| If you are looking to buy a house and a great way to | | | | Free foreclosure listings are available on a variety of |
| save money is to check out home foreclosure listings. | | | | different sites. These sites are usually maintained by |
| These homes have been repossessed by HUD, the | | | | HUD (US Department of Housing and Urban |
| bank or mortgage companies. The bank sees them as | | | | Development) are free sites. The good thing about |
| a financial burden on their books and are usually | | | | these sites are the listing are frequently updated with |
| motivated to sell and recuperate their investment loss. I | | | | extensive information on the available properties. They |
| had a client recently who bought a foreclosure home | | | | only list HUD only owned homes. Private bank or |
| and saved $230,000 on the price. | | | | mortgage company foreclosures are not listed on |
| They are motivated and will agree on a price that is | | | | these. If you find a home on HUD's home foreclosure |
| below market value. This is true, as long as they | | | | listings, HUD offers further reduced rates for police |
| receive their investment back. Due to today's market | | | | officers, firefighters, EMTs, and teachers. |
| place, home buyers can save tens of thousands of | | | | HUD handles their foreclosures thru registered Real |
| dollars on a new home. A very good benefit of buying | | | | Estate agents. A lot of times, these agents will also list |
| a foreclosure home that it is below market value and | | | | the foreclosures on their general listings. Although this |
| you will have immediate equity in the your home. | | | | listing is free, it is often hit or miss when trying to find |
| Finding these foreclosure homes can be a challenging | | | | home foreclosure with a real estate agent. |
| part of the process. Some are listed with Auction | | | | The last group is banks and large banking institutions |
| Companies and others can be listed on conventional | | | | that have home foreclosure listings that are their |
| real estate property listings. The other technique is | | | | foreclosures. This is a smart option if you are dealing |
| where the home foreclosure listings are free and | | | | with a local bank that has nearby properties. While this |
| membership sites of foreclosure listings. I see these on | | | | is a free listing, it is limited to the bank's specific |
| the TV advertising all the time. | | | | properties. |
| Membership sites will usually have the most inclusive | | | | In conclusion,buying a home that has been foreclosed |
| lists of foreclosures. These sites have listings that are | | | | is a great way to save money and gain equity in your |
| for members only after you pay them a fee to join. | | | | property quickly. The hardest part is finding these |
| The positive thing here is they are sites that have to | | | | homes. Home foreclosure listings can be a time saving |
| be paid for to access and are usually have the most | | | | and valuable resource for foreclosure listing. If you |
| up-to-date information. Just about all of them offer a | | | | decide to buy a membership to a foreclosure site or |
| free trial period. Once the trial period, usually 7 days, | | | | chose to access free lists, the information that is |
| has expired, the site charges a monthly fee to your | | | | gained on these lists will help you find and purchase a |
| credit card entered upon registering. There are some | | | | foreclosed home. As always, before signing on the |
| sites that also offer weekly subscription rates. These | | | | dotted line, consult with your attorney to protect your |
| sites are for those that only need short term access | | | | interests. |
| to home foreclosure listings. | | | | |