How to Find Foreclosures
If you've been tempted by the bargain prices of foreclosed homes, Foreclosures at Rock-Bottom Prices offers several resources for finding bank-owned homes. Start with these Web sites, then consider enlisting an agent to help you with the legal hurdles that come with buying a foreclosure:
REOBroker.com. Search by location for agents that market real-estate-owned properties, or REOs, for lenders.
HomePath.com. Besides listings, Fannie Mae's site also offers two types of financing to its REO buyers: the HomePath mortgage, which allows as little as 3% down, and a renovation mortgage, which finances both your purchase and a "light" renovation.
HomeSteps.com. Buyers of a Freddie Mac home that they plan to live in may qualify for a two-year home warranty and a discount of up to 30% on appliances.
HomeSales.gov. You'll find homes owned by the federal government.