Home Foreclosure Listings – An Easy Way to Buy a House

Article about “Homes Foreclosure” by Ron Lovell

foreclosure home

If you are looking to buy a house and a great way to save money is to check out home foreclosure listings. These homes have been repossessed by HUD, the bank or mortgage companies. The bank sees them as a financial burden on their books and are usually motivated to sell and recuperate their investment loss. I had a client recently who bought a foreclosure home and saved $230,000 on the price.

They are motivated and will agree on a price that is below market value. This is true, as long as they receive their investment back. Due to today’s market place, home buyers can save tens of thousands of dollars on a new home. A very good benefit of buying a foreclosure home that it is below market value and you will have immediate equity in the your home.

Finding these foreclosure homes can be a challenging part of the process. Some are listed with Auction Companies and others can be listed on conventional real estate property listings. The other technique is where the home foreclosure listings are free and membership sites of foreclosure listings. I see these on the TV advertising all the time.

Membership sites will usually have the most inclusive lists of foreclosures. These sites have listings that are for members only after you pay them a fee to join. The positive thing here is they are sites that have to be paid for to access and are usually have the most up-to-date information. Just about all of them offer a free trial period. Once the trial period, usually 7 days, has expired, the site charges a monthly fee to your credit card entered upon registering. There are some sites that also offer weekly subscription rates. These sites are for those that only need short term access to home foreclosure listings.

Free foreclosure listings are available on a variety of different sites. These sites are usually maintained by HUD (US Department of Housing and Urban Development) are free sites. The good thing about these sites are the listing are frequently updated with extensive information on the available properties. They only list HUD only owned homes. Private bank or mortgage company foreclosures are not listed on these. If you find a home on HUD’s home foreclosure listings, HUD offers further reduced rates for police officers, firefighters, EMTs, and teachers.

HUD handles their foreclosures thru registered Real Estate agents. A lot of times, these agents will also list the foreclosures on their general listings. Although this listing is free, it is often hit or miss when trying to find home foreclosure with a real estate agent.

The last group is banks and large banking institutions that have home foreclosure listings that are their foreclosures. This is a smart option if you are dealing with a local bank that has nearby properties. While this is a free listing, it is limited to the bank’s specific properties.

In conclusion,buying a home that has been foreclosed is a great way to save money and gain equity in your property quickly. The hardest part is finding these homes. Home foreclosure listings can be a time saving and valuable resource for foreclosure listing. If you decide to buy a membership to a foreclosure site or chose to access free lists, the information that is gained on these lists will help you find and purchase a foreclosed home. As always, before signing on the dotted line, consult with your attorney to protect your interests.

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