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Making the Most of U.S. Foreclosure Listings

Information and resources for U.S. foreclosure listings

By Sandy Baker
U.S. foreclosure may be a negative thing for the original homeowner, but, for the investor, it is an opportunity to take advantage of low-priced property. Making the most of U.S. foreclosure listings can help investors make a long-term profit through rental or even allow them to flip the properties for faster profits. It is important to take advantage of all services available to accomplish this.

House foreclosure listings are just tools to be used. Use them with the services of professionals and some research to make the most profit possible. Locate potential properties faster than other investors and learn more about the likely income from them when using these listings and services. When looking into foreclosure listings, consider the following:

1. Determine the most reputable sources for U.S. foreclosure listings, as accurate information is a necessity.

2. Learn about U.S. government foreclosure listings and bank-owned properties in foreclosure as each offers a potential payoff.

3. Find as much information as possible about U.S. foreclosure listing providers prior to using their services to ensure success.

 

Locate U.S. bank foreclosure listings through real estate agents

Foreclosed home listings from commercial banks are often on the Multiple Listing Service (MLS). The best access to these is through a real estate agent. Locate local real estate agents working with local banks on foreclosures. Contact them directly as they often work with investors prior to placing properties on the MLS.
Try: Seek out U.S. foreclosure property listings from real estate agents. Network with local agents to find those working with commercial banks. Find a listing of available realtors from the National Association of Realtors. LoopNet is a great resource for commercial real estate agents with which to network.

Choose U.S. foreclosure auctions for government properties

Foreclosure properties are available through auctions from the U.S. government and federal and lower courts. These properties are not usually placed on the MLS. Rather, they are sold through local auctions. Unlike traditional auctions, foreclosure auctions by the government are conducted through real estate agents. Investors must work through their real estate agent to bid on properties at auction.
Try: Require that real estate agents be able to bid on auction government foreclosure property. To bid on U.S. real estate foreclosures by the government, an investor must be represented by an approved agent. The Offices of Citizen Services and Communications, a department of the U.S. government, offers resources for locating these auctions and properties. The U.S. Department of Housing and Urban Development outlines the methods of bidding on auctions and listings of foreclosed property online.

Monitor the local market on U.S. foreclosure properties

Foreclosure real estate is a local situation. While the national average of homes in foreclosure rises or falls, the local situation may be different. Investors should utilize tools to know the happenings within the local market prior to investing.
Try: Search for information about the local real estate market. House foreclosures may be available online through these sources. RealtyTrac is an excellent source of information on the local market trends. Search for properties and monitor local pricing trends. Yahoo! Real Estate also offers local foreclosure tracking information and tools for investors.

 

  • When looking for real estate foreclosures, don't forget commercial property foreclosures. Many receive a listing in the same way as residential property yet do not receive as heavy consideration in the general media.

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