Sources to Locate Foreclosed Properties

Posted by 1nspire

March 25, 2008

by Haley Bingham

It’s estimated that approximately 70% of people in the United States own their homes. Whether you’re looking for your first home or needing to relocate, foreclosed properties can be a lot less expensive than buying through conventional methods. The most common way of buying foreclosures is through auctions which usually will start at the amount at which the loan was in default.

There are several ways to find properties that are in foreclosure. When looking for something in your local area you can search the legal sections in newspapers. Lending institutions are required, by many States, to list foreclosures in newspapers.

Public records at the local county clerk’s office can be a good way to find foreclosure listings. It is free to search these records and you’ll have access to new ones that aren’t posted anywhere else.

The best and easiest place to look is online. You can find many different services for either national or regional listings. These services do charge a weekly or monthly fee, but most will offer a free trial to give you an idea of what they have listed.

There are also other advantages to using paid services. They keep their lists updated on a daily basis and they will often provide all of the information you’ll need in one place. When available, pictures are included with the listings and lots of times they even have phone numbers for contacts about the property.

Finding a Loan to Purchase a Foreclosure

If you need help in financing a home, Countrywide Home Loans offers a variety of loan options at low rates. And, they provide a quick and easy loan process to get you living in your home faster. They can even help if you’ve had credit problems and offer extra services such as insurance.

To help low income families attain home ownership, they have an affordable housing service. Countrywide offers loans to purchase properties, refinance and existing loan, or even borrow from the equity on your property.

The largest source of mortgage loans in the nation is Fannie Mae. They don’t offer direct loans to consumers, but they work with loan providers to make sure there’s money available. Since 1938, they’ve been working to help people reach their dream of home ownership. Their site even has many listings for foreclosed properties that you can search.

Finding foreclosed homes or business’ may take a little extra effort and time. But, with the amount of money that can be saved you’ll find it well worth the time invested.

About the Author:

Go to Just Finance for resources on lenders such as Countrywide, Fanny Mae foreclosures, Bank of America foreclosures, listings etc.

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