Finding Foreclosure Leads: 8 Places To Begin your Search

Secrets To Large Foreclosure Profits

As with most of life’s best kept secrets, finding foreclosure leads will not be as easy as finding a new construction. However, with the proper knowledge of where to begin your search and a bit of determination, you could be on your way to finding foreclosures and investing in real estate at a bargain price.

When it comes to investing in real estate, foreclosures often provide a way to increase your net worth with only a minimal investment. When a lender forecloses on a property, they may be willing to sell it for less than the payoff. For the buyer, this means instant equity and a potentially higher profit margin if the house is later sold.

Real Estate Foreclosures!

U.S. Department of Housing and Urban Development (HUD)

In addition to offering foreclosed homes for sale, HUD’s Dollar Homes program helps local governments to provide housing opportunities for families that may need assistance in affording a home. This program includes single-family homes that are obtained by the Federal Housing Administration (FHA) as a result of foreclosure. If FHA is unable to sell the property for a period of six months, it is then offered for sale under HUD’s Dollar Homes program, which allows for the home to be sold at the cost of only $1.00.

Public Auctions

On occasion, public auctions are held in order to liquidate foreclosed homes and/or raw land. Notices are typically given in block advertisements displayed in the local newspaper, which makes finding foreclosures as easy as picking up the morning paper.

Online Auctions

Popular online auction sites Bid4Assets and eBay are both excellent sources for finding and purchasing foreclosed properties. In some instances, foreclosures can even be purchased with owner financing and a very low down payment. Special care must be given when shopping for real estate online but, given the right circumstances, finding foreclosure leads may be just a click away.

Realtors

Finding foreclosure leads may be as easy as picking up the telephone and calling local real estate agencies. Many realtors often take over the process of selling a foreclosed property because the original lender needs the help of an industry professional to increase visibility and awareness of the property.

RealtyTrac.com

This paid-service website charges a small fee in order to access foreclosure listings across the United States. Photos, prices and other information are available for help in finding foreclosure leads in each state.

Department of Veterans Affairs (VA)

The Department of Veterans Affairs often has foreclosures, which they make available to the general public. VA foreclosures can typically be found through banks, various lending institutions and federal agencies.

Banks & Lending Institutions

Because banks and other lenders traditionally provide loans, they are the ones who will foreclose on a property when/if the buyer defaults. Therefore, these are one of the best places to look for foreclosures in a particular area.

Pre-Foreclosure Sale

This type of sale allows the owner to avoid foreclosure by selling their property for an amount that may be less than the actual payoff.


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