How to Find Foreclosures
It's smart to work with an agent, but you can start your search online.
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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:
Online marketplaces. See homes in foreclosure at RealtyTrac.com (free for seven days; basic subscription, $29 a month; premium, $49) and Foreclosure.com (free for seven days; $40).
REOBroker.com. Search by location for agents that market real-estate-owned properties, or REOs, for lenders.
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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.
Online auction companies. Some institutional sellers list and sell REOs via auction. Three companies are Hudson & Marshall, RealtyBid.com and Altisource Homes.
