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You can then buy the foreclosed property from the lender?sometimes at a discount. There is some risk in purchasing a foreclosed property, however; check out the following pros and cons to decide if it's worth the potential reward for you.
Preforeclosure listings can be found for free in the public records section at your county recorder's office or online. Search for Notice of Default, Lis Pendens, and Notice of Sale. These notices are issued to the homeowner and publicly recorded during the foreclosure process.
Foreclosure Listings ? Free Sites Equator.com. ... HomePath.com. ... HomeSteps.com. ... Zillow Foreclosure Center. ... Realtor.com Foreclosures. ... Bank of America-owned properties and foreclosures. ... RealtyTrac. ... Foreclosure.com.
One way to find such a property is to contact a realtor who works in the area where you wish to purchase a foreclosure home. Real estate agents know the market and can potentially tell you if there are any foreclosure properties available in the market.
How long will it take? Foreclosure proceedings may take several months or longer, from the filing of the Petition for Foreclosure until the Order Absolute or Order Approving Sale. The redemption period is often six months. But the process can be shortened, so in some cases it may only take a few weeks.