How do you find Foreclosure listings?
In this economic crunch, the number of foreclosure listings are rising at a record rate. Foreclosure filings increased by 81% in 2008 at 3.1 million total, a 225% increase from 2006.
If you are one of the lucky ones who managed to savebefore the recession struck, it won't be hard for you to find good foreclosure investments or find affordable listings in your search for a dream home.
- Search your county recorders records atthe recorder's website online. The information is public so is free and easy to find. In addition, this information is new and is the most up to date. So searching through this information will give you access to newly posted properties that have not reached the online foreclosure sites. This is important because foreclosure filings are so numerous there has been a delay between listings and posts on the MLS (Multiple Listing Service), which is the source that agents use to find available foreclosure properties.
- To find government foreclosure listings, you could use online foreclosure data sources that are contracted with the government agencies that are selling the foreclosed properties. You could find many of these through online searches.
- For other types of foreclosure listings, you can search newspapers or business journals. Since it is often required when filing foreclosures to publish the Notice of Sale in the newspaper, you can find some good listings in the Public Notice section.
- You can get in touch with asset managers who help lenders sell off property. Asset managers are good resources for REO foreclosure properties.
What are Government Foreclosure listings?
Government foreclosure listings are those that are listed by government agencies, mainly HUD and VA, that insured the mortgage loans in default. Government foreclosure listings are different from other types of foreclosures.
For instance, as opposed to government foreclosures, bank or (REO, real estate owned) foreclosures result from property owners defaulting on bank sponsored loans rather than government agency insured loans.
To view a list of tax foreclosure auctions held by the IRS go to http://www.treas.gov/auctions/irs/cat_Real7.htm.
REO foreclosure listings are posted via asset managers, on newspapers and online whereas government foreclosure listings are limited to sources contracted by the government agencies.
In the case of government foreclosures, only real estate agents, brokers and service representatives, in the case of HUD homes, only brokers registered with HUD, can place bids on the public auction listings.
VA foreclosures are those acquired by the Department of Veterans Affairs as a result of default on VA-guaranteed and VA-financed loans. The VA has contracted with Countrywide Home Loans to market VA foreclosures.
Visit http://va.reotrans.com to find VA government foreclosure listings. Local listings agents should also have VA properties listed through the MLS.