List of Foreclosed Homes
How to Obtain a List of Foreclosed Homes for Sale
In today's market, any prospective homebuyer, real estate investor, or agent should be investigating local foreclosed home listings as part of their search for that perfect next home or investment. There are many ways to obtain a list of foreclosed homes, including searching the local newspaper, visiting the county courthouse for the most recent local foreclosure listings, or by visiting one of the many online services providing lists of foreclosed homes for sale.
When a mortgage has gone delinquent, the lender will typically file an initial document with the County Recorders office. The document type depends on local foreclosure laws, but could be a Notice of Default (NOD) or Lis Pendens (LIS), which stands for "suit pending". Both NOD and LIS are part of the PreForeclosure process, and require a public notice be published in the local newspaper. Skimming the local paper for NOD and LIS announcements is perhaps the easiest way to get a list of homes that have entered the foreclosure process. However, it is important to understand that some of these homes will not proceed through the entire foreclosure process, as many borrowers are able to resolve their debt and save their homes from foreclosure.
In addition to local newspapers, the county courthouses carry public records of all foreclosure filings. In addition to NOD and LIS filings, the courthouse also carries a list of homes that have continued through the foreclosure process and are up for public auction. Probably the most thorough way to stay informed on a home's foreclosure status is to aggressively and consistently track its progress at the court house level. This the best way to receive timely and reliable updates on the property, including auction dates and times.
While skimming newspapers coupled with daily visits to the courthouse may be the best way to obtain the most accurate and up to date foreclosed homes list, manually reviewing foreclosure filings, tax records, mortgage notes and property assessment figures can be overwhelming even to the avid homebuyer or seasoned real estate investor. For most prospective homebuyers, the easiest way to obtain information on foreclosures listings in your area is to use an online foreclosure listing subscription service. Foreclosure listing web sites typically publish foreclosure listings through partnerships with data aggregators who gather foreclosure filings and auction information directly from each county. The subscription is usually available for a monthly fee and allows consumers to easily search for and view detailed property information on Preforeclosure and Foreclosure homes in their area. In addition, these web sites usually also provide information on the foreclosure process and how to purchase foreclosure properties.
Regardless of how the list of foreclosed homes is obtained, it is most important to thoroughly research the local foreclosure laws in procedures in your area. Solid understanding of the foreclosure process is the best tool for any prospective homebuyer to ensure they are able to maximize the savings potential of purchasing a home in foreclosure. In most cases, a combination of all three resources – reading legal notices in the local newspaper, visiting the courthouse, and utilizing an online subscription service - will ultimately provide the most knowledge of the foreclosed homes in your area and where to find the best deal.