make sure you're working through a broker who knows about foreclosure sales. Ask if he or she has ever handled one before.
Unfortunately, many agents are not active in the foreclosure market, even though it represents 30 percent of the real estate market in most cities. Check with an agent about their experiences before you start working with them.
Look It Up Yourself... On the Web!
Fortunately, Fannie Mae, Freddie Mac, HUD, VA and other organizations maintain searchable databases on the Internet, so you can do some preliminary shopping to find out what homes available, right from your computer.
That's WHERE to Find Foreclosure Sales
Let's go shopping and learn HOW to purchase a foreclosed home!
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