Find foreclosed properties
So you'd like to get a fab deal on a foreclosed home, despite warnings that the process entails a ton of paperwork and an extremely low success rate. After all, who doesn't want a bargain basement home?
Begin by tracking down foreclosed listings. There are a few ways to do this:
+ Search online. Seems simple but many of the sites, like ForeclosureFreeSearch.com and Foreclosure.com, charge $10/week after a free trial membership. Both sites take your credit card number as part of the registration process but you can cancel before the end of the seven day period to avoid charges. RealtyTrac also has a seven-day free membership but I was able to search for local foreclosures without sharing any information.
+ Call lenders. Each has a list of real estate owned (REO) properties. Could take awhile to get through to the right person, however.
+ Go straight to the source. A huge number of foreclosed homes are owned by...
...the government agency Fannie Mae, which lets you search their REO properties here. For each property that comes up in the search results, click on "View more Details and map" to get the REO number, broker number and broker contact. It's totally free and no registration is required.
Along the same times, the Department of Housing and Urban Development has foreclosed homes for sale. Scroll down this link to search for properties listed by state. Read about who is eligible to buy a HUD home. A 3-bedroom, 2-bath home in Oceanside, above, is listed for $129,000.
+ Dig through public records. A lender must file a notice of default in the county clerk's office to foreclose on a property. Find your county clerk's office by Googling the name of your county and "clerk's office."
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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Hey, don't forget that dailynews.com has its own foreclosure search -- follow this link http://lang.dailynews.com/socal/foreclosures/
The database is updated every Wednesday by yours truly, and provides good info to get started in your bargain hunting.
And it's all free!